CEO過度自信對企業財務決策之影響

本文探討臺灣上市上櫃公司的經理人過度自信對企業財務決策的影響，實證結果發現經理人越有過度自信的傾向，越容易有舉債的行為，同時亦會導致淨營業週期下降，進而影響企業短期財務決策與資本結構。此外，本文研究經理人在不同的企業生命週期下，企業過度自信程度對負債比率與淨營業週期是否具不同影響。實證結果發現，在負債比率方面，當企業處於成長期時，經理人可能會因為看好公司前景進而產生過度自信的決策，故越有過度自信的經理人，會偏向使用較多的負債來做為融資來源，進而影響公司的資本結構。而在淨營業週期與經理人過度自信的關係中，企業則是在處於成熟期時，經理人過度自信對淨營業週期具顯著負向影響，進而影響公司的短期財務決策。

關鍵字

經理人過度自信；負債比率；淨營業週期；企業生命週期

並列摘要

This article explores the impact of CEO overconfidence on corporate financial decisions in Taiwan. The empirical results show that the more the CEO tends to be overconfident, the easier the firm increases debt. At the same time, it will lead to a decline in the net business cycle, and further affects the short-term financial decisions and the capital structure of the company. In addition, this article also studies whether CEO overconfidence has different effects on debt ratios and net operating cycles under different corporate life cycles. The empirical results found that in terms of debt ratio, when the company is in the growth period, managers may be overly confident in their decisions because of the company's prospects. Therefore, the more overconfident managers tend to use more debt as a source of financing, which in turn affects the company's capital structure. In the relationship between the net business cycle and the CEO overconfidence, when the company is in the mature period, the CEO overconfidence has a significant negative impact on the net business cycle, and it leads to the influence on the company's short-term financial decisions.