本研究探討美國職棒過度投資與球隊未來營收成長率及戰績之關聯，並進一步從球場因素考量球隊過度投資。相較於過去過度投資相關研究大多以一般企業為例，本研究首度將美國職棒與過度投資結合。研究期長為2009 年至 2018 年，首先以球隊經營、球隊戰績、球隊魔球能力三個構面，衡量出美國職棒各球隊最適團隊薪資，接著進一步衡量過度投資對球隊產生之影響，並且於衡量過度投資對球隊產生之影響後，檢視考慮球場因素之自由球員簽約是否誤判球隊過度投資。實證結果顯示，球隊經營、球隊戰績、球隊魔球能力三個構面之邊際解釋力皆顯著影響團隊薪資，但過度投資對球隊未來之營收成長率及戰績不具邊際解釋力，球場因素對美國職棒球隊過度投資與未來戰績的關係 ，則顯著於未來第一年具調節效果。;This study examines the relationship of Major League baseball and over-investment, and further considers the team′s over-investment from Ballpark factor. In the past over-investment studies, mostly used general companies as examples, this study combines Major League baseball with over-investment for the first time. The research period lasted from 2009 to 2018. We measured the mostappropriate team salary of each professional baseball team in three dimensions, team management, team record, and team Moneyball ability, then measured the over-investment on the team. After measuring the impact of over-investment on the team, examine whether the signing of free agents that considers Ballpark factors misjudges the team’s over-investment. The empirical results show that the marginal explanatory power of the three dimensions of team management, team record, and team Moneyball ability significantly affects team salary, but over-investment are not significantly effect on the team’s future revenue growth rate and record. Ballpark factors in the relationship between over-investment significantly affect team’s future record in first year.
