企業的財務策略與經理人息息相關，因此在不同的企業生命週期階段下，經理人對於公司的財務策略也會有不同的決策。而行為財務學加入了行為因素，認為人是不理性的，過去文獻指出經理人會具有過度自信的傾向。本文參考過去文獻的過度自信衡量方法並加入景氣因素以衡量公司經理人的過度自信，且以資本支出率、銷貨成長率、研發費用率及企業年齡作為劃分企業生命週期的劃分變數。選取經理人上任至少10年的公司為樣本，樣本期間為2001至2012年。以往研究指出過度自信經理人會過度的投資、大量舉債及降低股利的發放，因此本文研究加入企業生命週期進行更深入的探討。
實證結果發現，成長期的經理人在投資、融資及股利策略上皆有過度自信的傾向。成熟期的經理人在投資與融資方面具有過度自信的傾向。而衰退期的經理人則只有在股利策略上具有過度自信的傾向。在總生命週期階段下，成長期的公司經理人最具有過度自信的傾向。

The relation between CEO and financial strategy is highly connected. CEO has different financial strategy in different corporate life-cycle. CEO overconfidence is considered in past literatures of Behavior Finance. This study refers to measures for CEO overconfidence in past literatures and adds prosperity factor to measure CEO overconfidence. Moreover, using capital expenditure, sales growth, R&D ratio and firm age to group corporate life-cycle. The data chose CEO who took up and office at least 10 years from 2001 to 2014. The past literatures showed that overconfident CEO would overinvest, finance too much and decrease dividend. As a result, this study adds factor of corporate life-cycle to probe.
The empirical results showed that CEO is overconfident in investment, finance and dividend strategy at growth stagy; CEO is overconfident in investment and finance strategy at maturity stagy; CEO is only overconfident in dividend strategy at decline stage. At all corporate life-cycle, CEO is most overconfident at growth stage.

中文文獻
林美鳳, 吳琮璠, & 吳青松. (2008). 資訊科技投資與企業績效之關係－從企業生命週期論析. 資訊管理學報, 15(2), 155-183.
邱垂昌, & 洪福讚. (2008). 在不同企業生命週期下智慧資本與企業價值關聯性之研究. [On the Association of Intellectual Capital and Firm Value: Considering Different Phases of Business Life Cycle]. 當代會計, 9(2), 201-236.
侯運神. (1993). 企業生命週期與股價關聯性之研究. 國立政治大學會計研究所碩士論文.
陳薪壕. (2008). 管理者過度自信與公司資本結構—以台灣上市公司為例. (碩士), 輔仁大學, 新北市.
黃詩菡. (2009). 公司治理與會計資訊價值攸關性. 臺灣大學. Available from Airiti AiritiLibrary database. (2009年)
楊朝旭, & 黃潔. (2004). 企業生命週期、資產組合與企業未來績效關連性之研究. 商管科技月刊, 第五卷(第一期).
謝松年. (2002). 財務預測對委託簿異質性之影響與企業生命週期之關係研究. (碩士), 國立中正大學, 嘉義縣.
英文文獻
Adizes, I. (1988). How and why Corporations Grow and Die and what to Do about it: Prentice-Hall Englewood Cliffs, N.J.
Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices. Journal of Accounting and Economics, 15(2), 203-227. doi:http://dx.doi.org/10.1016/0165-4101(92)90018-W
Baker, M., Ruback, R. S., & Wurgler, J. (2004). Behavioral Corporate Finance: A Survey. National Bureau of Economic Research Working Paper Series, No. 10863. doi:10.3386/w10863
Barber, B. M., & Odean, T. (2001). BOYS WILL BE BOYS: GENDER, OVERCONFIDENCE, AND COMMON STOCK INVESTMENT. Quarterly Journal of Economics, 116(1), 261-292.
Ben-David, I., Graham, J. R., & Harvey, C. R. (2007). Managerial Overconfidence and Corporate Policies. National Bureau of Economic Research Working Paper Series, No. 13711. doi:10.3386/w13711
Bender, R., & Ward, K. (2002). Corporate Financial Strategy: Butterworth-Heinemann.
Bharati, R., Doellman, T., & Fu, X. (2016). CEO confidence and stock returns. Journal of Contemporary Accounting & Economics, 12(1), 89-110. doi:http://dx.doi.org/10.1016/j.jcae.2016.02.006
Billett, M. T., & Qian, Y. (2008). Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers. Management Science, 54(6), 1037-1051.
Black, E. L. (1998). Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures. Journal of Financial Statement Analysis, 4, 40-57.
Black, E. L., Legoria, J., & Sellers, K. F. (2000). Capital Investment Effects of Dividend Imputation. The Journal of the American Taxation Association, 22(2), 40-59. doi:10.2308/jata.2000.22.2.40
Chandler, A. D. (1962). Strategy and Structure: Chapters in the History of the American Industrial Enterprise. Cambridge/Mass.
