本文利用美國1988-2015年間公司與產業資料研究由較優秀經理人所管理的企業能否擁有較為良好的投資機會。研究結果顯示經理人能力與投資機會間呈正向關聯，此外，我們發現上述正向關係在無融資限制或財務結構強健的企業較為顯著。
總體而言，本研究認為好的經理人能透過優異的投資機會為企業創造更多經濟利益，因此決策者或是投資人在制定政策或是投資決定時應該多加注意經理人的能力。

In this study, we examine whether firms operated by superior managers can obtain more favorable investment opportunity using U.S. industrial firms during 1988–2015. The empirical results disclose there exists a positive relationship between managerial ability and investment opportunity. Moreover, we find the relation is only significant in financially unconstrained firms or firms in strong financial position. Overall, our findings support that firms’ managers with superior ability could gain more economic profits via better investment opportunity. Through our research, policy makers and investors can pay more attention on CEOs’ ability.

Verification letter……………………………………………………....... i
Acknowledgements……………………………………………………....ii
Chinese abstract …………………………………………..…………… iii
Abstract……………………………………………………………..…….iv

Ⅰ. Introduction………………………………………………………………1
Ⅱ. Literature Review and Hypotheses’ Development……………….…4
Ⅲ. Research Design…………………………………………………..…..7
Ⅳ. Empirical Results……………………………………………………..11
Ⅴ. Conclusion……………………………………………………………..22

Appendix A……………………………………………………………..36
Appendix B……………………………………………………………..37
Appendix C……………………………………………………………..39
Reference…………………………………………………………..…..41

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