本文以1996年至2007年美國上市櫃公司作為主要研究對象，探討CEO通才管理能力與公司現金邊際價值之關聯。本文以Custódio et al.(2013)所提出之通才能力指數衡量CEO通才管理能力，並於Faulkender and Wang(2006)提出之現金邊際價值模型中加入通才能力指數，探討通才型與專才型CEO對公司現金價值之影響。初步實證結果未發現兩者關聯性，本文又再加入與CEO個人特質及CEO薪酬相關的控制變數，重新執行的迴歸結果仍無法證實兩者的關聯。考量公司規模與決策複雜性，本文推測公司規模或將影響CEO通才能力之發揮，故以公司規模分組，實證結果顯示在大型企業中，CEO的通才管理能力對公司現金邊際價值具有正向的影響，這說明當大型企業面對市場變化與資源分配的複雜挑戰時，具備多元背景的通才型CEO能更靈活應對，有助於提升公司的現金邊際價值。本文進一步以Demerjian et al.(2012)提出的管理者能力指標進行分析，發現當大公司的CEO具備較高的管理者能力時，其通才背景對公司現金邊際價值會產生正向影響，顯示CEO需具有一定的管理者能力，才能將經歷轉換成能力，進而提升公司現金邊際價值。

This study focuses on U.S. publicly listed companies from 1996 to 2007 and investigates the relationship between CEO generalist management capabilities and a company's cash marginal value. The CEO's generalist capabilities are measured using the generalist capability index proposed by Custódio et al. (2013), which is incorporated into the cash marginal value model by Faulkender and Wang (2006). The study explores how generalist versus specialist CEOs impact company cash value. Initial empirical results found no significant relationship. After adding control variables related to CEO personal traits and compensation, the regression analysis still failed to establish a link. Considering company size and decision complexity, the study suggests that company size may influence the effectiveness of a CEO's generalist abilities. The results show that, in large firms, a CEO’s generalist management skills positively affect cash marginal value. This indicates that in large companies facing complex market changes and resource allocation challenges, generalist CEOs with diverse backgrounds can respond more flexibly, enhancing cash marginal value. Further analysis using Demerjian et al.'s (2012) manager ability index reveals that when CEOs of large firms possess higher managerial skills, their generalist background positively impacts cash marginal value, suggesting that a CEO must have certain managerial abilities to transform experience into capability, thereby increasing cash marginal value.

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