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系統識別號 U0026-0812200915100027
論文名稱(中文) 盈餘管理與代理成本 – 以衡量現金價值驗證
論文名稱(英文) Earnings Management and Agency Costs - Evidence from the Value of Cash Holdings
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 97
學期 2
出版年 98
研究生(中文) 鍾依玹
研究生(英文) Yi-Shiuan Chung
學號 r8696119
學位類別 碩士
語文別 英文
論文頁數 37頁
口試委員 指導教授-黃炳勳
口試委員-楊朝旭
口試委員-林軒竹
中文關鍵字 投資者保護  現金存量  盈餘管理  代理成本 
英文關鍵字 Earnings Management  Agency Costs  Cash Holdings  Shareholder Protection 
學科別分類
中文摘要 本篇論文主要研究目的是探討盈餘管理是否便利於內部經理人作為竊取私人利益的一項手法,並利用公司現金價值的變動來研究盈餘管理的價值效果。由代理理論得知,內部經理人較容易有隱藏私利的傾向與誘因,而此篇研究發現,盈餘管理的施行在對投資人保護不佳的國家中會降低公司的現金價值,因此有剝削利益的現象發生。此結果證明在對投資人保護較差的國家內,會誘發內部經理人竊取私利的行為,並從代理成本的角度切入探討,投資人保護程度對內部經理人操作盈餘的行為方式。
英文摘要 In this paper, we examine whether earnings management is exploited to facilitate the consumption of private control benefits. We investigate the impact of earnings management on the value of cash holdings. Based on agency theories, insiders are inclined to deprive private interests. We explore that earnings management practice diminishes the value of corporate cash holdings and facilitates insiders expropriation in markets with low shareholder protections. Our findings are consistent with the argument that firms in countries with low shareholder protections increase insiders’ ability to acquire private control benefit. These results add to our understanding of how investor protection influences controlling shareholders’ act to manage earnings from agency cost perspective.
論文目次 CONTENT

CHAPTER 1 INTRODUCTION 1
1.1 Research Background 1
1.2 Research Motivation 4
CHAPTER 2 LITERATURES REVIEW 6
2.1 Earnings Management 6
2.1.1 Opportunistic Earnings Management 6
2.1.2 Beneficial Earnings Management 7
2.2 Investor Protection 8
CHAPTER 3 RESEARCH DESIGN 9
3.1 Hypothesis Development 9
3.2 Methodology 10
3.3 Sample Selection and Descriptive Statistic 14
CHAPTER 4 EMPIRICAL RESULTS 16
4.1 The Value Effects of Earnings Management on Market Valuation 16
4.2 The Effects of Earnings Management on Firm Performance 19
4.3 Summary 20
CHAPTER 5 CONCLUSION 21
REFERENCE 23
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