進階搜尋


 
系統識別號 U0026-0812200911514527
論文名稱(中文) 財稅差異重大公司盈餘及其組成因子持續性 與評價意涵之研究
論文名稱(英文) The Persistence and Pricing of Earnings and Its Components When Firms Have Large Book-Tax-Differences
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 94
學期 2
出版年 95
研究生(中文) 羅文振
研究生(英文) Wen-Chen Luo
學號 r1693112
學位類別 碩士
語文別 中文
論文頁數 98頁
口試委員 口試委員-趙雅儀
口試委員-賴秀卿
指導教授-林松宏
中文關鍵字 應計項目  現金流量  市場效率  財稅差異  盈餘  持續性 
英文關鍵字 Persistences  Tax-book differences  Earnings  Accruals  Cash flows  Market efficiency 
學科別分類
中文摘要 本研究以1995年至2004年台灣上市公司為樣本,探討財稅差異重大公司之盈餘、現金流量、應計項目及其組成因子之持續性,並採用Mishkin (1983)理性預期模型,探討市場是否正確解讀財稅差異重大公司之盈餘、現金流量、應計項目及其組成因子之持續性。本研究也透過避險組合交易策略來探討財稅差異重大公司採用以應計項目為基礎的避險組合是否會產生較小的未來異常報酬。

實證結果發現,財稅差異重大公司之盈餘、現金流量及應計項目持續性較財稅差異不重大公司為低,且證實財稅差異重大公司之現金流量持續性較應計項目持續性為高,與Hanlon(2005)之研究結果一致。但進一步將應計項目與現金流量解構以探討其組成因子之持續性及進行市場效率檢定時,卻發現:「財稅差異重大為正與財稅差異重大為負公司,分別隱含兩種不同意涵」,亦即財稅差異重大為正公司係普遍具有盈餘管理之公司,管理當局可能透過應計項目之自我裁決以進行盈餘管理,盈餘品質有弱化現象。故其實證結果受到盈餘管理的部份影響而不如原來之預期。財稅差異重大為負公司主要係投資抵減或租稅扣抵之公司,當其在進行市場效率性檢定時,由於功能性固著造成市場投資人對財稅差異重大為負公司之錯誤解讀,導致其市場效率性檢定不如財稅差異重大為正之公司。此外,本文也透過避險組合異常報酬之檢定,證實財稅差異重大為正公司較無法藉由應計項目之避險組合以獲得異常報酬,而財稅差異重大為負公司則可透過應計項目之避險組合獲得異常報酬。



英文摘要 This study investigates the role of book-tax differences in indicating the persistence of earnings, accruals, cash flows and components of accruals and cash flows for one-period-ahead earnings. This study also examine whether the level of book-tax differences influences investors’ assessments of future earnings and its components persistence.

The evidence find that firm-years with large book-tax differences have earnings that are less persistent than firm-years with small book-tax differences. Further, the evidence is consistent with investors interpreting large positive book-tax differences as a “red flag” and reducing their expectation of future earnings persistence for these firm-years. However, the evidence find that firm-years with large nagative book-tax differences as a “tax planning” and confounding investors’ assessments of future earnings and its components persistence. The study also supplement the Mishkin(1983) tests by estimating hedge portfolio returens using annual return regressions(Fama and MacBeth 1973). The evidence is consistent with prior results.



