進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-1702201203121400
論文名稱(中文) 董事會財務專家與實質盈餘管理關聯性之研究
論文名稱(英文) The Relationship between the Financial Expertise of Directors and Real Earnings Management
校院名稱 成功大學
系所名稱(中) 經營管理碩士學位學程(AMBA)
系所名稱(英) Advanced Master of Business Administration (AMBA)
學年度 100
學期 1
出版年 101
研究生(中文) 李玉雲
研究生(英文) Yu-Yun Lee
學號 RD6991032
學位類別 碩士
語文別 中文
論文頁數 46頁
口試委員 指導教授-楊朝旭
口試委員-黃炳勳
口試委員-蔡柳卿
中文關鍵字 財務專家  實質盈餘管理  公司治理  董事會 
英文關鍵字 Financial expert  Real earnings management  Corporate governance  Board of directors 
學科別分類
中文摘要 本研究探討具備財務背景之董事與實質盈餘管理之關聯性。現代公司多為所有權與經營權分離,因此衍生出公司代理問題(Agency problem)。
Cohen, et al. (2008)指出自美國沙氏法案頒布後,管理當局從以往利用應計項目作盈餘管理操縱轉變為實質盈餘管理,使得查核較為困難。Graham, Harvery及Rajgopal(2005)發現80%受訪的財務長承認他們會願意減少研發費用、廣告費用及維修費用來達到預期中的理想盈餘。超過一半的財務長(55.3%)指出他們會延後有正的淨現值(NPV)的投資案的進行,以便能達到預期中的理想盈餘。由於實質盈餘管理具複雜性及難以判斷,本研究認為具備財務背景之董事,較能瞭解實質盈餘管理交易的本質,並有效抑制管理者的實質盈餘管理行為。有鑑於此,本研究將驗證董事會的財務專家是否扮演著減緩實質盈餘管理的角色。
本研究以美國上市公司為樣本;樣本期間為2008-2009年。本研究自Compustat和WRDS資料庫取得有效樣本共1,845筆,其實證結果顯示,董事會中具備財務背景之專家,相較於未設置財務背景專家者,其異常營運活動現金流量較低。亦即,財務專家擔任董事,能有效抑制管理者透過諸如折扣促銷、塞貨、放寬信用條件等實質盈餘管理方式來增加銷貨。
英文摘要 The purpose of this study is to examine the relationships between the financial expertise of directors and real earnings management. The agency problem that arises from the separation of ownership and management in the modern corporation can lead to conflict of interests between owners and managers. According to Cohen et al. (2008), in the post Sarbanes-Oxley Act (SOX) management has shifted from accrual to real earnings management, which increased the level of difficulty in detecting earnings management. Besides, Grahan, Harvery & Rajpopal (2005) also investigated that 80% of interviewed CFO would be willing to decrease R&D, advertisement, and maintenance expense in order to meet earnings targets. Because real earnings management is more difficult to detect, we argue that boards with financial expertise would have advantage in “seeing through” and thus restraining real earnings management. In light of this background, this study aims to examine whether the financial expertise of directors plays a role in restraining real earnings management.
Our sample consists of 1,845 US publicly traded companies between 2008 and 2009 selected from Compustat and WRDS database. The results show that financial expertise has a significant negative relationship with abnormal cash flow from operations, indicating that financial expertise might decrease the acceleration of the timing of sales through increased price discounts or more lenient credit terms.
