經理人過度自信與風險管理

Managerial Overconfidence and Risk Management

陳文郡(Wen-Chun Chen)

指導教授 ： 戴維芯

國立暨南國際大學/管理學院/財務金融學系/碩士(2014年)

https://doi.org/10.6837/NCNU.2014.00006

摘要

本文採用2004年至2012年期間美國S&P1500公司為樣本，探討經理人過度自信對於企業風險管理政策的影響，包括避險意願與避險程度。實證結果發現，過度自信經理人所屬的公司避險意願與避險程度皆較非過度自信經理人所屬公司顯著為低；當同時考慮過度自信執行長及財務長的影響時，執行長過度自信對於避險與否的影響較大，但是財務長的過度自信對於避險程度的影響較大。

關鍵字

過度自信 ； 經理人 ； 財務長 ； 風險管理 ； 避險

並列摘要

Using the S&P 1500non-financial firms over the period 2004 to 2012, this study examines the impacts of managerial overconfidence on corporate risk management, including hedging willingness and hedging extent. The results indicate that firms with overconfident CEO or CFO have significant lower incentive to hedge and hedging extent. When testing the impact of overconfident Chief Executive Officer (CEO) andChief Financial Officer (CFO) simultaneously, we find overconfident CEO have more influence on the incentive to hedge than overconfident CFO, but overconfident CFO play the more important role in hedging extent than overconfident CEO.

並列關鍵字

Overconfidence ； CEO ； CFO ； Risk Management ； Hedge

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