本研究旨在探討飛行員CEO與銀行借款成本的關聯。銀行作為企業重要的外部資金來源，其在評估貸款條件時除了考量企業的營運與信用狀況，亦會將管理階層的風險特質納入考量。飛行員CEO的風險追求行為可能增加企業的財務槓桿及未來償債能力的不確定性，促使銀行給予較高的借款利率，並要求抵押品增加貸款合約限制。本研究實證結果表明，飛行員CEO與借款成本呈現正相關，這意味著飛行員CEO的風險追求行為增加了企業的風險，從而提高了借款成本。此外，額外測試發現飛行員CEO所職掌的公司，越可能被銀行要求提供擔保品，並在借款合約中納入較多的條款。另外，透過橫斷面分析發現，飛行員CEO增加借款成本的效果在權力高的CEO及高風險的公司更是明顯。最後，本研究進行穩健性測試，將樣本排除航空業後，得到與主要迴歸分析相符合的結果。整體而言，本研究結果證實了飛行員CEO的冒險行為和較高的風險容忍度可能會使銀行感到擔憂，銀行可能會因此提高借款條件來補償這種風險。

This study examines the association between pilot CEOs and bank loan spreads. Banks, as vital external funding sources for firms, consider the operational and credit status of companies, as well as the risk characteristics of their management when evaluating loan conditions. Pilot CEOs' risk-seeking behaviors may increase a firm's financial leverage and uncertainty regarding future debt repayment, leading banks to impose higher loan rates, demand collateral, and add restrictive covenants. The empirical results indicate a positive correlation between pilot CEOs and borrowing costs, suggesting that their risk-seeking behaviors heighten corporate risk and, consequently, borrowing costs. Additional tests reveal that companies led by pilot CEOs are more likely to be required to provide collateral and have more covenants in loan agreements. Cross-sectional analysis further shows that the impact of increased borrowing costs is more pronounced in firms with high-power CEOs and those with higher risk. Robustness tests, excluding the airline-related industry, obtain consistent results with the main regression analysis. Overall, the findings confirm that pilot CEOs' adventurous behavior and higher risk tolerance concern banks, prompting them to tighten borrowing conditions to compensate for this risk.

殷沛樺(2012)，「高階管理團隊特質對策略聯盟形成之影響」，東吳大學企業管理學系碩士論文。
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