Chen, S.-S., Ho, K.-Y., & Ho, P.-H. (2014). CEO Overconfidence and Long-Term Performance Following R&D Increases. Financial Management, 43(2), 245-269. doi:10.1111/fima.12035
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72(3), 425-456. doi:http://dx.doi.org/10.1016/S0304-405X(03)00186-7
Deshmukh, S., Goel, A. M., & Howe, K. M. (2013). CEO overconfidence and dividend policy. Journal of Financial Intermediation, 22(3), 440-463. doi:http://dx.doi.org/10.1016/j.jfi.2013.02.003
Doukas, J. A., & Petmezas, D. (2007). Acquisitions, Overconfident Managers and Self-attribution Bias. European Financial Management, 13(3), 531-577. doi:10.1111/j.1468-036X.2007.00371.x
Fairchild, R. (2007). Managerial Overconfidence, Agency Problems, Financing Decisions and Firm Performance. Working paper., University of Bath.
Gervais, S., Heaton, J. B., & Odean, T. (2003). Overconfidence, Investment Policy, and Executive Stock Options. Duke University working paper.
Goel, A. M., & Thakor, A. V. (2000). Rationality, Overconfidence and Leadership. Working Paper.
Greiner, L. E. (1972). Evolution and Revolution as Organizations Grow. Harvard Business Review, 50(4), 37-46.
Hackbarth, D. (2008). Managerial Traits and Capital Structure Decisions. Journal of Financial and Quantitative Analysis, 43(04), 843-881. doi:doi:10.1017/S002210900001437X
Haire, M. (1959). Biological models and empirical histories of the growth of organizations. Modern organization theory, 272-306.
Heaton, J. B. (2002). Managerial Optimism and Corporate Finance. Financial Management, 31(2), 33-45.
Hildebrand, D. K., Laing, J. D., & Rosenthal, H. (1977). Prediction analysis of cross classifications: Wiley New York.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329.
Kazanjian, R. K., & Drazin, R. (1989). An Empirical Test of a Stage of Growth Progression Model. Management Science, 35(12), 1489-1503. doi:doi:10.1287/mnsc.35.12.1489
Langer, E. J. (1975). The illusion of control. Journal of Personality and Social Psychology, 32(2), 311-328. doi:10.1037/0022-3514.32.2.311
Lin, Y.-h., Hu, S.-y., & Chen, M.-s. (2005). Managerial optimism and corporate investment: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546. doi:http://dx.doi.org/10.1016/j.pacfin.2004.12.003
Lin, Y.-h., Hu, S.-y., & Chen, M.-s. (2008). Testing pecking order prediction from the viewpoint of managerial optimism: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 16(1–2), 160-181. doi:http://dx.doi.org/10.1016/j.pacfin.2007.04.007
Lynall, M. D., Golden, B. R., & Hillman, A. J. (2003). Board composition from adolescence to maturity: A multitheoretic view. Academy of Management Review, 28(3), 416-431.
Malmendier, U., & Tate, G. (2005a). CEO Overconfidence and Corporate Investment. The Journal of Finance, 60(6), 2661-2700. doi:10.1111/j.1540-6261.2005.00813.x
Malmendier, U., & Tate, G. (2005b). Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited. European Financial Management, 11(5), 649-659. doi:10.1111/j.1354-7798.2005.00302.x
Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction☆. Journal of Financial Economics, 89(1), 20-43. doi:10.1016/j.jfineco.2007.07.002
Malmendier, U., Tate, G., & Yan, J. (2007). Corporate Financial Policies With Overconfident Managers. National Bureau of Economic Research Working Paper Series, No. 13570. doi:10.3386/w13570
Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have. National Bureau of Economic Research Working Paper Series, No. 1396. doi:10.3386/w1396
Pashley, M. M., & Philippatos, G. C. (1990). Voluntary divestitures and corporate life-cycle: some empirical evidence. Applied Economics, 22(9), 1181-1196. doi:10.1080/00036849000000038
Scott, B. R. (1971). Stages of Corporate Development (Part I). Harvard Business School Background Note.
Short, H., & Keasey, K. (1999). Managerial ownership and the performance of firms: Evidence from the UK. Journal of Corporate Finance, 5(1), 79-101. doi:http://dx.doi.org/10.1016/S0929-1199(98)00016-9
Teksten, E. L., Moser, S. B., & Elbert, D. J. (2005). Boards of Directors for Small Businesses and Small Private Corporations: The Changing Role,Duties and Expectations. . Management Research News, 28(7), 50-68.
Gervais, S., Heaton, J. B., & Odean, T. (2002). The positive role of overconfidence and optimism in investment policy (Mineo University of California, working paper ed.).
Shefrin, H. (2000). Beyond greed and fear understanding behavioral finance and the psychology of investing.