論文目次 第一章、緒論 1
第一節、研究背景與動機 1
第二節、研究問題與目的 4
第三節、研究流程 4
第四節、論文架構 5
第二章、文獻探討與假說建立 6
第一節、董事會之財務專家 6
第二節、實質盈餘管理之定義與相關文獻探討 8
第三節、董事會財務專家與實質盈餘管理之關聯性 9
第三章 研究設計與方法 13
第一節、本研究之觀念架構 13
第二節、實證模型 14
第三節、變數定義與衡量 14
第四節、分析方法 20
第五節、研究範圍與樣本選取 21
第四章、實證結果與分析 22
第一節、敘述性統計分析 22
第二節、迴歸分析 25
第三節、敏感性分析 33
第五章、研究結論與建議 37
第一節、研究結論 37
第二節、研究限制與未來研究方向 38
參考文獻 40
參考文獻 學位論文
王婷媛(2009),「公司治理品質的變數—對營建股股票價值之影響」,國立中央大學碩士論文。
吳明儀(1997),「管理當局股權結構與盈餘管理相關性之研究」,國立中興大學會計學研究所碩士論文。
李國銘(2005),「董事會特性、獨立董事制度與經營績效之關聯性-以中國上市公司為例」,國立成功大學會計研究所碩士論文。
林子淇(2010),「實質盈餘管理對會計資訊價值攸關性之影響」,國立雲林科技大學會計系碩士班碩士論文。
林鴻智(2006),「我國上市公司董事會特性與盈餘管理之研究」,國立東華大學企業管理系碩士論文。
翁明豪(2003),「審計品質與盈餘管理之關聯性研究」,東海大學企業管理學系碩士班碩士論文。
馬依萍(2007),「經營決策行為與盈餘管理之關聯性研究」經營決策行為與盈餘管理之關聯性研究,國立臺灣大學會計學研究所碩士論文。
陳育詩(2009),「會計師公費與不同盈餘操縱模式之研究」,逢甲大學會計學系碩士班碩士論文。
陳玟秀(2005),「公司資訊透明度、董事結構和股權結構與公司經營績效關係之研究-以電子產業為例」,國立成功大學會計學系會計學研究所未出版論文。
陳冠仲(2005),「董事會特性及組成與現金增資公司長期績效關連關聯性研究」,國立成功大學財務金融研究所碩士論文。
陳家慧(2000),「我國上市公司管理機制與盈餘管理相關性之實證研究」我國上市公司管理機制與盈餘管理相關性之實證研究,國立政治大學會計研究所碩士論文。
陳雅琪(2006),「董事會結構、家族控制持股、集團企業與財務報表舞弊之關聯性研究」,國立成功大學會計學系碩士論文。
黃柏庭(2007),「真實營業活動相關之盈餘管理研究」,國立政治大學會計學系會計學研究所碩士論文。
劉怡汝(2009),「董事會規模縮減對公司經營績效之影響」,國立中興大學會計學研究所碩士論文。
蕭莉蘋(2009),「董事會結構、公司內部財務監督機制與盈餘管理關聯性之探討」,私立中原大學會計學研究所碩士論文。
謝宛庭(2007),「臺灣財務危機公司之預測與其盈餘管理行為」臺灣財務危機公司之預測與其盈餘管理行為,國立成功大學會計學研究所博士論文。
蘇佩祺(2009),「公司治理與盈餘管理相關性」,國立中山大學企業管理學系碩士論文。

中文期刊論文
林有志、邱炳雲、何韋婷(2009),「盈餘門檻與盈餘管理行為之研究」,會計與財金研究,第2期第2卷,頁1-16。
林欣美、郭麗華、蘇迺惠(2008),「國際化程度、董事會結構、精練法人監督對盈餘管理之影響:以台灣資訊電子業爲例」,臺大管理論叢,第19卷第1期,頁157-186。
柯承恩(2010),「董監事治理與盈餘管理之關連性」,會計學報,第2卷第2期,頁25-60。
戚務君、馬瑜霙(2005),「我國獨立董事以及獨立監察人制度對異常應計影響之研究」,金融風險管理季刊,第1卷第1期,頁35-60。
陳光谷、鄭國枝、楊美玲、鍾紹熙(2009),「盈餘數字進位與盈餘管理」,經濟與管理論叢,第5卷第1期,頁135-157。
陳津美、周建亨、樂麗嘉(2010),「獨立董事與盈餘管理意圖:以控制股東為干擾變數」,文大商管學報,第15卷第1期,頁1-30。
蔡柳卿、楊怡芳(2006),「公司治理與符合績效門檻盈餘管理行為之關聯性研究」,東吳經濟商學報,第53期,頁33-72。

英文期刊論文
Abbott, L. J., S. Parker, & G. F. Peters (2004) “Audit committee characteristics and restatements,” Auditing: A Journal of Practice & Theory, 23(1), pp. 69-87.
Agrawal A . , and S. Chadha (2005) “Corporate Governance and Accounting Scandals,” Journal of Law and Economics, 48(2) , pp. 371-406.
