本研究針對CEO神經質程度是否會影響公司借款成本進行探討。本研究推論神經質CEO的小心謹慎、決策保守，銀行會給予此種企業優惠的貸款利率，因此公司的借款成本會比較低。本研究使用1998年至2018年美國S&P 1500進行分析，實證結果顯示，CEO神經質程度與公司借款成本呈顯著負相關。高神經質CEO神經質對於風險承受度較低，對於公司投資較不喜使用高度財務槓桿，銀行對此類型公司還款能力較具信心，因此會給予的借款利率會較低。此外，橫斷面分析發現CEO神經質與借款成本之間的關係，隨著CEO權力愈大愈明顯。最後，本研究改用公司固定效果模型重新檢測，實證結果仍然穩健。

This study examines the correlation between CEO neuroticism and company borrowing costs. Assuming the neuroticism CEO is more cautious and conservative in decision-making, so that the banks will offer lower loan interest rates and the company will gain the lower borrowing costs. By using a sample of U.S. Standard and Poor’s 500 companies’ data from 1998 to 2018, and the regression analysis result inidicate CEO neuroticism is negative significant correlated with company borrowing costs. CEO with high neuroticism bear lower risk tolerance less likely to use high financial leverage for company investments, and Banks are more confident regarding the repayment ability and will offer lower loan interest rates to this type of company. In addition, cross-sectional analysis found that the correlation between CEO neuroticism and borrowing costs is getting more significant when CEO's power is higher in the company. Moreover, the study result remains robust when using firm fixed effects model instead of industry fixed effects.

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