第一份工作重要嗎?
從高階經理人的角度來探討

高階經理人在任期內必須決定及審核許多公司內重大的財務決策，而高階經理人的決策除了受到總體面、產業面與公司財務面的影響外，近期文獻指出也與高階經理人個人的特質有關，然而國內外文獻皆尚未從高階經理人的第一份工作來探討。因此，本研究透過手動查詢台灣上市公司各大企業高階經理人第一份工作的背景與經驗，按照此第一份工作的性質分成四大類，包括：是否原本就屬於高階管理層、是否具有專業背景、是否屬於同產業、以及是否具有金融背景，探討其對於高階經理人任職公司之獲利性、流動性決策、資本支出決策、以及融資條件的影響。實證結果發現，高階經理人第一份工作的背景與經驗，確實對於公司獲利性、現金持有比率、資本支出率、與融資條件皆具有顯著影響。

關鍵字

第一份工作；高階經理人；獲利性；現金持有比率；資本支出率；融資條件

並列摘要

Top managers must decide and verify the major financial decisions. In literature, their’ decision will not only be affected by the industry environment but also the financial environment. Recent literature also pointed that their decisions are also related to the individual characteristics, but no one have explored the role of first job. Therefore, this study manually collect the first job of those listed companies’ top managers in Taiwan. Then, we classify the first jobs of those top managers into four categories, including whether it is a high-level management, whether it has a professional background, whether it is the same industry, and whether the financial background. Overall, our empirical results show that the background and experience of the first job of top managers do have a significant impact on firms’ profitability, cash holding ratio, capital expenditure rate, and financing conditions.

並列關鍵字

first job ； top manager ； cash holding ratio ； capital expenditure rate ； financing conditions

參考文獻

黃紀，2010，「因果推論與效應評估:區段辨識法及其於選制效應之應用」選舉研究，第17卷第2期，頁103-134。

黃紀，2008，「因果推論與觀察研究:反事實模型之思考」，社會科學論叢，第2卷第1期，頁1-22。

Anderson, Ronald C, and David M. Reeb, 2003, Founding‐family ownership and firm performance：evidence from the S&P500, The Journal of Finance 58, 1301-1328.

Anderson, Ronald C., Sattar A. Mansi, and David M. Reeb, 2003, Founding family ownership and the agency cost of debt, Journal of Financial Economics 68, 263-285.

Barro, R. J, 1976, The loan market collateral, and rates of interest, Journal of Money, Credit and Banking 8, 439-456.

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第一份工作重要嗎? 從高階經理人的角度來探討

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