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系統識別號 U0026-0907201514231000
論文名稱(中文) 企業社會責任、實質盈餘管理與未來績效關聯性之研究
論文名稱(英文) Corporate Social Responsibility, Real Earnings Management and Future Performance
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 103
學期 2
出版年 104
研究生(中文) 彭紫寧
研究生(英文) Tzu-Ning Peng
學號 R16024172
學位類別 碩士
語文別 中文
論文頁數 58頁
口試委員 指導教授-郭啟賢
口試委員-余士迪
口試委員-陳俊男
中文關鍵字 企業社會責任  實質盈餘管理  盈餘門檻  未來績效 
英文關鍵字 Corporate social responsibility  Real earnings management  Earnings threshold  Future performance 
學科別分類
中文摘要 本研究旨在探討當具有企業社會責任(CSR)的公司面臨到經濟利益與道德之間的衝突時,將使用何種程度的裁量權去達成盈餘門檻。具體來說,本研究透過檢測CSR公司是否會藉由從事實質盈餘管理來達成正盈餘門檻或前期盈餘門檻,並進一步觀察其對公司未來績效的影響,以捕捉公司對CSR活動是出自一種道德觀點還是工具觀點。
本研究使用KLD (Kinder Lydenberg Domini)分數來衡量公司參與企業社會責任的程度,並採用Gunny (2010)提出的四個實質操弄活動來衡量實質盈餘管理,包括:減少裁決性研發支出、減少裁決性銷管費用、操弄固定資產和長期投資的出售時點以認列處分利益、及降價或放寬信貸條件以提高銷售額與超額生產來降低銷貨成本。
本研究實證發現CSR公司較不會選擇透過從事實質盈餘管理來達成盈餘門檻,結果支持道德觀點,顯示具有企業社會責任的公司,可提供較具可靠及透明度的財務資訊給投資者。本研究實證分析亦發現,選擇不透過實質盈餘管理來達成盈餘門檻的CSR公司,相較於藉由實質盈餘管理達成盈餘門檻之CSR公司,次期有較佳之營運現金流量。此項結果亦提供投資者在進行投資決策時,可將企業履行社會責任的行為納入決策中加以考量。
英文摘要 The aim of this study is to investigate to what extent the socially responsible firms would employ discretions to meet earnings threshold when firms encounter conflicts between economic interest and moral considerations. Specifically, we examines whether firms that exhibit corporate social responsibility (CSR) use real earnings management to meet earnings threshold, and explore its impact on the company's future performance to capture company's CSR activities are the Ethical Approach or the Instrumental Approach.
This study adopts KLD’s rating to measure corporate social responsibility and Gunny (2010) proposed four types of real activities manipulation to measure real earnings management, including: cutting discretionary investment of R&D to decrease expense, cutting discretionary investment of SG&A to decrease expense, selling fixed assets to report gains, and cutting prices or extending more lenient credit terms to boost sales and⁄or overproduce to decrease COGS expense.
The empirical evidence supports the notion that CSR firms are less likely to engage in real activity management to meet earnings threshold, which supports the Ethical Approach. This finding suggests that CSR firms can deliver more reliable and transparent financial information to investors. Our study also shows that CSR firms choose not to engage in real activity manipulation to meet earnings threshold have significantly better future operating cash flows compared to CSR firms who choose to use real earnings management. We suggest that investors can also take CSR into account when making investment decisions.
論文目次 摘要 I
Extended Abstract II
致謝 X
目錄 XI
表目錄 XII
圖目錄 XIII

第一章 緒論 1
第一節 研究背景、動機與目的 1
第二節 研究架構 3
第三節 研究流程 4
第二章 文獻探討 5
第一節 企業社會責任 5
第二節 實質盈餘管理 8
第三節 跨越盈餘門檻 12
第三章 研究假說與方法 14
第一節 建立研究假說 14
第二節 研究範圍 17
第三節 模型變數定義 19
第四節 實證模型設計 23
第五節 研究期間與樣本選取 26
第四章 實證結果與分析 28
第一節 樣本敘述性統計及相關性分析 28
第二節 實證分析 32
第三節 增額測試 40
第五章 結論與建議 45
第一節 研究結論與貢獻 45
第二節 研究限制與建議 47
參考文獻 48
附錄A 53
附錄B 56
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