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系統識別號 U0026-0812200915101346
論文名稱(中文) 盈餘管理與外資之探討
論文名稱(英文) Earnings Management and Foreign Investors
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) 張育禎
研究生(英文) Yu-chen Chang
電子信箱 r8696116@mail.ncku.edu.tw
學號 r8696116
學位類別 碩士
語文別 英文
論文頁數 33頁
口試委員 口試委員-林軒竹
指導教授-黃炳勳
口試委員-陳政芳
中文關鍵字 盈餘管理  公司治理  外資 
英文關鍵字 foreign investment  corporate governance  earnings management 
學科別分類
中文摘要 當一公司之公司治理不佳時,內部經理人可能操縱盈餘管理,對外部投資者隱藏私益。這觀點是認為普遍性的盈餘管理是用來增加私人控制利益及降低對外部投資者的保護。本篇利用2002年至2007年間的九個國家,一共68,523個樣本,檢視是否外資易投資於公司治理較佳的公司,我們發現公司治理較優的公司傾向利用盈餘管理對外傳達並溝通內部資訊,而非欺瞞外部股東。
英文摘要 When the corporation is poorly governed, insiders could use earnings management to conceal firm performance from outsiders. This insight suggests that the pervasiveness of earnings management is increasing in private control benefits and decreasing in outside investor protection. We study 68,523 firms from 9 countries in the period 2002 though 2007 to examine whether foreign investors are more likely to invest in well-governed firms. We find that foreigners tend to invest in firms that undertake earnings management to communicate their private information rather than use it to mislead outside shareholders.
論文目次 CONTENTS
ABSTRACT I
CONTENTS II
TABLE of CONTENTS III



Chapter 1 Introduction 1
Chapter 2 Literatures Review 5
2.1 Development of Foreign Investment 5
2.2 Corporate Governance 6
2.2.1 Scope of Capital Markets 6
2.2.2 Anti-director Rights 8
2.2.3 Legal System 10
2.3 Foreign Investment and Earnings Management 12
Chapter 3 Sample Selection and Variable Construction 15
3.1 A Firm-Level Measure of Foreign Holdings 15
3.2 Firm-level Corporate Control Variables 16
3.3 Estimates for Earnings Management 17
-- Earnings management1 (EM1): 17
3.4 Methodology 18
Chapter 4 Empirical Results 19
4.1 Earnings management, foreign holdings on developed and emerging markets 19
4.2 Earnings management, foreign holdings with high and low Anti-director Rights 19
4.3 Robustness Checks 21
4.3.1 Earnings management2 (EM2): 21
4.3.2 Earnings management3 (EM3): 22
Chapter 5 Conclusion 24
REFERENCES 25



TABLE of CONTENTS
Table 1 Descriptive Statistics of Sample Firms and Countries 28
Table 2 Earnings Management, and Capital markets 30
Table 3 Earnings Management, and Securities Regulation 31
Table 4 Alternative Earnings Management Proxies, and Capital Markets 32
Table 5 Alternative Earnings Management Proxies, and Securities Regulation 33
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