簡報者：
企研所 碩專二甲
李姿慧 N9870010
論文架構
大綱
 一、論文結構
 二、研究動機
 三、研究目的
 四、研究架構與假說
 五、論文內文介紹
 六、錯字更正
 七、參考文獻-中文
 八、參考文獻-英文
 九、參考文獻對照
 十、建議與研究限制
研究動機
 心理特質影響決策的相關研究，多聚焦在自信、樂觀、從眾等特質，
但還有許多心理特質對決策的影響(如自戀特質)仍有待釐清。
 探討自戀是否為我國CEO決策之重要前置因子。
 國內研究中已發展出以國中生為對象的自戀量表(張秋桂2004)但未
擴及高階經理人，嘗試結合財務及會計資料之縱橫混合次級資料，
發展一套適合本國衡量CEO自戀特質的方法。
 若董事會可辨識造成績效變異的非理性因素，則有助於CEO的聘用
判斷，探索自戀特質與財務績效及其極端性與變異性的關係
研究目的
 CEO 自戀特質是否造成企業績效的極端性？
－以公司治理機制為調節變數
 一、將 CEO 的自戀特質視為組織理論及策略管理中的正式構念，

並建構 CEO 自戀特質的衡量指標。
 二、將自戀特質視為企業策略的影響因子，

探討 CEO 自戀特質與財務績效之極端性與變異性之關係。
 三、思考公司治理制度是否可以矯正 CEO 心理特質所產生的決策錯誤。
研究架構與假說
研究架構與假說
 假說 3-1：CEO 持股比率可以調節 CEO 自戀特質對財務績效的極端性。
 假說 4-1：CEO 持股比率可以調節 CEO 自戀特質對財務績效的變異性。
 假說 3-2：CEO 是否兼任董事長可以 CEO 調節自戀特質對財務績效的極端性。
 假說 4-2：CEO 是否兼任董事長可以 CEO 調節自戀特質對財務績效的變異性。
 假說 3-3：董事會持股比率可以調節 CEO 自戀特質對財務績效的極端性。
 假說 4-3：董事會持股比率可以調節 CEO 自戀特質對財務績效的變異性。
 假說 3-4：大股東持股比率可以調節 CEO 自戀特質對財務績效的極端性。
 假說 4-4：大股東持股比率可以調節 CEO 自戀特質對財務績效的變異性。
樣本篩選原則
 本研究樣本為全體上市公司 並排除金融保險業 並限定 CEO的年資至
2000 或之後開始，且 CEO 至少任滿三年。詳細樣本篩選過程如表 3-1，
至於產業別分類統計則如表 3-2
 對於樣本排除金融、保險業或限定CEO年資的原因並未加以說明
自戀的衡量方式
 現行實證文獻衡量 NPI，多採問卷調查法，但高階經理人通常不願參與問卷
調查，Cycyota and Harrison(2006)就指出關於如自戀特質之高度敏感的問卷
回收率極低且問卷答案會高度受到社會期待誤差的影響。
 本研究根據 Emmons(1987)所提出的自戀特質四構面：
 利己主義⁄擁有權力感、
 領導地位⁄權威感、
 優越性⁄自大傲慢、
 自私自利⁄自負(自我欣賞)，
 雖無法在次級資料找到完全配適的指標，但依循Edwards(2001)所建議本研究
視自戀變數為具有多層面的元素，四項指標分述如下
自戀的衡量方式
 四項指標分述如下：
 一、 公司年報中 CEO 影像呈現方式


本研究依具該 CEO 於年報中刊登照片之大小、親筆簽名以及蓋章予以評分，若三項指標皆符合者，
給予該
CEO 得 1 分；若三項指標其中一項不符合者，給予該 CEO得 0 分。
 二、 CEO 名字在相關報導、新聞稿出現的則數


計算 CEO 名字在該企業主動對外發布新聞稿中出現的則數，並將全體上市公司新聞稿則數取
其中位數，高於中位數者，給予得 1 分；低於中位數者，給予得 0 分。
 三、CEO 的個人歷史及炫耀程度

