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 U0026-2606201420263700
論文名稱(中文) 企業併購型態對財務報表重編之影響
論文名稱(英文) The Impact of Merger Patterns on Subsequent Accounting Restatement
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 102
學期 2
出版年 103
研究生(中文) 陳靜如
研究生(英文) Ching-Ju Chen
學號 R16011145
學位類別 碩士
語文別 中文
論文頁數 48頁
口試委員 指導教授-黃華瑋
口試委員-周庭楷
口試委員-郭俐君
中文關鍵字 購併型態  投入輸出法  財務報表品質  重編 
英文關鍵字 Mergers type  Input-Output based method  Financial statements quality  Restatement 
學科別分類
中文摘要 目前不乏許多探討財務報表品質的文獻,但研究購併與財務報表重編之關聯性的文獻寥寥可數,更遑論深入探討不同購併型態與財務報表品質的關聯性。本文不同以往只將購併型態分為『相關性購併』、『非相關性購併』,而是在考慮到主併公司與目標公司所屬產業之投入與產出關係,以「投入輸出法」劃分四種不同購併型態,依序探討其與財務報表重編之相關性。
本研究以1997年至2012年之國內上市公司宣告購併事件為研究之樣本。以投入輸出法為劃分購併型態之標準,共分為四種購併型態:純水平式購併、水平垂直混合式購併、純垂直式購併、集團式購併。依邏輯斯分析,分析購併型態與財務報表重編之相關性結論如下:
一、 水平式購併與財務報表重新編製的關聯性呈現不顯著相關。主併公司了解目標公司的產業特性,會削弱財務報表重新編製與購併事件間的相關性。
二、 企業垂直式購併與財務報表重新編製呈顯顯著正相關。主併公司對目標公司的產業習性不全盤了解,容易被目標公司財務報表窗飾的手法蒙蔽。
三、 混合式購併與財務報表重編為不顯著的關聯性。綜合水平式與垂直式購併,在這樣複雜的情況下,減弱財務報表重新編製與購併事件間的相關性。
四、 集團式購併與財務報表重新編製呈現不顯著之相關性。集團式購併為大股東和小股東間的代理問題。綜觀台灣發生集團式購併的公司會發現,台灣集團式購併的企業多為家族掌權的企業,購併進來後多傾向派同一家族人員當其被購併公司之管理階層人員,因此,集團式購併的管理階層可能會更審慎的檢視目標公司的財務報表。
英文摘要 This paper research the impact of merger patterns on subsequent accounting restatement . This study adopts the Input-Output based method, considering the industry interrelated between corporations , to divide mergers into four different types: Pure horizontal mergers, Pure vertical mergers, Mixed Vertical and Horizontal Mergers, Conglomerate mergers.
論文目次 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究貢獻 2
第四節 研究流程 3
第二章 文獻探討 4
第一節 公司購併之相關理論與文獻探討 4
第二節 公司購併型態之相關理論與文獻探討 7
第三節 劃分公司購併型態之相關理論與文獻探討 10
第四節 財務報表重編之相關理論與文獻探討 11
第五節 結合企業購併與財務報表重編之文獻探討 16
第六節 研究假說 17
第三章 研究方法與設計 20
第一節 研究方法 20
第二節 建立研究模型 20
第三節 變數 24
第四節 樣本來源、樣本選取、樣本期間 29
第五節 模型之預期方向 30
第四章 實證結果分析 31
第一節 樣本資料敘述統計 31
第二節 購併案件與財務報表重編之相關分析 35
第五章 研究結論與建議 41
第一節 研究結論 41
第二節 研究建議 43
參考文獻 44
參考文獻 壹、中文部分:
1. 呂佳玲、林基煌,「家族企業公司治理、併購策略與績效之探討」,亞太經濟管理評論,11卷2期,頁107- 134,2008。
2. 許瑛玿,「購併型態對長期股票報酬的影響」,國立成功大學財務金融研究所碩士論文,2013。
3. 吳宗賢,「購併型態對股票報酬與經營績效之影響」,國立成功大學會計研究所碩士論文,2008。
4. 吳安妮,「台灣企業併購動機之實證研究」,管理評論,1992。


貳、西文部分:
1. Balsam, S., J.Krishnan, and J.S.Yang. "Auditor Industry Specialization and earnings quality. "A Journal of Practice and Theory 22(2):71-97, 2003.
