管理階層在企業經營中扮演著舉足輕重的角色，本研究旨在探討管理者能力的優劣與公司未來獲利的關聯性以及投資人是否能理解管理者能力隱含對企業未來績效之意涵。實證結果顯示管理者能力與公司隔年獲利呈正相關，表示管理者能力較佳的公司，隔年獲利能力愈好，但投資人卻無法將這項指標與公司未來績效連結，反而須待公司隔年績效因管理者能力發揮而彰顯時，市場才反應在股票價格上，產生超額報酬。

The quality of firm management plays a major role in business operations. In this study, we examine the relation between managerial ability and the firm’s future profitability and investigate whether investors can fully understand the implications of managerial ability for future earnings. We find that a company with higher managerial ability has higher profitability in the next year, however, investors cannot link this indicator to the firm’s future performance. Instead, it has to wait for the firm which has better performance next year due to the managerial ability and the market will react to the stock price and generate excess returns.

賴詩芸，2015，經理人能力與盈餘品質－應用資料包絡分析法，臺灣大學會計學研究所碩士論文。
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