肥貓企業與經理人過度自信

肥貓企業的產生起因於在全球經濟衰退下，公司面對虧損、減薪、裁員甚至倒閉等現象，企業管理階層即董事、監察人及高階經理人仍得到與其表現顯不相當的高薪酬所引發之爭議，在整體社會經濟資源有限的情況下，投資人與債權人需審慎評估相關風險後再做決策，而企業決策之制定與經理人的個人特質存在相當關聯性，經理人被賦有決策裁量權，擁有高度自信的特質的經理人會對未來環境之不確定性風險持有較樂觀的預期，導致對公司盈餘造成影響。本研究主要是探討經理人過度自信與肥貓企業之間的關聯性，過度自信之經理人係以淨買入其公司股票的前20%之經理人且經理人當年度持股淨增加超過10%者作為衡量方式，研究樣本包含2011至2019年的台灣上市櫃公司，利用Logit迴歸進行檢測，探討經理人具備過度自信之特質是否會影響公司日後被認定為肥貓企業的可能性。實證結果發現，過度自信的經理人與被認定為肥貓企業的情形呈現負向關係，可能解釋原因在於當經理人過度自信時，持股率會淨增加，於自利行為的情形下，經理人會增加本身薪酬，進而排擠董監事薪酬，使肥貓企業不易形成。

關鍵字

肥貓企業；經理人過度自信

並列摘要

The formation of fat cat companies is due to the argument that while companies are facing losses, salary cuts, layoffs, and even bankruptcies under the global economic recession, the corporate managements, namely directors, supervisors, and senior executives, still receive high salaries that are not commensurate with their performance. Under the circumstances of limited overall social and economic resources, investors and creditors need to carefully assess the relevant risks before making decisions, and the decision-making of a company is quite related to the personal characteristics of managers who are given decision-making discretion. Managers with a high degree of self-confidence have more optimistic expectations about the uncertain risks of the future environment, which will affect the company’s earnings. This study is mainly to explore the relationship between manager’s overconfidence and fat cat companies. The method to measure "overconfident manager" is a manager who is listed in the top 20% of the company’s shareholders and increases the shareholding more than 10% in the current year. The research sample included Taiwan listed companies from 2011 to 2019. The test of Logit regression was used to explore whether managers’ overconfidence characteristics would affect the possibility of a company being identified as a fat cat company in the future. The empirical results found that the negative relationship between overconfident managers and companies identified as fat cats. The possible explanation is that when managers are overconfident, their shareholding ratio will increase. In the case of self-interested behavior, managers will increase their own compensation, and then crowd out the directors’ remuneration. Therefore, it is difficult to form a fat cat company.