2. CAO ,Y., L. Myers and T. Omer . "Does Company Reputation Matter for Financial Reporting Quality?Evidence from Restatements." Contemporary Accounting Research 29(3): 956-990, 2011.
3. Carcello , J.V.., and A.L. Nagy " Cilent size, Auditor Specialization, and Fraudulent Financial Reporting ."Managerial Auditing Journal 19(5):651-668 , 2004.
4. Chen, J. and Q. Liu . "Information markets, product markets and vertical merger." Journal of Economics and Finance 37(1): 33-61, 2013.
5. Cunha, M. and P. Sarmento . "Does Vertical Integration Promote Downstream Incomplete Collusion? An Evaluation of Static and Dynamic Stability." Journal of Industry, Competition and Trade 14(1): 1-38,2014.
6. Davidson, C. and B. Ferrett . "Mergers in Multidimensional Competition." University of Nottingham , 2005
7. Dechow, P.M., and D. J. Skinner. "Earnings Management : Reconciling the Views of Academics , Practitioners , and Regulators. " Acounting Horizons 14(2):235-250, 2000.
8. DeFond, M. L. , and J. R. Francis. "Audit Research after Sarbanes-Oxley." Auditing : A Journal of Practice and Theory 24: 5-30, 2005.
9. Dichev , I. D.,and D. J. Skinner"Large-Sample Evidence on the Debt Covenant hypothesis." Journal of Aounting Research 40(4):1091-1123, 2002.
10. Donelson , D. C.,J.M. Mcinnis and R. D. Mergenthaler. " Discontinuities and Earnings Management- Evidence from Restatements Related to Securities Litigation." Contemporary Accounting Research 30(1): 242-268, 2013.
11. Eilifsen , A., and W. F.Messier"The Incidnece and Detection of Misstatement. A Review and Integration of Archival Research" Journal of Accounting Literature 19 : 1-43,2000.
12. Ettredge , M.,Y. Huang and W. Zhang. "Restatement Disclosures and Management Earnings Forecasts. "Accounting Horizons 27(2): 347-369, 2013
13. Ferguson, M. J., G. S. Seow, and D. Young. "Nonaudit Services and Earnings Management : UK Evidence" Contemporary Accounting Research 21 (4) : 813-841 , 2004.
14. Fluck , Z . and A.W. Lynch. "Why Do Firms Merge and Then Divest?A Theory of Financial Synergy." Journal of Business 72(3): 319-346,1999.
15. Francis , J. R.., P.N.Michas and M. D. Yu. "Office Size of Big 4 Auditors and Client Restatements." Contemporary Accounting Research 30(4): 1626-1661 , 2013.
16. Garfinkel, J. A. and K. W. Hankins. "The role of risk management in mergers and merger waves." Journal of Financial Economics 101(3): 515-532, 2011.
17. Higgins, R. S. "Vertical merger: monopolization for downstream quasi-rents." Managerial and Decision Economics 30(3): 183-191,2009.
18. Hoberg , G. and G. Phillips. " Product Market Synergies and Competition in Mergers and Acquisitions:A Text-Based Analysis "Review of Finacial Studies 23(10): 3773-3811, 2010.
19. Hope, O.K., and W. B. Thomas.. " Managerial empire building and firm disclosure. " Journal of Accounting Research 46(3) : 591-626,2008.
20. Jensen, M. C. "Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. "American Economic Review, 76 : 323-329,1986.
21. Kedia,S., S. A. Ravid and V. Pons . "When Do Vertical Mergers Create Value?." Financial Management 40(4): 845-877,2011.
22. Kravet , T. and T. Shevlin. " Accounting restatements and information risk. " Review of Accounting Studies 15(2): 264-294, 2010.
23. Lafferty, R. N., R. H. Lande and J. B. Kirkwood. " Impact Evaluations of Federal Trade Commission Vertical Restraint Cases " Bureau of Competition, Bureau of Economics, Federal Trade Commission,1984.
