DC 欄位 | 值 | 語言 |
dc.contributor.author | 陳明賢 | zh_TW |
dc.creator | 陳明賢 | - |
dc.date | 2005 | zh_TW |
dc.date.accessioned | 2006-07-26 | - |
dc.date.accessioned | 2018-07-09T08:03:05Z | - |
dc.date.available | 2006-07-26 | - |
dc.date.available | 2018-07-09T08:03:05Z | - |
dc.date.issued | 2005 | - |
dc.identifier | 932416H002037 | zh_TW |
dc.identifier.uri | http://ntur.lib.ntu.edu.tw//handle/246246/16292 | - |
dc.description.abstract | 本計畫檢視經理人個人的特質(Characteristics)對公司融資決策的影響。本計畫將蒐集
經理人的個人資料,並利用經理人個人的公司持股與財務預測資料,提出一個衡量經
理人是否過度樂觀(Optimism)的指標。本計畫將檢測:一、過度樂觀的經理人,其公
司內部資金與舉債程度之關聯性是否較沒有過度樂觀的經理人的大;二、公司內部資
金與舉債程度之關聯性是否會受到經理人個人特質的影響。本計畫將利用台灣上市、
上櫃公司之財務資料來檢測上述分析,此一分析可以讓我們瞭解公司融資決策的影響
因素,除了代理問題與資訊不對稱之外,經理人個人的特質是否也是另一種可能的解釋。本研究實證結果發現,69%台灣企業之高階主管具有過度樂觀的特質。這種過度
樂觀現象,或許可以解釋台灣經理人之具有偏高之盈餘預測現象。我們也發現在融資
途徑有限制的企業,樂觀經理人會比不樂觀的經理人具有更高的投資決策對現金流量之敏感性。本文經改寫後,在94 年2 月間業經國外著名期刊Pacific Basin Finance Journal 接受,並將於今年稍後發表登出。 | zh_TW |
dc.description.abstract | This paper proposes a measure of managerial optimism from their earnings
forecasts. The measure is helpful to test the theoretical predictions for the behaviors of
optimistic managers. We find that 69% of the CEOs meeting our selection criteria are
classified as optimistic. The results indicate that managerial optimism may be a
possible reason for the upward bias in management forecasts in Taiwan.
Focusing on whether cash flow plays a relatively more important role in
investment decisions for optimistic managers than for non-optimistic managers, we
find that in Taiwanese companies, optimistic managers exhibit higher investment-cash
flow sensitivity than do non-optimistic managers. Compared to prior literature that
agency or information asymmetry problems results in the investment-cash flow
sensitivity, this paper makes a contribution by providing evidence of an alternative
source from which corporate decisions are impacted. The evidence proposes that
managerial optimism plays a role in their investment decisions. | en |
dc.format | application/pdf | zh_TW |
dc.format.extent | 114009 bytes | - |
dc.format.mimetype | application/pdf | - |
dc.language | zh-TW | zh_TW |
dc.language.iso | zh_TW | - |
dc.publisher | 臺北市:國立臺灣大學財務金融學系暨研究所 | zh_TW |
dc.rights | 國立臺灣大學財務金融學系暨研究所 | zh_TW |
dc.subject | Managerial optimism | en |
dc.subject | Investment | en |
dc.subject | Financing constraints | en |
dc.title | 經理人財務預測及企業投資行為關係之研究 | zh_TW |
dc.title.alternative | Managerial Optimism and Corporate Investment:
Some Empirical Evidence from Taiwan | en |
dc.type | report | en |
dc.identifier.uri.fulltext | http://ntur.lib.ntu.edu.tw/bitstream/246246/16292/1/932416H002037.pdf | - |
dc.coverage | 計畫年度:93;起迄日期:2004-08-01/2005-07-31 | zh_TW |
item.languageiso639-1 | zh_TW | - |
item.cerifentitytype | Publications | - |
item.fulltext | with fulltext | - |
item.openairecristype | http://purl.org/coar/resource_type/c_93fc | - |
item.openairetype | report | - |
item.grantfulltext | open | - |
crisitem.author.dept | Finance | - |
crisitem.author.parentorg | College of Management | - |
顯示於: | 財務金融學系
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