進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-0107201017373500
論文名稱(中文) 應計項目與管理階層持股比例對盈餘持續性之效果-以台灣公司為例
論文名稱(英文) The Effect of Accruals and Managerial Share Ownership On Earnings Persistence-Evidence from Taiwan
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 98
學期 2
出版年 99
研究生(中文) 吳柏賢
研究生(英文) Bo-Sian Wu
學號 r1697107
學位類別 碩士
語文別 中文
論文頁數 90頁
口試委員 指導教授-王萬成
共同指導教授-陳俊男
口試委員-林松宏
口試委員-林玲芬
中文關鍵字 盈餘持續性  應計項目  管理階層持股比例  盈餘品質 
英文關鍵字 Earnings persistence  Accruals  Managerial share ownership  Earnings quality 
學科別分類
中文摘要 基於財務報導的主要目的,在幫助投資人及債權人使用有用的資訊,去評估投資所面臨的預期風險和報酬,本研究首先探討應計項目可靠性程度與盈餘持續性之間的關聯性,次為公司內部治理制度-持有公司股份的整體董事會是否會干涉公司會計政策進而影響盈餘品質。過去研究指出,我國股權結構為「家族或個人」,本研究因而假設當控制股東與公司利益趨於一致時,會產生極大化公司價值的誘因效果;而當控制股東持股比例上升至所擁有的控制權大於盈餘分配權,則會發生侵犯小股東利益的侵佔效果;相較於上述論點,另一個假設為控制股東會以好的出發點去進行營運管控,也就是效率契約

研究以盈餘持續性方程式 Xt+1=αt+βXt+ε為檢驗基礎,實證結果指出,可靠性較低的應計項目會比可靠性較高的應計項目有較低的持續性係數。而進一步結果發現隨著管理階層持股比例與盈餘持續性之間為非線性關係,大致上為大規模且高營業現金流量企業類別會有效率契約(efficient contracting)存在,而大規模且低營業現金流量企業類別以及小規模(包含高、低營業現金流量企業)類別會有誘因效果(incentive effects)以及侵占效果(entrenchment effects)存在。
英文摘要 The purpose of financial reporting is to help investors and creditors to evaluate risks and returns of their investment decision. This study examines the relation between earnings persistence of accrual components and the reliability of accrual components and if managerial share ownership affects the earnings quality through accounting policies. Since prior research pointed out that the share ownership of listed companies in Taiwan is family or personal. Incentive effects and entrenchment effects and efficient contracting effects are tested in Taiwan.

We test the earnings persistence using of Xt+1=αt+βXt+ε. Empirical result indicates the lower reliability accruals component has the lower persistence coefficient. Furthermore, the results point out that when managerial share ownership rise, the relation between share ownership and earnings persistence is nonlinear. For large firms with high operating cash flows this study finds evidence consistent with efficient contracting, whereas for large firms with low operating and small firms, this study finds evidence consistent with incentive alignment and entrenchment effects.
論文目次 第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 研究架構與流程 7
第貳章 文獻探討 8
第一節 應計項目相關研究 8
第二節 股權結構與盈餘管理 12
第參章 研究方法及設計 16
第一節 研究假說與實證模型 16
第二節 變數定義與研究設計 23
第三節 資料來源與樣本選取 30
第肆章 實證結果與分析 33
第一節 敘述性統計分析 33
第二節 相關性分析 38
第三節 多元迴歸分析 43
第四節 穩健性測試 57
第伍章 結論與建議 83
第一節 研究結論 83
第二節 研究限制 85
第三節 研究建議 86
參考文獻 87
參考文獻 一、中文部份
林玉霞 (2002). "股權結構、董事組成對大股東介入股市行為影響之研究." 私立中原大學會計學研究所未出版碩士論文.
李泳汝 (2007). "應計項目對未來現金流量之預測能力." 國立成功大學會
計學研究所未出版碩士論文.
林明謙 (2001). "台灣上市公司股權結構與盈餘資訊內涵之關聯性研究."
私立輔仁大學金融研究所未出版碩士論文.
李典璋 (2007). "應計項目異象—以台灣、紐、澳、印度及東南亞主要國家
為例." 國立成功大學會計學研究所未出版碩士論文.
翁淑育 (2000). "台灣上市公司股權結構 核心代理問題及公司價值之研
究." 私立輔仁大學金融研究所未出版碩士論文.
洪睿禧 (2008). "公司股權結構與盈餘管理、盈餘資訊內涵之關聯性." 國立成功大學會計學研究所未出版碩士論文.
洪慧娟 (2002). "應計項目與未來現金流量預測之研究." 國立成功大學會
計學研究所未出版碩士論文.
馬予雯 (2003). "我國公司治理、盈餘管理與盈餘資訊性之關聯." 私立淡江大學會計學研究所未出版碩士論文.
高祥桓 (2002). "裁決性應計項目、衍生性金融商品與損益平穩化." 國立成功大學會計學研究所未出版碩士論文.
