經理人過度自信與企業營運風險對公司現金持有的影響

本研究主要探討經理人過度自信以及企業營運風險對公司現金持有的影響，以台灣2010至2018年上市上櫃公司共7,983個觀察值,首先檢驗先前關於過度自信經理人對公司現金持有的研究，再加入企業營運風險變項和過度自信經理人與企業營運風險之交乘項，研究各模式下對於公司現金持有量之影響。實證結果顯示：（1）經理人過度自信會對公司現金持有量產生顯著的積極影響；（2）企業營運風險會顯著正向影響公司現金持有量；（3）在企業營運風險程度較高時，擁有過度自信經理人的企業會有更多之公司現金持有。此外，本文還通過變動經理人持股率、變更公司現金持有衡量方式、刪除極端值等額外測試發現，其分析結果與主要結果大致相同。尤其是在變動經理人持股率變動方面，發現經理人持股率變動越大（正向增加），對公司現金持有量的積極影響在統計上越顯著。

關鍵字

經理人過度自信；企業營運風險；公司現金持有

並列摘要

This study examines the impact of managerial overconfidence and operational risk on corporate cash holdings. The sample contains the listed firms in Taiwan from 2010 to 2018 and obtains 7,983 observations. First of all, it verifies the previous findings about the positive effect of managerial overconfidence on corporate cash holdings. Furthermore, this paper adds the operational risk variable and the interaction effect of managerial overconfidence and operational risks to study the impact of each model on corporate cash holdings. Our major findings are: (1) Managerial overconfidence will have a significant positive impact on corporate cash holdings; (2) Operational risks will positively affect corporate cash holdings; (3) When the risk of business operations is high, companies with overconfident managers will have more corporate cash holdings. In addition, we also found that the analysis results are roughly the same as the main results through additional tests such as changing the manager’s shareholding ratio, changing the company’s cash holding measurement method, and removing extreme values. Especially in terms of changes in manager's shareholding ratio, it is found that the greater the change in manager's shareholding ratio (increase), the more statistically significant the positive impact on corporate cash holdings.