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系統識別號 U0026-0506201208342800
論文名稱(中文) 關係人交易探討
論文名稱(英文) Two Essays on Related Parties Transactions
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 100
學期 2
出版年 101
研究生(中文) 王盈傑
研究生(英文) Ying-Chieh Wang
學號 R18961037
學位類別 博士
語文別 英文
論文頁數 69頁
口試委員 指導教授-邱正仁
口試委員-陳光谷
口試委員-黃一祥
口試委員-陳政芳
口試委員-黃華瑋
中文關鍵字 關係人交易  盈餘管理  法令  企業價值 
英文關鍵字 Related Parties Transactions  Earnings Management  Regulation  Firm Value 
學科別分類
中文摘要 本研究旨在探討台灣企業與其中國子公司間關係人交易對盈餘管理及企業價值的影響。第一個部分主要是在探討投資中國並與中國子公司間進行關係人交易的台灣企業是否有進行盈餘管理行為。本研究使用2000-2003,透過海外第三地投資中國並與中國子公司進行關係人交易的台灣上市櫃企業作為樣本。實證結果發現,有投資中國且與中國子公司間進行關係人交易的台灣企業確實有操縱報導盈餘的情況,且高科技產業的盈餘管理程度較非高科技產業高。此外,結果也發現,這些台灣企業的財務槓桿、管理人員薪酬及部分的主管權力皆與盈餘管理呈顯著正相關。而公司治理機制對盈餘管理的影響部分,結果顯示,部分的外部治理機制與盈餘管理呈顯著負相關。大致上,本研究結果發現,政府的政策與法令確實會影響有與中國子公司間進行關係人交易的台灣企業的盈餘管理行為。
第二個部分主要在探討,揭露法令是否會影響有與中國子公司間進行關係人交易的台灣企業的企業價值。本研究使用2000-2003,透過海外第三地投資中國並與中國子公司進行關係人交易的台灣上市櫃企業,以及這些企業1996-1999的資料作為樣本。使用Tobin’s Q、 residual income及return-based模型進行測試。實證結果發現,當市場瞭解企業有與其中國子公司間進行關係人交易行為時,會給予負向的評價。而產業測試結果亦發現,高科技業的企業價值較非高科技業高。然而,在公司治理機制的測試部分,結果顯示,只有部分的治理機制會影響關係人交易對企業價值的衝擊。
英文摘要 Two essays of my dissertation deal with the effects of related parties transactions between Taiwanese companies and their Chinese affiliates on earnings management and firm value. The first essay examines whether earnings management behaviors occur among Taiwanese companies investing in China and conducting transactions with their Chinese affiliates. Using the Taiwanese listed companies invested in China via offshore affiliates and conducts transactions with their Chinese affiliates during 2000-2003. Our results show that firms that have transactions with their Chinese affiliates may manipulate reported earnings, and the level of earnings management in high-tech firms is higher than in non-high-tech firms. In addition, our results show that the levels of financial leverage, managerial compensation, and some executive power would positively and significantly affect the degree of earnings management. Finally, we examine the effects of corporate government mechanisms on earnings management. Our findings indicate that there is significantly negative relationship between some external monitoring functions and the degree of earnings management. Overall, the study shows that government policies and regulations affect the level of earnings management that is associated with the related party transactions that occur between Taiwanese firms investing China and their Chinese affiliates.
The second essay examines whether disclosure regulations affect firm value among Taiwanese companies investing in China and conducting transactions with their Chinese affiliates. Using the Taiwanese listed companies invested in China via offshore affiliates and disclosed transactions with their Chinese affiliates during 2000-2003 and their data during 1996-1999. We use Tobin’s Q, residual income, and return-based models, and we find significantly lower firm value when the market learns that firms have established related parties transactions with their Chinese affiliates. Moreover, our results indicate that there is a significantly positive relationship between high-tech firms. Finally, our results show that partial corporate government mechanisms affect the impact of related party transactions on firm value.
論文目次 ESSAY I : Regulations, Earnings Management and Related Party Transactions 1
1. Introduction 2
2. Historical Background 6
3. Literature Review 8
3.1 Regulations and Earnings Management 8
3.2 Earnings Management through Related Parties Transactions 9
3.3 Related-party Transactions, Corporate Governance and Earnings Management 10
4. Hypotheses Development 11
5. Data and Regression Models 16
5.1 Sample Selection and Descriptive Data 16
5.2 Discretionary Accruals 18
5.3 Regression Analysis 20
6. Empirical Results 22
6.1 Empirical Results of Main Analysis 22
6.2 Empirical Results of Matching firms 26
6.3 Empirical Results of Performance-Adjusted 28
7. Conclusions 31
References 33
ESSAY II : Related Party Transactions: Disclosure, Firm Value and Corporate Governance 37
1. Introduction 38
2. Historical Background 41
3. Literature Review 43
3.1 RPT and Earnings Manipulation 43
3.2 RPT and Firm Valuation 44
3.3 RPT, Firm Valuation, and Corporate Governance 45
4. Hypotheses Development 46
5. Data and Regression Models 50
5.1 Sample Selection and Descriptive Data 50
5.2 Firm Value Model 53
6. Empirical Results 57
6.1 Tobin’s Q Analysis 57
6.2 RIM Analysis 60
6.3 Return-based Analysis 62
7. Conclusions 64
References 66
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Yeh, Yin-Hua, Pei-Gi Shu, and Yu-Hui Su. 2012. Related-party transactions and corporate governance: The evidence from the Taiwan stock market. Pacific-Basin Finance Journal 20, 755–776.
Yermack, D. 1996. Higher market valuation of companies with a smaller board of directors. Journal of Financial Economics 40 (2), 185-212.
Xie, B., W. Davidson, and P. DaDalt. 2003. Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance 9 (3), 295-316.
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