過度自信經理人與資本結構調整

Managerial Overconfidence and Capital Structure Adjustment

吳亭諺(TING-YEN WU)

指導教授 ： 顏汝芳 ； 李孟峰

國立臺北大學/商學院/統計學系/碩士(2016年)

摘要

近年來許多文獻指出經理人的財務策略將會受限於目標資本結構，並且將資本結構調整至目標。此研究致力於探討過度自信經理人如何隨著時間逐漸地將槓桿調整至目標。我們發現在過度舉債的公司而言，過度自信將會加速調整資本結構的速度，然而，我們沒有證據顯示對於舉債不足的公司，過度自信與調整速度之間是否存在關聯性。我們還發現這些過度舉債且過度自信的公司只有在他們擁有很好的成長機會或是景氣繁榮時，才會加速資本結構之調整。除此之外，由於過度自信的經理人喜好投資，即便現金增資的成本對他們而言可能較高，他們還是傾向利用現金增資來降低負債比而不是直接的還債。這些結果都指向在計算最適資本結構且面臨財務策略選擇時，過度自信的因素都應該納入考量，尤其是在過度舉債的公司。

關鍵字

過度自信經理人 ； 資本結構調整 ； 成長機會 ； 金融危機

並列摘要

Studies show that the managers will be conditioning the financing strategy on the target capital structure, and adjust the capital structure toward its target. This study aims to figure out how overconfident CEOs manage leverage toward a target through time. We find that managerial overconfidence will lead to an increase in adjustment speed for over-levered firms, while no evidence showing the association between overconfidence and adjustment for under-levered firms. We further find that over-levered firms with overconfident CEOs will speed up capital structure adjustments only when firms have rich firm-specific growth opportunities or during prosperous periods, and they tend to use equity issuance to reduce leverage rather than debt retirement due to the tendency to invest despite that equity issuance is costly for them. This result suggests that overconfident CEOs will take into account the optimal leverage ratio when making financial strategies, especially for over-levered firms.

並列關鍵字

overconfident CEO ； capital structure adjustment ； growth opportunity ； financial crisis

參考文獻

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