以各公司網站為基準。據此本研究依各公司網站之 CEO 專區，刊登之照片、得獎事蹟以及其學經歷
之呈現三項指標給予該CEO 評分，若三項指標皆符合者，給予該 CEO 得 1 分；若三項指標其中一項
不符合者，給予該 CEO 得 0 分。
 四、 CEO 薪酬

本研究將全體上市公司之 CEO 薪酬取中位數，高於中位數薪酬者，給予該 CEO 得 1 分；低於中位數
薪酬者，給予該 CEO 得 0 分
四項指標也許與較主觀，但隨產業特性不同，呈現方式、次數亦不相同，
指標同時反映出人格特質並非只有自戀，以此衡量自戀程度有些牽強。
財務績效的衡量不再只是單一指標進行衡量，財務績效的評量是有層級的差別
表 2-3 財務績效衡量指標彙總表

研究者
年代
衡量指標

Dess & Robinson
1984
ROA；銷售額成長

Venkatraman & Ramanujam
1986
財務性績效：銷售額成長、獲利率、 每股盈餘
作業性績效：市場佔有率、產品品 質、行銷效能
組織性績效：組織目標達成

Vickery
1992
稅前資產報酬率；市場佔有率；成長率

朱博湧、劉中淵
1992
ROA；獲利風險；風險調整後獲利率

Subramanian & Nilakanta
1996
效率：ROA；權益報酬率效果：市場佔有率

Reed, Lemark, & Montgomery
1996
現金流量；銷售成長；營運收入；
市場佔有率；銷貨成本；普通股權益報酬率

褚宗堯、林耀南
1997
純益率；ROA

Lynch, Scott, &OzmentCalantone, 2000



全銷售報酬率；整體獲利能力


Cavusgil, &Yushan鄭伶如

2002
投資報酬率；ROA；
2005
投資報酬率；淨利潤邊際；ROA；
總體獲利率；銷售報酬率；營業額成長率
2007
總股東報酬率（TSR）；


投資報酬率；淨利潤邊際；ROA；
Chatterjee &Hambrick
總資產報酬率（ROA）
錯字更正
 P3→
；
容易在評估方案時產生過度高估(Shapira,1995；Sanders, 2001)，此外，CEO 自戀特質偏好具動態性、及大
規模的策略方案，往往忽略持續累積及長期穩定的重要性，導致企業財務績效呈現高度變異性。以管理
意涵而言，若董事會可以辨識造成績效變異的非理性因素，則有助於 CEO 聘用及解雇的判斷，故本研
究亦嘗試探索自戀特質與財績效及其極端性和變異性
 P9→


；
健康的自戀有助於兒童期形成穩定的自我畫像，和自我信心的建立，相反地，病理學上的自戀促成
人格特質理論的觀點主張自戀主義是可被追朔 到 與 一 些 特 定 因 子 或 早 期 的 親 子 經 驗 有 關
 P13→



務
極
極
溯
再
在激勵元素上，自戀特質者強烈的亟需別人一在肯定其個人的優越性
因此自戀特質者亟需穩定且持續的印象強化，而不是那些錯過時機的知音(Kohut and Wolf, 1986)。自戀
特質者不希望在最終長期成功後才得到讚賞，而是在過程中不斷獲得掌聲(Buss and Chiodo, 1991)。
 P15→

自戀者擁有的是脆弱的自尊 Kernis(2005)提及。，「因時自宜的自尊」，也就是他們對人際回饋有高度
敏感
 P20→


讚
讚
6. 受贊許的需求⁄被感謝的需求：在社交圈中被感謝及被贊許的誇張需求。
7. 利己主義：反應出外表的膚淺，欠缺巧妙處理事情的能力。其中權威感⁄優越感、領袖慾以及受贊許的
需求⁄被感謝的需求
參考文獻
 次級資料蒐集：



