探討經理人樂觀傾向與股票購回之關係-以台灣家族企業為例

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吳忠諺(Chung-Yen Wu) 查詢紙本館藏

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企業管理學系

論文名稱

探討經理人樂觀傾向與股票購回之關係-以台灣家族企業為例
(The relationship between managerial optimism and stock repurchases in Taiwanese family businesses)

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摘要(中)

本研究主要探討公司經理人若具有樂觀傾向，是否會影響公司從事股票股回政策的可能性，並加入家族企業因素，探討家族企業與非家族企業是否由於樂觀傾向的不同而影響公司股票購回政策；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，並利採用邏輯式迴歸(Logit regression)分析方法；實證結果發現，公司經理人若具有樂觀傾向，會主觀地對公司價值錯誤定價(Mispricing)，認為市場低估公司證券價值，而增加股票購回活動的可能性；而在台灣的家族企業，實證結果發現相較於非家族企業，家族企業較不會從事股票購回政策；因此本論文進一步探討，發現家族企業相較於非家族企業較不會從事股票購回，有部分原因是由於家族企業經理人較不具樂觀傾向。
此外，為了解家族企業較不具樂觀傾向的主要原因，本論文進一步探討家族企業內部，探討家族CEO與非家族CEO之個人特質與差異；結果發現，家族企業較不會從事股票購回，可能是由於家族內的非家族CEO相較於家族CEO較不具有樂觀傾向，而降低家族企業從事股票購回的可能性。

摘要(英)

The purpose of this research is to investigate how the managerial optimism influences the stock repurchase program. Our research also tries to explore that the relationship between family businesses and stock repurchases is affected by managerial optimism. Our research sample contains Taiwanese listed and OTC firms from 2001 to 2007 and information on all relevant financial variables is available in the Taiwan Economic Journal(TEJ) Database. Using the Logit regression model, the results indicate that optimistic managers tend to believe their securities to be underestimated by the market, that is, they perceive market mispricing, which stimulates the stock repurchase program more likely to be conducted. In addition, our research finds that family businesses comparing with non-family businesses would be less likely to execute stock repurchase program. One of the reasons is that managers in the family businesses are less optimistic.
Furthermore, our research also studies the personal characteristics of the family CEOs and the non-family CEOs in family businesses, the results indicate that why the family businesses would be less likely to execute stock repurchase program than non-family businesses is that non-family CEOs in the family businesses may be less optimistic than family CEOs.

關鍵字(中)

★ 樂觀傾向
★ 股票購回
★ 家族企業

關鍵字(英)

★ Family business
★ Optimism
★ Stock repurchases

論文目次

中文提要 ………………………………………………………… i
英文提要 ………………………………………………………… ii
致謝 ………………………………………………………… iii
目錄 ………………………………………………………… Iv
表目錄 ………………………………………………………… v
第一章緒論…………………………………………………… 1
第一節研究動機…………………………………………… 1
第二節本文特色…………………………………………… 4
第二章文獻探討與發展……………………………………… 6
第一節經理人樂觀傾向與股票購回行為………………… 6
第二節家族企業之特性與股票購回行為………………… 7
第三節家族企業和經理人樂觀傾向對股票購回之影響… 10
第三章研究方法……………………………………………… 14
第一節研究模型建立……………………………………… 14
3.1.1 事件研究法模型建立……………………………… 14
3.1.2 迴歸模型建立……………………………………… 16
3.1.3 模型主要解釋變數………………………………… 17
3.1.4 模型控制變數……………………………………… 19
第二節樣本選取…………………………………………… 24
第四章實證分析……………………………………………… 26
第一節樣本分析…………………………………………… 26
第二節實證結果…………………………………………… 30
4.2.1 事件研究法實證分析……………………………… 30
4.2.2 Logit迴歸分析…………………………………… 32
4.2.2.1 假說1之實證結果……………………………… 32
4.2.2.2 假說2之實證結果……………………………… 33
4.2.2.3 假說3a之實證研究……………………………… 33
4.2.2.4 假說3b之實證研究i…………………………… 36
4.2.2.5 控制變數之實證結果…………………………… 38
第三節穩健性分析………………………………………… 39
4.3.1 宣告股票購回規模………………………………… 40
4.3.2 其他衡量樂觀傾向變數…………………………… 41
4.3.3 考慮共線性………………………………………… 43
第五章結論與建議…………………………………………… 44
中文文獻 ………………………………………………………… 45
英文文獻 ………………………………………………………… 46

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指導教授

洪榮華(Jung-Hua, Hung)

審核日期

2009-6-30

推文