嚴重特殊傳染性肺炎(COVID-19)導致國內外崩盤，讓人也不禁回想起歷史上的重大股災，近年來股價崩盤(Stock Price Crash)相關的議題也有許多國內外學者關注，而本文從總經理特質(如過度自信、教育程度、任期等)的角度切入，探討其與股價崩盤風險之關聯。實證方面，本文自台灣經濟新報中，選取2019-2020年台灣上市櫃公司特定的股票報酬率，以觀察各公司的股票價格崩盤風險，並以迴歸模型檢視各項總經理特質變數與股價崩盤風險之間的關聯。結果顯示總經理過度自信與是否具財務、會計或法律背景對股價崩盤風險具有正向顯著影響。 The most recent stock market crash of domestic and foreign stock markets occurred in 2020 as COVID-19 spread worldwide, which reminds the public the biggest crashes in the history of the stock market. In recent years, issues related to the stock price crash have also attracted the attention of many domestic and foreign scholars. This article explores the relationship between general manager traits (e.g., overconfidence, education, tenure, etc.) and the stock price crash risks. This article observes the stock price crash risk of each company in the Taiwan Stock Exchange (TWSE) and the OTC market in Taiwan from 2019 to 2020. The data derives from TEJ database. This article also uses regression model to examine the relationship between various general manager trait variables and stock price crash risk. The results show that overconfidence and educational background of general managers have a significant impact on stock price crash risks.