論文目次 第一章 緒論....................................1
第一節 研究動機與目的的......................1
第二節 研究流程與論文架構....................4
第二章 文獻回顧................................6
第一節 財務所得與課稅所得差異................6
第二節 應計項目與現金流量之持續性與市場市價.17
第三章 研究方法...............................21
第一節 研究假說.............................21
第二節 研究設計.............................25
第三節 變數定義與衡量.......................36
第四節 資料來源與樣本選取...................43
第四章 實證結果與分析.........................45
第一節 盈餘及其組成因子持續性實證結果.......45
第二節 盈餘、應計項目與現金流量市場定價之實證
結果.................................61
第三節 避險組合異常報酬之實證結果...........77
第四節 敏感性分析...........................81
第五章 結論與建議.............................85
第一節 研究結果.............................85
第二節 研究限制及建議.......................92
參考文獻.......................................93
參考文獻 參考文獻
1.財團法人中華民國會計研究發展基金會,1994,財務會計準則公報第二十二號:所得稅之會計處理準則。
2.財團法人中華民國會計研究發展基金會,1999,財務會計準則公報第二十二號:所得稅之會計處理準則,最新修訂版。
3.Browning, B. 1997. Maximizing R&D write-offs to reduce goodwill. Mergers and Acquisitions 32 (2): 29-30.
4.Burgstahler, D., W. B. Elliott, and M. Hanlon. 2002. How firms avoid losses: Evidence of the use of the net deferred tax asset account. Working paper, University of Washington.
5.Chaney, P. K., and D. C. Jeter. 1994. The effect of deferred taxes on security prices. Journal of Accounting, Auditing and Finance 9 (1): 91-116.
6.Cloyd, C. B., J. Pratt, and T. Stock. 1996. The use of financial accounting choice to support aggressive tax positions: Public and private firms. Journal of Accounting Research 34 (1): 23-43.
7.Collins D. W., and P. Hribar. 2000. Earnings-based and accrual-based market anomalies: one effect or two? Journal of Accounting and Economics 29: 101-123.
8.Dechow, P. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals, Journal of Accounting and Economics 18 (1): 3-42.
9.----------, and I. D. Dichev. 2002. The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Reivew 77 (Supplement): 35-59.
10.----------, S. A. Richardson, and R. G. Sloan. 2004. The persistence and pricing of the cash component of earnings. Working paper, University of Michigan.
11.Desai, M. A. 2002. The corporate profit base, tax sheltering activity, and the changing nature of employee compensation. NBER Working Paper #8866. Cambridge, Ma: NBER.
12.Dhaliwal, C., A. Gleason, and L. F. Mills. 2002. Last chance earnings management: Using the tax expense to achieve earnings targets. Working paper, The University of Arizona.
13.Erickson, M., M. Hanlon, and E. Maydew. 2004. How much will firms pay for earnings that do not exist? Evidence of taxes paid on allegedly fraudulent earnings. The Accounting Review 79 (2): 387-408.
14.Fairfield, P., S. Whisenant, and T. Yohn. 2003a. Accrued earnings and growth: implications for future profitability and market mispricing. The Accounting Review 78 (1): 353-372.
15.----------, ----------, and ----------. 2003b. The differential persistence of accruals and cash flows for future operating income versus future profitability. Review of Accounting Studies 8 (June-September): 221-243.
16.Financial Accounting Standards Board (FASB). 1992. Accounting for Income Taxes. Statement of Financial Accounting Standards No. 109. Norwalk. CT: FASB.
17.Francis, J., J. D. Hanna, and L. Vincent. 1996. Causes and effects of discretionary asset write-offs. Journal of Accounting Research 34 (Supplement): 117-134.
18.----------, R. LaFond, P. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39: 295-327.
19.Frank, M. M., and S. O. Rego. 2003. Do managers use the valuation allowance account to manage earnings around certain earnings targets? Working paper, University of Virginia.
20.Freeman, R., J. Ohlson, and S. Penman. 1982. Book rate-of-return and prediction of earnings changes: An empirical investigation. Journal of Accounting Research 20 (Autumn): 3-42.
21.Gleason, C. A., and L. F. Mills. 2002. Materiality and contingent tax liability reporting. The Accounting Review 77 (April):317-342.
22.Guay, W., S. P. Kothari, and R. Watts. 1996. A market-based evaluation of discretionary accrual models. Journal of Accounting Research 34 (Supplement): 83-105.
23.Guenther, D. 1994. Earnings management in response to corporate tax rate changes: Evidence from the 1986 Tax Reform Act. The Accounting Review: 230-243.
24.Hanlon, M., 2005. The persistence and pricing of earnings, accruals and cash flows when firms have large book-tax differences. The Accounting Review80 (1): 137-166.
25.----------, S. Kelley, and T. Shevlin. 2005. Evidence on the possible information loss of conforming book income and taxable income. Working paper. University of Michigan Business School.
26.Harford, J., 1999. Corporate cash reserve and acquisitions. Journal of Finance 54:1969-1977.
27.Henning, S. L., and W. H. Shaw. 2000. The effect of the tax deductibility of goodwill on purchase price allocations. The Journal of the American Taxation Association 22 (1): 18-37.
28.Holthausen, R. W. 1990. Accounting method choice:Opportunistic behavior, efficient contracting and information perspectives. Journal of Accounting and Economics 12 : 207-218.