趙正源 (2003). "應計項目組成與股票報酬之關聯性." 私立輔仁大學會計
學研究所未出版碩士論文.
謝佩儒 (2002). "異常應計項目的迴轉性質與市場評價." 國立成功大學會
計學研究所未出版碩士論文.
二、英文部份
Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subrahmanyam, (1998),The effect of audit quality on earnings management, Contemporary Accounting Research 15,1–24.
Bernard, V. L., and T. L. Stober, (1989), The nature and amount of information in cash flows and accruals, Accounting Review 54, 624–652.
Brailsford, T. J., B. R. Oliver, and S. L. Pua, (2002), On the relation between ownership structure and capital structure, Accounting and Finance 42,189–220.
Clinch, G., B. Sidhu, and S. Sin,( 2002), The usefulness of direct and indirect cash flow disclosures, Review of Accounting Studies 7, 383–404.
Cotter, J., (1996), Accrual and cash flow accounting models: A comparison of the value relevance and timeliness of their components, Accounting and Finance 36, 127–150.
Coulton, J., S. Taylor, and S. Taylor, (2005),Is ‘benchmark beating’ by Australian firms evidence of earnings management? Accounting and Finance 45, 553–576.
Craswell, A. T., S. L. Taylor, and R. A. Saywell, (1997), Ownership structure and corporate performance: Australian evidence, Pacific-Basin Finance Journal 5, 301–323.
Claessens, S., S. Djankov, L. Lang. (2000). "The separation of ownership and control in East Asian Corporationsq." Journal of Financial Economics 58:81-112.
Claessens, S., S. Djankov, J.Fan,and L.Lang.(2002). "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings." THE JOURNAL OF FINANCE 6: 2741-2771.
Dechow, P. M., and I. D. Dichev, (2002), The quality of accruals and earnings:the role of accrual estimation errors, Accounting Review 77, 35–59.
Dechow, P. M., and C. M. Schrand, (2004), Earnings Quality (Research Foundation of CFA Institute, Charlottesville, VA).
Dechow, P. M., R. Sloan, and A. Sweeney, (1995), Detecting earnings management, Accounting Review 70, 193–225.
Dechow, P. M., S. A. Richardson, and R. G. Sloan,( 2006), The persistence and pricing of the cash component of earnings, 20th Australasian Finance and Banking conference 2007.
DeFond, M. L., and C. W. Park, (1997), Smoothing income in anticipation of future earnings, Journal of Accounting and Economics 23, 115–139.
Fairfield, P. M., J. S. Whisenant, and T. L. Yohn, (2003), Accrued earnings and growth: Implications for earnings persistence and market mispricing,Accounting Review 78, 353–371.
Fan, J. P. H. and T. J. Wong (2002). "Corporate ownership structure and the informativeness of accounting earnings in East Asia." Journal of Accounting and Economics 33: 401-425.
Jensen, M. C., and W. H. Meckling, (1976), Theory of the firm: managerial behaviour,agency costs and ownership structure, Journal of Financial Economics 3, 305–360.
Keasey, K., H. Short, and R. Watson, (1994), Directors’ ownership and the performance of small and medium sized firms in the UK, Small Business Economics 3, 225–236.
K.V.Peasnell, P.F.Pope, and S.Young, (2005). "Board Monitoring and Earnings Management: Do Outside Directors Influence Abnormal Accruals?" Journal of Business Finance & Accounting 32(1311-1346).
Oei, R., A. Ramsay, and P.Mather, (2008). "Earnings persistence, accruals and managerial share ownership." Accounting and Finance 48: 475-502.
Peasnell, K. V., P. F. Pope, and S. Young,(2005), Board monitoring and earnings management:Do outside directors influence abnormal accruals?
Porta, R. L., F. Lopez-de-Silanes,A.Shleifer and R.Vishny. (2000). "Investor protection and corporate governance." Journal of Financial Economics 58: 3-27.Journal of Business Finance and Accounting 32, 1311–1346.
Richardson, S. A., R. G. Sloan, M. T. Soliman, and I. Tuna,(2001), Information in accruals about the quality of earnings, working paper (University of Michigan Business School,Ann Arbor, MI).
Richardson, S. A., R. G. Sloan, M. T. Soliman, and I. Tuna, (2005), Accrual reliability, earnings persistence and stock prices, Journal of Accounting and Economics 39, 437–485.
Singh, M., and W. N. Davidson III, (2003), Agency costs, ownership structure and corporate governance mechanisms, Journal of Banking and Finance 27, 793–816.
Sloan, R. G., (1995), Do stock prices fully reflect information in accruals and cash flows about future earnings? Accounting Review 71, 289–315.
Wu, H., and N. Fargher,( 2007), The implications of accounting distortions,growth and losses for accruals and profitability: Australian evidence,University of Technology Sydney,Summer Research Conference, January 2007.
Xie, B., W. N. Davidson III, and P. J. DaDalt, (2003), Earnings management and corporategovernance: the role of the board and the audit committee,Journal of Corporate Finance 9, 295–316.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2015-08-02起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw