經理人過度自信與庫藏股買回之研究

The Study of Overconfident CEOs and Share Repurchase

奚雨亭(Yu-Ting Hsi)

指導教授 ： 何耕宇

國立臺灣大學/管理學院/財務金融學研究所/碩士(2011年)

https://doi.org/10.6342/NTU.2011.02778

摘要

本論文以台灣上市股票的庫藏股買回事件進行研究，指出經理人過度自信可用來解釋公司宣告庫藏股買回。由於過度自信的經理人覺察並相信公司的權益價值是被市場低估的，於是他們會對市場宣告買回自己公司的庫藏股以傳遞公司股價被低估的訊息，因此過度自信的經理人應該會比非過度自信的經理人更頻繁地宣告庫藏股買回。我們發現過度自信的經理人相較於非過度自信的經理人有頻繁地宣告庫藏股買回之傾向。過度自信經理人與非過度自信經理人宣告庫藏股買回的短期股票市場反應並沒有顯著地差異，然而，非過度自信經理人宣告庫藏股買回的長期股票市場反應顯著地為正，除此之外，過度自信經理人宣告庫藏股買回的長期股票市場報酬顯著地低於非過度自信的經理人。

關鍵字

經理人過度自信 ； 庫藏股買回 ； 股票市場反應

並列摘要

We examine the share repurchase announcements of listed companies in Taiwan and shows that overconfident CEOs can help to explain the announcements of firms’ share repurchase. Because firms with overconfident CEOs perceive their firms’ equity is undervalued by the market, they will repurchase shares in order to signal undervaluation to the market. We observe that overconfident CEOs tend to engage in more share repurchases than firms with non-overconfident CEOs. There is no significant difference between overconfident CEOs and non-overconfident CEOs in the short-run market reaction. However, the market reaction in the longrun is significantly positive to firms with non-overconfident CEOs. Moreover, the stock performance following the share repurchase is less for the firms with overconfident CEOs than firms with overconfident CEOs.

並列關鍵字

CEO overconfidence ； Share Repurchase ； Stock Market Reaction

參考文獻

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