經理人過度自信對併購績效之影響

The influence of CEO overconfidence on bank merger performance

吳姿穎(Tzu-Ying, Wu)

指導教授 ： 黃心怡

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2020年)

摘要

本研究以2006年至2015年之美國上市商業銀行做為研究樣本，資料來源為Bank Focus、ExecuComp和Securities Data Company(SDC)資料庫。將過度自信的衡量區分為經理人選擇權價值和經理人持股高低，使用事件研究法觀察併購事件宣告期間，是否產生累積超額報酬，並檢驗具有過度自信特質之經理人會提升或降低併購短期績效。
　　本研究實證結果顯示，經理人選擇權和經理人持股兩者皆對併購績效具有顯著正相關，顯示經理人選擇權與持股越多，會使得併購績效越好。此外，本研究也檢驗出過度自信之經理人在宣告當月與宣告前後一個月，可提升併購績效，但可能受到公司投資機會與經理人本身之任期影響，故提升績效的效果有限。

關鍵字

銀行 ； 高階經理人 ； 過度自信 ； 合併與收購

並列摘要

This paper examines the influence of CEO overconfidence on bank merger performance from 2006 to 2015, using the Bank Focus, Execucomp and Securities Data Company (SDC) databases. The measurement of overconfidence is divided into the value of CEO’s options and shareholdings, and the event study method is used to analyze the influence of the announcement period on cumulative abnormal returns.
　　The Empirical results show a positive relationship between the merger performance and the CEO’s options and shareholdings. The more CEO’s options and shareholdings, the better merger performance. Overconfident CEOs could improve merger performance in the respective month of announcement and the month before and after the announcement, but might be affected by the firm’s investment opportunities and CEO’s tenure.

並列關鍵字

Bank ； CEO ； Overconfidence ； Merger and Acquisitions

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