本研究自戀評分資料取自各上市公司年報、公司網站、台灣新聞智慧網、證券基金會之真像王；
財務績效和公司治理變數取自公開資訊觀測站、
台灣經濟新報(Taiwan economicjournal, TEJ)之台灣財經資料庫。
中文部分
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42，23-53。
洪榮華、陳香如、王玉珍(2005)，公司內部治理機制與公司績效之關係─股權結構與董事會特性的觀點，
輔仁管理評論，12(3)，23-40。
洪榮華、陳香如、柯璟瑩(2005)，從代理理論的角度探討董事會特性、股權結構與負債之關聯性，管
理與系統，12(4)，33-53。
陳志遠(1993)，製造策略、產品策略之配合與績效關係之研究—以台灣電子零組件業為例，政治大學企
業管理研究所博士論文。
張重昭(1990)，技術密集企業之競爭策略技術發展政策與管理制度，中國經濟企業研究。
張秋桂(2004)，國中學生親子關係、自戀傾向與偏差行為之研究，彰化師範大學教育研究所碩士論文。
61
褚宗堯、林耀南(1997)，我國高科技廠商環境、競爭策略、績效關聯模式之研究—以新竹科學工業園區
為例，科技管理學刊，2(1)，25-68 。
劉韻僖(2006)，台灣高科技產業高階經營團隊及董事會權力與組織績效關係之研究，交大管理學報，
26(1)，173-200。
鄭伶如（2005），技術競爭力、創新資本與績效關聯性之研究—以台灣資訊電子業為例，國立臺北大
學企業管理研究所博士論文。
參考文獻
 次級資料蒐集：



本研究自戀評分資料取自各上市公司年報、公司網站、台灣新聞智慧網、證券基金會之真像王；
財務績效和公司治理變數取自公開資訊觀測站、
台灣經濟新報(Taiwan economicjournal, TEJ)之台灣財經資料庫。
補充：
台灣新聞智慧網：http://www.tbmc.com.tw/index_menu.html
證券基金會之真像王： http://online.sfib.org.tw/Home/inx.aspx
公開資訊觀測站： http://mops.twse.com.tw/index.htm
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建議
 成功的領導者通常有類似人格特質或行為模式。
 但本文探討的因素-自戀，在文獻多視為人格因素所引起的心理疾病，並強調






臨床上的涵義。
自戀的人通常過度關心自己而忽略他人，在工作上的表現與人際關係容易受到
傷害，也因為缺乏體諒與同理心而無法維持穩定的人際關係。
自戀的人在認知行為上誇大風格，缺乏同理心，至少五個以上的指標：
1.對自我重要過度誇大 2.對成功、權力、聰明及美麗存有先入為主的幻想
3.相信自己才是唯一享受特殊待遇者
4.缺乏同理心
5.人際搾取
6.自認是他人羨慕的對象；
7.態度傲慢
8.強制他人順從
9.要求額外的讚賞(張秋桂，2004)。
 故作者亦補充了研究限制。
研究限制
 本研究最主要的限制是 CEO 的衡量指標是間接且可能局部的，有可能這些指標反應
了自戀以外的特質，也有可能這些指標忽略了自戀的其他角度。
 未來仍可思考如何成為一個單一指標用來預測企業績效，修正其效度。如果能夠同時
考慮 CEO 人格特質對企業影響的理論與實證涵義，則可獲得更好的自戀衡量指標。
 本研究的自戀指標與 NPI 指標之相關性如何也值得進一步探討，有可能從 CEO 的部
屬或親近人員加以評分，若能如此做則可進一步驗證本研究的效度，並回答另一個重
要的問題：在 NPI 量表中 CEO 落在哪裡。
 因為本研究無法知道相對於一般的母體我們研究樣本的偏態及其值域，如果本研究樣
本被證實只是那一群在NPI 分部中最高的前二分之一，則研究結論被遭到質疑

備註：自戀人格量表(narcissistic personality inventory, NPI)