|其他題名: ||Effects of board composition and ownership structure on managerial optimism of capital investment|
|作者: ||吳麗蘭;Wu, Li-Lan|
黃振豊;孔繁華;Huang, Cheng-Li;Kung, Fan-Hua
|關鍵詞: ||董事會結構;股權結構;過度樂觀;行為財務;資本投資決策;Board structure;ownership structure;Overoptimism;behavioral finance;Capital Investment Decision|
|上傳時間: ||2014-01-23 14:07:09 (UTC+8)|
依實證結果發現，資本投資變動比率與企業資本投資後經營績效間的關聯性，呈現顯著負向的關係，表示企業管理者在增加資本投資後，反而會讓企業經營績效降低。顯示企業在資本投資決策上，可能因高估投資案獲利或低估風險，資本支出後經營績效變差。本研究驗證 Heaton (2002) 提出的過度樂觀理論，即管理者存有過度樂觀之情形而有高估投資獲利的能力或低估其投資案的風險，甚而投資淨現值為負的投資案，使企業資本投資後的經營績效變差。
This study aims to explore whether board structure and ownership structure are the factors affecting the tendency of overoptimism towards making important capital investment decisions when the enterprise is faced with future uncertainty. Moreover, it attempts to explore whether the correlation between board structure, ownership structure and capital investment decision is the key to affect the enterprise overoptimism towards making important capital investment decisions. With all listed and GTSM-listed companies in Taiwan as research subjects, it discusses whether the enterprise managers of the samples increasing capital expenses are affected by the board structure and ownership structure when they show overoptimism towards the investment decisions. There are 5,004 data on capital investment, from 2003 to 2008. Considering the lag effect of operating performance after capital investmen Thus, the entire study lasts for 9 years from 2003 to 2011.
As shown in the empirical results, the rate of change of capital investment shows significant negative correlation with the operating performance after the enterprise capital investment. It indicates after the enterprise managers increase capital investment, the operating performance of the enterprise will reduce instead. In other words, when making capital investment decisions, the enterprise may overestimate the investment profitability or underestimate the investment risk, leading to poorer operating performance after capital investment. This study verifies the overoptimism theory proposed by Heaton (2002), which states the managers may overestimate the investment profitability or underestimate the investment risk due to the overoptimism, as a result, they will be involved in the investment case with negative net present value, leading to poorer operating performance after capital investment.
In this paper, it conducts empirical study on moderating effect between board structure, ownership structure and rate of change of capital investment, so as to explore whether it has significant influence on the enterprise overoptimism towards the investment decisions. The empirical results show whether the chairman holding the post of general manager and ownership deviation have significant negative influence on of operating performance after capital investment. show significant positive correlation with of operating performance after capital investment, including shareholding ratio of institutional investors, shareholding ratio of enterprise operators and whether independent director is set up. To sum up, the empirical results show the board structure and ownership structure are the factors affecting the managers’ overoptimism towards decision making, and the enterprise governance mechanism can be enhanced to effectively achieve enterprise operating performance through board structure and ownership structure.