29.Hribar, P, J., and D. Collins. 2002. Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research 40 (l):105-134.
30.Jennings, R., M. J. Leclere, and R. B. Thompson. 2001. Goodwill amortization and the usefulness of earnings. Financial Analysis Journal 57 (5): 20-28.
31.Jensen, M. C., 1986. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review: 323-329.
32.Joos, P., J. Pratt, and D. Young. 2000. Book-tax differences and the value relevance of earnings. Working paper, Massachusetts Institute of Technology.
33.----------, ---------, and ----------. 2002. Using deferred taxes to infer the quality of accruals. Working paper, Massachusetts Institute of Technology.
34.Lev, B., and R. Thiagarajan. 1993. Fundamental information analysis. Journal of Accounting Research 31 (2): 190-215.
35.----------, and D. Nissim. 2004. Taxable income, future earnings, and equity values. The Accounting Review (October): 1039-1074.
36.Manzon, G. B., and G. A. Plesko. 2002. The relation between financial and tax reporting measures of income. The Law Review 55: 175-214.
37.Maydew, E. 1997. Tax-induced earnings management by firms with net operating losses. Journal of Accounting Research 35 (1): 83-96.
38.Mills, L. 1998. Book-tax-differences and Internal Revenue Service adjustments. Journal of Accounting Research (Autumn): 343-356.
39.----------, and K. Newberry. 2001. The influence of tax and nontax costs on book-tax reporting differences: Public and private firms. The Journal of the American Taxation Association 23 (1): 1-19.
40.----------, ----------, and W. B. Trautman. 2002. Trends in book-tax income and balance sheet differences. Tax Notes (August 19): 1109-1124.
41.Mishkin, F. 1983. A rational expectations approach to macroeconometrics: testing policy effectiveness and efficient markets models. Chicago, IL: University of Chicago Press for the National Bureau of Economic Research.
42.Nelson, M. W., J. A. Elliott, and R. L. Tarpley. 2003. How are earnings managed? Examples from auditors. Accounting Horizons (Supplement): 17-35.
43.Palepu, K., J. Healy, and V. Bernard. 2000. Business analysis and valuation using financial statements. Cincinnati, OH: South-Western College Publishing.
44.Patrick, K. A. 2001. Comparing NIPA profits with S&P 500 profits. Survey of Current Business (April): 16-20.
45.Penman, S. 2001. Financial statement analysis and security valuation. New York, NY: McGraw-Hill Irwin.
46.Phillips, J., M. Pincus, and S. Rego. 2003. Earnings management: New evidence based on deferred tax expense. The Accounting Review 78 (2): 291-521.
47.----------, ---------, ---------, and H. Wan. 2004. Decomposing changes in deferred tax assets and liabilities to isolate earnings management activities. The Journal of the American Taxation Association 26:43-66.
48.Revsine, L., D. Collins, and W. B. Johnson. 1999. Financial reporting and analysis. upper saddle river, NJ: Prentice Hall.
49.Richardson, S. A., R. G. Sloan, M. T. Soliman, and I. Tuna. 2004. The Implications of accounting distortions and growth for accruals and profitability. Working paper. Wharton School of the University of Pennsylvania.
50.----------, ----------, ----------, and ----------. 2005. Accrual reliability, earnings persistence and stock prices. Journal of Accounting and Economics 39: 437-485.
51.Schipper, K. 1989. Commentary: Earnings management. Accounting Horizons (December): 91-102.
52.Scholes, M., G. P. Wilson, and M. Wolfson. 1992. Firms’ responses to anticipated reductions in tax rates:The Tax Reform Act of 1986. Journal of Accounting Research 30 (Supplement): 161-191.
53.----------, M. Wolfson, M. Erickson, E. Maydew, and T. Shevlin. 2002. Taxes and business strategy: A planning approach . Second edition. Upper Saddle River, NJ: Prentice Hall.
54.Schrand, C., and M. H. F. Wong. 2003. Earnings management using the valuation allowance for deferred tax assets under SFAS No. 109. Contemporary Accounting Research 20: 579-611.
55.Seida, J. 2003. Enron: The Joint Committee on Taxation’s Investigative Report. Testimony before the Senate Committee on Finamce (108th Congress---First Session) S. Hrg. 108-117 (February 13).
56.Shevlin, T. 2002. Corporate tax shelters and book-tax differences. The Law Review 55: 427-443.
57.Sloan, R. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71 (July): 289-315.
58.Tucker, J. W., and P. A. Zarowin. 2006. Does income smoothing improve earnings informativeness? The Accounting Review 81 (Jannary): 251-270.
59.Xie, H. 2001. The mispricing of abnormal accruals. The Accounting Review 76 (July): 357-373.
60.Yin, G. K. 2001. Getting serious about corporate tax shelters: taking a lesson from history. Working paper, Government of the United States of America—House of Representatives.
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2008-06-15起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2011-06-15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