Baber,W. R., P. M., Fairfield, & J. A., Haggard (1991) “The effect of concern about reported income on discretionary spending decisions: the case of research and development,” The Accounting Review, 66, pp. 818-829.
Barth M. E., W. H. Beaver, & W. R. Landsman (2001) “The relevance of the value relevance literature for financial accounting standard setting: another view,” Journal of Accounting & Economics, 31(1-3), 99, pp.77-104.
Beasley, M. S. (1996) “An empirical analysis of the relation between the board of director composition and financial statement fraud,” The Accounting Review, 71(4), pp. 443-465.
Bedard, and M. T. H. Chi. (1993) “Expertise in auditing: Myth or reality,” Auditing: A Journal of Practice & Theory, 12(Supplement), pp. 21-45.
Bens, D. A., V., Nagar & M. H. F., Wong (2002) “Real investment implications of employee stock option exercises,” Journal of Accounting Research, 40(2), pp. 359-393.
Berle, A. and G. Means (1932)“The modern corporation and private property,” MacMillan,New York, N.Y.
Braga-Alves, M. V., Ellis, J. Mandelker, G. N., & Zutter, C. J. (2009) “The effect of takeover probability on earnings management,” Working Paper, Marquette University.
Bushee, B. J. (1998) “The influence of institutional investors on myopic R&D investment behavior,” Accounting Review, 73, pp.305-333.
Cheng S., J., Evans, N., Nagarajan (2008) “Board size and firm performance: the moderating effects of the market for corporate control,” Review Quantitative Finance and Accounting, 31(2), pp. 121-145.
Chtourou, S. M., J. Bedard, & L. Courteau (2001)“Corporate governance and earnings management,”Working paper, University of Laval.
Cohen, D. A., & P. Zarowin (2010) “Accrual-based and real earnings management activities around seasoned equity offerings,” Journal of Accounting and Economics, 50, pp. 2-19.
Cohen, D. A., A. Deyand, & T. Z., Lys (2008) “Real and accrual-based earnings management in the pre-and Post-Sarbanes-Oxley periods.” The Accounting Review, 83(3), pp.757-787.
Daily, C. M. & D. R. Dalton (1992) “The relationship between governance structure and corporate performance in entrepreneurial firms,”Journal of Business Venturing, 7, pp.375-386.
Dechow, P. M., & R. G., Sloan (1991) “Executive incentives and the horizon problem,” Journal of Accounting and Economics, 14 (1), pp.51-89.
Dechow, P. M., R. G. Sloan & A. P. Sweeney (1996) “Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC,” Contemporary Accounting Research, 13 (1), pp.1-36.
Dechow, P.M., S.P. Kothari, & Ross L. W. (1998) “The relation between earnings and cash flows,” Journal of Accounting and Economics, 25, pp.133-168.
Defond, M. Hann, R. N., & Hu, X. (2005) “Does the market value financial expertise on audit committees of boards of directors??” Journal of Accounting Research, 43(2) pp. 153-193.
Fama E. F.(1980)“Agency problems and the theory of the firm,”Journal of Political Economy, 88, pp.288-325.
Fama, E. F. & K. French (1993)“Common risk factors in the returns on bonds and stocks,”Journal of Financial Economics, 33, pp. 3-56.
Fama, E. F. & M. C. Jensen (1983)“Separation of ownership and control,”Journal of Law and Economics, 26, pp. 301-325.
Finkle. T.A. (1998)“The relationship between boards of directors and initial public offerings in the biotechnology industry,” Entrepreneurship Theory & Practice, 22, pp. 5-29.
Francis, J. R. & Yu. M. D. (2009) “Big 4 office size and audit quality,” The Accounting Review,” 84(5) pp. 1521-1552.
Frankel, R. M., M. F. Johnson, and K. K. Nelson, (2002) “The relation between auditors’ fees for nonaudit services and earnings management,” The Accounting Review, 77(4), pp. 71-105.
Garven, S. A. (2009) “The effect of board and audit committee characteristics on real earnings management: do boards and audit committees play a role in its constraint??” Working Paper, University of Alabama.
Ghosh, A., Antonio, M. & Doocheol, M. (2010) “Corporate boards, audit committees, and earnings management: Pre- and post-sox evidence,” Journal of Business Finance & Accounting, 37(9-10), pp. 1145-1176.
