本研究探討管理者過度自信及家族企業特性如何影響初次上市櫃公司股票(IPOs)初始報酬的異常現象，並以家族企業作為調節變數。樣本包含1996年至2018年的台灣上市櫃公司。實證結果發現，管理者過度自信與IPOs初始報酬呈現負向顯著關係，顯示過度自信管理者高估本身能力及對公司未來經營績效過度樂觀，降低IPOs折價幅度。此外，當家族企業首次公開發行時，會因其同時擁有控制權及管理權，能有效降低代理成本，降低IPOs發行的折價幅度，藉此向市場揭示其未來發展性。然而，經理人過度自信與IPOs初始報酬的關係會受到家族企業特性的正向調節，亦即家族企業中的過度自信經理人會提高折價發行的幅度同時提高IPOs初始報酬。本研究進一步將管理者區分為由家族成員擔任及非家族成員擔任兩類，實證結果顯示此調節效果並非來自家族中不同身分別的過度自信管理者。

The aim of this study is to investigate how managerial overconfidence affect the abnormal returns of Initial Public Offerings (IPOs) and used the characteristics of family business as moderator.
This study shows that the managers’ overconfidence has a negative correlation with the initial return of IPOs, implying that managers tend to lower the underpricing margin due to overestimating their own capabilities and the firm’s prospects. On the other hand, when family business is offered to the public, it will lower the underpricing margin since it owns both control and management rights thereby revealing its future development potential to the market.
However, it is found that the relationship between overconfident managers and the initial return of IPOs has positively moderated by the family business, that is, the overconfidence managers in family business will increase the underpricing margin of IPOs thereby increasing the initial return of IPOs. This study further divides managers’ identities into two categories: family members and non-family members. As empirical result shows, there is no correlation between overconfident managers’ identities and the initial return of IPOs.

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