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系統識別號 U0026-0707201113394000
論文名稱(中文) 購併期間的實質盈餘管理與應計基礎盈餘管理活動
論文名稱(英文) Accrual Earnings Management and Real Earnings Management around Mergers and Acquisitions
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance & Banking
學年度 99
學期 2
出版年 100
研究生(中文) 吳侃融
研究生(英文) Kan-Jung Wu
學號 r86984033
學位類別 碩士
語文別 英文
論文頁數 48頁
口試委員 指導教授-邱正仁
口試委員-陳政芳
口試委員-周庭楷
中文關鍵字 盈餘管理  購併  會計應計項目  實質盈餘管理 
英文關鍵字 earnings management  merger and acquisition  accounting accruals  real activities 
學科別分類
中文摘要 我們探討併購公司是否會在宣告日之前操作公司的盈餘,其中我們將盈餘管理分成應計基礎盈餘管理與實質盈餘管理,我們發現併購公司會同時利用應計基礎與實質盈餘管理來操作盈餘。此外,我們進一步去探討併購期間,實質基礎盈餘管理與應計基礎盈餘管理之間的關係,並發現兩者之間是替代關係而非互補關係,意即若管理者可以利用實質盈餘管理達到目的,則管理者會降低應計基礎盈餘管理的操作。在我們的資料中,我們包含了1980到2009年期間發生的現金併購與股票併購,並發現併購公司管理者會在宣告日之前操作盈餘,此外,在額外測試中,我們發現在沙賓法案之後,實質盈餘管理的操作顯著的增加。
英文摘要 We investigate whether M&A firms attempt to manipulate earnings prior to the announcement date. Additional, we investigate the relationship between accruals management and real earnings management. With a sample of stock-mergers and cash-mergers completed between 1980 and 2009, we find that acquiring firms manipulate earnings through accrual-based and real-activity-based earnings management prior to the merger announcement. Our results also indicate that managers move from accruals management to real earnings management after Sarbanes-Oxley Act.
論文目次 摘要 I
ABSTRACT II
誌謝 III
TABLE OF CONTENTS IV
LIST OF TABLE V
1. Introduction 1
2. Related Literature and Hypotheses Development 3
2.1 Motivations of Earnings Management 4
2.2 Accrual-Based Earnings Management 6
2.3 Real Earnings Management 8
2.4 Hypotheses Development 11
3. Sample, Data, and Empirical Methodology 13
3.1 Data and Sample Selection 13
3.2 Models and Empirical Predictions 15
3.3 Sample Description 24
4. Empirical Results 24
4.1 Variables and Descriptive Statistics 24
4.2 Earnings Management Prior to Merger Announcements 29
4.3 Relation between Accrual and Real Earnings Management in M&A 34
5. Additional Test 42
6. Robustness Checks 43
7. Conclusion 44
References 46

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