Graham, J. R., C. R., Harvey & Rajgopal, S. (2005) “The economic implications of corporate financial reporting,” Journal of Accounting and Economics, 40, pp. 3-73.
Gunny, K. A. (2010) “The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks,”Contemporary Accounting Research, 27(3), pp. 855-888.
Healy, P.M. & J.M. Wahlen (1999) “A review of the earnings management literature and its implications for standard setting,” Accounting Horizons, 13, pp. 365-383.
Hermalin, B. E.& M. S. Weisbach (2003) “Boards of directors as endogenously determined institutions: A survey of the economic literature,” Economic Policy Review, 9 (1), pp.7-26.
Hoskisson, R.E., R. A. Johnson & D. D., Moesel (1994)“Corporate divestiture intensity inrestructuring firms: effects of governance, strategy and performance,” Academy ofManagement Journal, 37, pp.1207-1251.
Kao, L., & A.Chen (2004) “The effects of board characteristics on earnings management,” Corporate Ownership and Control, 1(3), pp.96-107.
Klein, A. (2002) “Audit committee, board of director characteristics, and earnings management,” Journal of Accounting and Economics, 33(3), pp. 375-400.
Klein, A. (2002) “Economic determinants of audit committee independence,” The Accounting Review, 77(2), pp. 435-452.
Kothari, S. P., A. J. Leone, and C. E. Wasley. (2005) “Performance matched discretionary accrual measures,” Journal of Accounting and Economics, 39, pp. 163-197.
Krishnan, J. (2005) “Audit committee quality and internal control: An empirical analysis,” The Accounting Review, 80(2), pp. 649-75.
Levitt, A. (1998) “The number game,” The CPA Journal , 68, pp.14-19.
Matsuura, S. (2008) “On the relation between real earnings management and accounting earnings management: income smoothing perspective,” Journal of International Business Research, 7(Special Issue 3), pp. 63-77.
Morck, R., A., Shleifer & R. Vishny (1988) “Management ownership and market valuation: an empirical analysis,”Journal of Financial Economics, 20, pp.293-316.
Myers, S.C., & N. S. Majluf (1984) “Corporate investment and financing decisions when firms have information that investor do not have,”Journal of Financial Economics, 13(2), pp.187-222.
Osma, B.G. (2008) “Board independence and real earnings management: the case of rR&Dd expenditure,” Corporate Governance, 16(2), pp. 116-131.
Peasnell, K. V., P. F. Pope & S. Young (2005) “Board monitoring and earnings management: Do outside directors influence abnormal accruals?” Journal of Business Finance and Accounting, 32 (7/8), pp.1311-1346.
Roychowdhury, S. (2006), “Earnings management through real activities manipulation,” Journal of Accounting and Economics, 42, pp.335-370.
Schipper, K., (1989) “Earnings management,” Accounting Horizons, 3, pp. 91-102.
Thomas, J. K., and H. Zhang. (2002) “Inventory changes and future returns,” Review of Accounting Studies, 7(2-3), pp. 163-87.
Visvanathan, G. (2008) “Corporate governance and real earnings management,” Academy of Accounting and Financial Studies Journal, 12(1), pp. 9-22.
Westphal, J. D. & E. J. Zajac (1994) “Substance and symbolism in CEO's long-term incentive plans,”Administrative Science Quarterly, 39, pp. 367-390.
Williamson, O. E (1983)“Credible commitments: using hostages to support exchanges,”American Economic Review, 73, pp. 519-40.
Xie, B., W., N. Davidson & P. J., DaDalt (2003) “Earnings management and corporate governance: the role of the board and the audit committee,” Journal of Corporate Finance, 9, pp. 295-316.
Xiong, Y. (2006) “Earnings management and its measurement: A theoretical perspective,” Journal of American Academy of Business, 9(1), pp. 214-219.
Zahra, S. A. & J. A. Pearce (1989)“Board of directors and corporate financial performance: a review and integrative model,”Journal of Management, 15, pp. 291-334.
Zang, A. Y. (2007) “Evidence on the tradeoff between real manipulation and accrual manipulation,” Working Paper, University of Rochester.
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2017-02-20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