24. Lin, J. W., J. F. Li, and J. S. Yang. "The Effect of Audit Committee Performance on Earnings Quality."Managerial Auditing Journal 21(9) : 921-933,2006.
25. Lin,Y.T., A.K. Parlakturk and J.M. Swaminathan . "Vertical Inegration under Competition:Forward , Backward , or No Inegration?." Production and Operations Management 23(1): 19-35, 2014.
26. Lobo , G.J. and Y Zhao . "Relation between Audit Effort and Finacial Report Misstatements:Evidence from Quarterly and Annual Restatements." The Accounting Review 88(4): 1385-1412, 2013.
27. Madura , J. and T. Ngo. "How Accounting Fraud has Changed Merger Valuation " Applied Financial Economics 20(12): 923-940, 2010.
28. Mahoney , J. T. " The Choice of Organizational form:Vertical Financial Ownership Versus Other Methods of Vertical Integration. " Strategic Management Journal 13(8): 559-584,1992.
29. Mahoney, J. T. " Organizational rationalization and innovation: Vertical integration and multidivisional organization " Unpublished doctoral dissertation,Wharton School, University of Pennsylvania, Philadelphia ,1989.
30. Masulis, R. W., C. Wang, and F. Xie. "Corporate governance and acquirer returns. "The Journal of Finance, 62(4) : 1851-1889,2007.
31. Mc Guckin , R.H.,S.V.Nguyen,and S.H.Andrews" The relationships among acquiring and acquired firms ’ product lines"Journal of Law and Economic 34:477-502,1991
32. Normann , H.T. "Vertical Mergers, Foreclosure and Raising Rivals’ Costs-Experimental Evidence." The Journal of Industrial Economics 59(3): 506-527, 2011.
33. Palmrose , Z.V., V.J.Richardson. and S. Scholz. "Determinants of Market Reactions to Restatement Announcement."Journal of Accounting and Economics 37(1):59-89, 2004.
34. Palmrose , Z. V. and S. Scholz " The Circumstances and Legal Consequences of Non-GAAP Reporting- Evidence from. " Contemporary Accounting Research 21(1): 139-180,2004.
35. Porta , R., Lopez-de-Silanes and A. Shleife. "Corporate Ownership around the Word." Journal of Finance 52:471-517,1999.
36. Reilly, D. "Restatements Still Bedevil Firm." Wall Street Journal (February12) : C7 , 2007.
37. Richarson , S. , I. Tuna, and M. Wu."Predicting Earnings Management : The Case of Earnings Restatements" Social Science Research Network Working Paper Series, 2002.
38. Romanus , R.N., J.J. Maher and D.M. Fleming . "Auditor Industry Specialization , Auditor Changes, and Accounting Restatements." Accounting Horizons 22(4): 389-413, 2008.
39. Schmidt , J. and M.S. Wilkins . " Bringing Darkness to Light- The Influence of Auditor Quality and Audit Committee Expertise on the Timeliness of Financial Statement Restatement Disclosures." Auditing : A Journal of Practice & Theory, 32(1): 221-244, 2012.
40. Schmidt , K. "Complementary Patents and Market Structure " Journal of Economics and Management Strategy 23(1): 68-88, 2008.
41. Schroeder , M. "SEC List of Aaccounting-Fraud Probes Grows. "Wall Street Journal (July 6 ):C1,C16,2001.
42. Skaife , H.A. and D. D. Wangerin. " Target Financial Reporting Quality and M&A Deals that Go Bust." Contemporary Accounting Research 30(2): 719-749, 2013.
43. Stulz, R. ."Managerial discretion and optimal financing policies. " Journal of Financial Economics 26 (1): 3-27, 1990.
44. Wang ,Y. F. "Internal Control and Financial Quality:Evidence from POST-SOX Restatement." Accounting and Taxation 5(1): 19-28, 2013.
45. Zhang, Y., J. Zhou, and N. Zhou "Audit Committee Quality , Auditor Independence, and Internal Control Weaknesses."Journal of Accounting and Public Policy 26:300-327, 2007.
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2024-12-31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