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題名:管理者品質、資本預算決策與企業績效
作者:陳松山
作者(外文):CHEN, SUNG-SHAN
校院名稱:國立中正大學
系所名稱:企業管理系研究所
指導教授:黃德舜
王明昌
學位類別:博士
出版日期:2017
主題關鍵詞:管理者品質資本預算決策企業績效經濟附加價值調節效果Management QualityCapital Budgeting DecisionCorporate PerformanceEconomic Value Added (EVA)Moderator Effect
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管理者對資本預算決策具決定性的影響力,故管理者品質攸關企業資本預算決策的能力,而企業績效則是由一連串資本預算投資績效所累積而成。本研究試圖探討管理者品質、資本預算決策與企業績效之關聯性。本研究參考Chemmanur and Paeglis (2005) 發展出來對管理者品質的衡量變數,使用共同因素分析法將管理者品質的特徵變數分成「管理團隊專業核心能力」及「管理團隊合作及財務導向能力」兩個面向,並萃取每個面向的成份分數,加以迴歸分析其與資本預算決策、企業績效之間的關聯性。也利用調節效果之檢定驗證管理者品質為資本預算決策與企業績效之間的調節變數。研究結果顯示,管理者品質及資本預算決策分別對企業績效呈現顯著正相關。另外本研究經過調節效果驗證結果顯示,管理者品質確為資本預算決策與企業績效兩個變數之間的調節變數,本研究樣本公司以臺灣上市上櫃之製造業及服務業(排除金融業)公司為範圍。研究期間為2006年至2011年共6年,共3917筆資料。
Top Managers have a decisive influence on capital budgeting decision, so the management quality is crucial to the capital budgeting decision. The corporate performance is accumulated by the performance of a series of capital investment. This study attempts to explore the relationship among management quality, capital budgeting decision and corporate performance. We referred to the variables that have been developed by Chemmanur and Paeglis (2005) to evaluate the management quality, and use common factor analysis to divide the characteristic variables of the management quality into TPCC (Team Professional Core Competence) and TCFO (Team Cooperation and Financial Orientation). In this study, we extract each factor score of each dimension and analysis the relevance among management quality, capital budgeting decision, and corporate performance. We also examine the mediation effect of management quality. The results of this study showed that management quality and capital budgeting decision were positively correlated with corporate performance. The other finding indicated that management quality was the moderator variable between capital budgeting decision and corporate performance. The samples of the study were taken from the Taiwanese-listed manufacturing and services companies excluding banking firms. The study period is from 2006 to 2011, a total of 3917 data.
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