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研究生: 林雨玟
Yu-Wen Lin
論文名稱: 過度自信與企業創新---以家族企業為例
Overconfidence and Enterprise Innovation --- Family Business as an Example
指導教授: 陳俊男
Chun-Nan Chen
口試委員: 鄭仁偉
Jen-Wei Cheng
陳嬿如
Yenn-Ru Chen
林軒竹
Hsuan-Chu Lin
學位類別: 碩士
Master
系所名稱: 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年: 2022
畢業學年度: 110
語文別: 中文
論文頁數: 35
中文關鍵詞: 過度自信企業創新家族企業
外文關鍵詞: Overconfidence, Enterprise Innovation, Family Business
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  • 過度自信被定義為「人們相信自己所取得的資訊比事實擁有更高的準確度」。在許多管理類型的研究發現,過度自信在高階管理者的表現高於企業一般企業員工。而創新不僅被認為是市場競爭力與經濟發展的重要驅動力,更被當作是經濟變革的中心。在家族企業裡,由於家族成員經常擔任公司高階管理職位,導致家庭成員易掌握公司研發、創新等重大決策的制定。從過去相關文獻發現,將上述三個元素皆視為研究重點的文獻並不多。又根據安永聯合會計事務所於2022年發布的調查報告指出,以2021年6月30日的上市櫃公司資料為基準,台灣的上市櫃公司中,家族企業的佔比已然過半。故本研究試圖以元大台灣50 成分股中的企業為樣本,探討過度自信與企業創新以及家族企業與企業創新在台灣市場的表現是否與過去相關文獻相符,之後再對家族企業特性是否能夠調節企業創新與過度自信的正向關係進行研究。
    本研究以2022 年6 月最新公布之台灣50 成分股中,排除與其他產業採用不同會計準則的金融保險業後的成分股作為研究樣本,研究2010 年至2019 年間家族企業過度自信經理人對企業創新的影響。
    研究實證結果顯示過度自信與企業創新間呈現不顯著的負向影響,拒絕假說一。結果也顯示家族企業與企業創新呈現顯著負相關,接受假說二。而過度自信與家族企業的調節作用則由於實證結果不顯著,故拒絕本文提出的假說三。


    Overconfidence is defined as "people believe that the information they have obtained is more accurate than the truth". In many types of management studies, it is found that overconfidence in senior managers is higher than that of general enterprise employees. Innovation is not only regarded as an important driving force for market competitiveness and economic development, but also as the center of economic transformation. In a family business, because family members often hold high-level management positions in the company, it is easy for family members to master the formulation of major decisions such as company R&D and innovation. From the relevant literature in the past, it is found that there are not many kinds of literature that regard the above three elements as the research focus. According to a survey report released by Ernst & Young in 2022, based on the data of listed companies on June 30th, 2021, family-owned enterprises account for more than half of listed companies in Taiwan. Therefore, this study attempts to use the companies in the 50 constituent stocks of Yuanta Taiwan as samples to explore whether the performance of overconfidence and enterprise innovation, as well as family business and enterprise innovation in the Taiwan market, is consistent with the past literature, and then to determine whether family business characteristics can moderate the company.
    This study uses the newly announced Taiwan 50 constituent stocks in June 2022, excluding the constituent stocks of the financial and insurance industry that adopt different accounting standards from other industries as the research sample, to study the impact of overconfident managers in family businesses on enterprise innovation between 2010 and 2019.
    The research's empirical results show an insignificant negative effect between overconfidence and enterprise innovation, and hypothesis 1 is rejected. The results also show that family business and enterprise innovation are significantly negatively correlated, accepting the second hypothesis. Since the empirical results of the moderating effect of overconfidence and family business are not significant, the third hypothesis proposed in this paper is rejected.

    摘要 I ABSTRACT II 誌謝 III 目錄 IV 表目錄 V 圖目錄 VI 第壹章 緒論 1 第一節 研究背景 1 第二節 研究動機與目的 2 第三節 研究流程與架構 3 第貳章 文獻探討與假說建立 4 第一節 過度自信與企業創新之相關文獻 4 第二節 過度自信與家族企業之相關文獻 6 第三節 企業創新與家族企業之相關文獻 7 第參章 研究方法與實證模型 10 第一節 樣本篩選與資料來源 10 第二節 變數定義 11 第三節 實證模型 14 第肆章 實證結果與分析 15 第一節 敘述性統計 15 第二節 相關性分析 16 第三節 模型實證結果 17 第伍章 結論與建議 23 第一節 研究結果 23 第二節 研究限制與未來建議方向 23 參考文獻 24 一、 中文文獻 24 二、 英文文獻 24 三、 網站 26

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