經理人過度自信與 IPO 長短期績效-以環境及董事會資本為調節

經理人過度自信在許多傳統行為財務文獻中多半對於公司有不良的影響，但在近年較新的文獻中慢慢出現對於經理人過度自信對於研發、創新等方面的正面結果。本研究主要以 IPO 公司為樣本，探討經理人過度自信在什麼樣的條件下，能夠扭轉其長久以來的負面結果，並增進 IPO 公司之績效。我們的結果顯示：經理人過度自信對於 IPO 公司之初始報酬及長期績效皆具有顯著負相關，環境能量對於經理人過度自信與 IPO 公司之長期績效無顯著影響，環境動態會顯著加劇經理人過度自信與 IPO 公司之長期績效間之負向影響，環境複雜度會顯著加劇經理人過度自信與 IPO 公司之長期績效間之負向影響，董事教育背景對於經理人過度自信與 IPO 公司之長期績效無顯著影響，董事職能背景對於經理人過度自信與 IPO 公司之長期績效無顯著影響。

關鍵字

過度自信； IPO ；經理人

並列摘要

Past behavioral finance research mostly pointed out that managerial overconfidence (MOC) had a bad effect on the firm, but recent studies report positive effect of MOC on the outlines of R&D and innovation. This study used IPO companies as samples to discuss that what kind of situation, MOC can improve the performance of IPO firms. Our evidence suggests that MOC is negatively correlated with initial return and long-term performance of IPO firms. Environmental dynamism and environmental complexity aggravate the negative effect on the elationship between MOC and long-term performance of IPO firms. On the other hand, environmental munificence, education background and occupations background of broad members have no significant moderator effect on the relationship between MOC and long-term performance of IPO firms.