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系統識別號 U0026-0812200914203454
論文名稱(中文) 過度生產決策與公司績效關聯性之研究-兼論獨立董監特性之影響
論文名稱(英文) Association between Overproduction and Firms' Future Performance-A Supplementary Comment on The Effectiveness of Independent Directors
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 96
學期 2
出版年 97
研究生(中文) 陳祥華
研究生(英文) Evan Chen
電子信箱 r1695102@mail.ncku.edu.tw
學號 r1695102
學位類別 碩士
語文別 中文
論文頁數 109頁
口試委員 口試委員-陳政芳
指導教授-楊朝旭
口試委員-林松宏
中文關鍵字 公司治理  過度生產  歸納成本 
英文關鍵字 Overproduction  Absorption costing  Corporate governance 
學科別分類
中文摘要 過去研究指出經理人員可藉由過度生產決策囤積期末存貨,降低銷貨成本以符合公司盈餘目標,如此將對公司績效有所影響。因此,本研究旨在以國內上市製造業公司之資料,利用過度生產衡量變數CPAI (Change in Percentage of Production Added to Inventory),探討過度生產對於公司績效的影響。實證結果顯示,平均而言,CPAI對於公司未來會計績效(以ROA衡量)與市場績效(以CAR衡量)為正面影響,但是對於具有較高固定資產結構且高度CPAI的公司,其過度生產決策對於公司績效卻有負面影響。

另一方面,本研究鑒於我國「上市上櫃公司治理實務守則」之發布,欲結合公司治理與過度生產之「實質盈餘管理」研究,特別針對獨立董監事之獨立性與會計財務專業之特性進行分析,檢測此獨立董監事特性對於過度生產與公司績效關聯性之調節效果。實證結果顯示,平均而言,獨立董監事特性對於具有較高固定資產結構且高度CPAI的公司,其過度生產與公司績效間關聯性具有正向之調節效果,表示此類公司過度生產決策的執行若能受到獨立董監事之監督與專業評估,不當決策對於公司績效之負面影響應會減少。
英文摘要 Previous studies find evidence that in order to meet short-run earnings targets, managers manipulate real activities to temporarily increase overproduction in order to report lower cost of goods sold, and that there is some effect on the firm performance. The purpose of this study is thus to investigate the association between overproduction and firm performance by using the variable CPAI (Change in Percentage of Production Added to Inventory), using Taiwanese listed manufacturing firms as the sample. The empirical evidence demonstrates that in general CPAI is positively associated with future firm accounting performance and market performance, but for firms in the high relative fixed costs and high overproduction category, the association between CPAI and firm performance is negative and significant.

In addition, motivated by the announcement of the Corporate Governance Best-Practice Principles for companies listed in Taiwan, the study combines corporate governance research with that on the real activities manipulation of overproduction. The study investigates the effect of corporate governance on the association between overproduction and firm performance, and in particular the study focuses on the corporate governance characteristic of the independence and financial expertise of independent directors and/or supervisors. The empirical evidence demonstrates that in general the effect of independent directors and/or supervisors on the association between overproduction and firm performance is positive and significant. This result implies that for firms in the high relative fixed costs and high overproduction category, the professional supervision and valuation of independent directors and/or supervisors may decrease the negative influence of overproduction on firm performance.
論文目次 目錄
第壹章 緒論..................................................................................................................1
第貳章 文獻回顧與假說發展......................................................................................4
第一節 歸納成本制度與變動成本制度之比較.................................................4
第二節 歸納成本制度與變動成本制度優缺點之比較...................................11
第三節 過度生產決策對公司會計績效與市場績效的影響...........................14
第四節 獨立董監事對於經理人員盈餘管理決策的影響...............................18
第五節 預期研究貢獻.......................................................................................26
第參章 研究設計........................................................................................................29
第一節 變數衡量...............................................................................................29
第二節 樣本選取與資料來源...........................................................................38
第三節 實證模型...............................................................................................41
第肆章 實證分析........................................................................................................45
第一節 敘述性統計與相關係數分析...............................................................45
第二節 迴歸分析...............................................................................................54
第三節 敏感性分析...........................................................................................66
第伍章 研究結論........................................................................................................94
參考文獻..............................................................................................................................99
中文參考文獻.............................................................................................................99
英文參考文獻.............................................................................................................99
附錄
附錄一 CPAI 之推導................................................................................................107



表目錄
表2-1 歸納成本制度與變動成本制度之比較............................................................5
表2-2 歸納成本制度與變動成本制度於損益表之成本與費用劃分差異................7
表2-3 歸納成本制度與變動成本制度比較釋例........................................................7
表2-4 歸納成本與變動成本制度優缺點之比較......................................................13
表2-5 過去研究與本研究之比較............................................................................. 26
表3-1 變數說明表......................................................................................................36
表3-2 樣本篩選表......................................................................................................40
表3-3 變數預期符號彙整表......................................................................................44
表4-1 樣本敘述統計值..............................................................................................48
表4-2 檢測假說1A與假說1B主要變數間之PEARSON相關係數表..................51
表4-3 檢測假說2A與假說2B主要變數間之PEARSON相關係數表..................52
表4-4 假說1A實證結果 ..........................................................................................56
表4-5 假說1B實證結果............................................................................................59
表4-6 假說2A實證結果............................................................................................62
表4-7 假說2B實證結果........................................................................................... 65
表4-8 敏感性分析:以次二期淨利所計算之ROA ................................................68
表4-9 敏感性分析:以次三期淨利所計算之ROA ................................................69
表4-10 敏感性分析:假說1A電子產業分析..........................................................71
表4-11 敏感性分析:假說1A非電子產業分析......................................................72
表4-12 敏感性分析:假說1B電子產業分析..........................................................74
表4-13 敏感性分析:假說1B非電子產業分析......................................................75
表4-14 敏感性分析:假說2A電子產業分析..........................................................77
表4-15 敏感性分析:假說2A非電子產業分析......................................................78
表4-16 敏感性分析:假說2B電子產業分析..........................................................80
表4-17 敏感性分析:假說2B非電子產業分析......................................................81
表4-18 敏感分析:假說1A各年度檢測結果比較....................................................84
表4-19 敏感分析:假說1B各年度檢測結果比較....................................................85
表4-20 敏感分析:假說2A與假說2B各年度檢測結果比較...................................86
表4-21 敏感性分析:PRODA取代LT1檢測假說1A.............................................90
表4-22 敏感性分析:PRODA取代LT1檢測假說1B.............................................91
表4-23 敏感性分析:PRODA取代LT1檢測假說2A.............................................92
表4-24 敏感性分析:PRODA取代LT1檢測假說2B ............................................93


圖目錄
圖2-1 公司治理觀念架構圖......................................................................................20
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