行為財務領域中，已有學者提出樂觀是影響企業投資決策的重要因素，表示樂觀經理人比非樂觀經理人投資―現金流量敏感度更高。本研究的目的是透過區分家族與非家族企業來檢驗不同企業形態下，樂觀對於投資現金流量敏感度的影響是否一致，接著更進一步從家族經理人是否由家族成員擔任，探究兩種樂觀經理人的投資現金流量敏感度是否不同。本研究以2001年至2007年間台灣上市、上櫃公司為樣本，主要資料來源為台灣經濟新報資料庫，並利採用Panel迴歸分析結果發現，經理人樂觀傾向對投資現金流量敏感度受到家族特性的影響，家族企業的樂觀經理人其投資現金流量敏感度顯著比非家族企業的樂觀經理人低。此外亦發現在家族企業的樂觀經理人中，非家族經理人(FNFCEO)的投資現金流量敏感度比家族經理人(FCEO)更低。 In the field of behavior finance, a few studies have explored the extent to which managerial optimism provides a satisfactory explanation for the investment decisions. Focusing on whether cash flow plays a relatively more important role in investment decisions for optimistic managers than for non optimistic managers. The purpose of this research is to compare the impact of optimism to investment between family-controlled firms and non-family-controlled firms. Our research sample contains Taiwanese listed and OTC from 2001 to 2007 and the main resource of research data comes from Taiwan Economic Journal Database. Using the panel regression model, the results indicate that the relationship between optimism and investment decision is affected by family-controlled firms. The investment-cash flow sensitivity of optimistic manager in family-controlled firms is smaller than non-family-control firms. Furthermore, for those optimistic managers in family-controlled firms, the investment-cash flow sensitivity of non-family CEO is smaller than family CEO.
