經理人過度自信與投資效率間的關係

本研究旨在探討台灣上市上櫃公司的投資效率是否受到經理人過度自信特質的影響。公司經理人所衍生的代理問題，可分為過度投資與投資不足，本研究根據此兩項投資問題來探討經理人過度自信與投資效率間的關聯性。本研究資料蒐集所需樣本取自台灣經濟新報社（Taiwan Economic Journal, TEJ）之資料庫，研究期間為2011年至2020年，利用多元迴歸(Ordinary Least Squares Regre- ssion,OLS)分析經理人過度自信對投資效率的影響。實證結果顯示，在整體樣本下，經理人愈是具備過度自信的特質，愈會導致公司投資無效率。透過質化以及量化不同的衡量基礎來檢視經理人的過度自信程度，進一步測試經理人過度自信與公司過度投資與投資不足之影響，實證結果與整體樣本相同，顯示經理人愈是具備過度自信的特質，愈會導致公司投資無效率。

關鍵字

過度自信；自信不足；過度投資；投資不足；投資效率

並列摘要

This study aims to investigate whether the investment efficiency of publicly listed companies in Taiwan is affected by the overconfidence trait of managers. The agency problems derived from corporate managers can be divided into over-investment and under-investment. Based on these two investment questions, this study explores the relationship between managers' overconfidence and investment efficiency. The data collected for this study were from the Taiwan Economic Journal (TEJ) database from 2011 to 2020. Ordinary Least Squares Regression (OLS) was applied to analyze the effect of managerial overconfidence on investment efficiency The empirical results show that, under the whole sample, the more overconfident the manager is, the more inefficient the investment will be. Through some alternative measurements to capture different degrees of managers’ overconfidence this study further tests the impact of managers’ overconfidence on corporate overinvestment and underinvestment, the empirical results remain the same after conducting these additional tests. Overall, the characteristics of managers’ overconfidence indeed influence corporate investment efficiency.