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題名：經理人過度自信與債權人財富效果之關係:以購併為例
作者：聶瑋瑩 引用關係
作者(外文)：Wei-Ying Nie
校院名稱：國立臺灣大學
系所名稱：財務金融學研究所
指導教授：陳聖賢
學位類別：博士
出版日期：2017
主題關鍵詞：經理人過度自信；債權人財富效果；風險分散效果；CEO overconfidence；Bondholder wealth effect；Risk diversification effect
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本文分析在購併事件宣告時，經理人過度自信對購併公司的債權人財富效果之影響及其影響管道，研究期間為1994年至2014年。實證結果發現，若購併公司的經理人為過度自信，其債權人於購併宣告期間有正向顯著的財富效果；但若購併公司的經理人為非過度自信，則其財富效果為負向顯著；上述結果表示，當購併發生時，購併公司經理人的過度自信將有益於其債權人。此外，本文發現，當購併公司的經理人為過度自信，且被併公司的總風險或信用風險低於購併公司時，購併公司的債權人之正向財富效果越大；當購併公司的經理人為過度自信，且購併事件造成購併公司的流動性風險增加越多時，購併公司的債權人之負向財富效果則越大。綜合上述結果發現，購併公司的經理人過度自信會顯著影響購併公司債權人之財富效果，且風險分散效果大於流動性風險增加效果。
This study investigates the influence of chief executive officer (CEO) overconfidence on the acquirer bondholder wealth effects during the announcement period of mergers and acquisitions from 1994 to 2014. We find that acquirer bondholders experience a significantly positive wealth effect when the merger is announced by overconfident acquirers, while they experience a significantly negative wealth effect when the merger is announced by non-overconfident acquirers. The results suggest that CEO overconfidence benefits acquirer bondholders during the merger. We further indicate that the positive wealth effects for acquirer bondholders are stronger when overconfident acquirers merge the target with lower pre-merger firm risk or credit risk than acquirer themselves; while acquirer bondholders experience a negative wealth effect when overconfident acquirers increase the liquidity risk exposure, such as overbidding and cash-bids. These results provide implications that the risk diversification effect dominates the liquidity risk expansion effect to influence CEO overconfidence on the acquirer bondholder wealth during the merger.
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