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系統識別號 U0026-3006201618020500
論文名稱(中文) 產業多角化,全球多角化與會計資訊品質探討
論文名稱(英文) Industrial Diversification, Global Diversification and Quality of Accounting Information
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
學年度 104
學期 2
出版年 105
研究生(中文) 袁仁年
研究生(英文) Jeng-Nien Yuan
學號 R88961023
學位類別 博士
語文別 英文
論文頁數 76頁
口試委員 指導教授-王明隆
指導教授-黃華瑋
口試委員-謝劍平
口試委員-林軒竹
口試委員-王溫淨
中文關鍵字 產業多角化  全球多角化  會計應計品質  超額價值  旅遊業  全球多角化  裁量性應計品質  權益資金成本 
英文關鍵字 industrial diversification  global diversification  accruals quality  excess value  tourism  global diversification  discretionary accruals quality  costs of equity capital 
學科別分類
中文摘要 本研究旨在探討公司多角化策略與會計資訊品質及權益資金成本關係 。 第一部分主要是探討多角化公司包含產業多角化與全球多角化之會計應計品質與超額價值間的關係 。 本研究主要探討美國公司 , 研究期間為2000年至2012年 , 樣本含蓋39,595公司年 。 實證結果發現 , 產業多角化或全球多角化公司 , 相較於單一或本地公司 , 其會計應計品質較低 。 此外 , 結果也發現 , 會計應計品質與公司超額價值有顯著關連 。 實證結果發現 , 相較於單一或本地公司 , 較差的會計應計品質導致多角化或全球化公司產生較低之公司超額價值 。 本研究結果發現 , 公司之結構(多角化)影響公司之會計應計品質 , 進而影響公司之超額價值 。 多角化公司產生較嚴重的代理問題 , 導致較低的會計應計品質及伴隨的超額價值減損 。 此外 , 本研究亦發現 , 有鑑於近年來美國全球多角化公司的增長 , 其超額價值呈現明顯惡化相較於產業多角化公司 。 大致上 , 本研究結果支持多角化公司代理成本問題及資訊不對稱假設 。

第二部分主要是探討美國旅遊業從事全球多角化策略,其會計裁量性應計品質與權益資金成本關係。本研究旨在探討美國之全球多角化旅遊業其會計裁量性應計品質是否惡化或改善,以及後續對權益資金成本的影響。本研究以美國旅遊業為樣本,研究期間為2002至2013年,涵蓋469個旅遊業相關樣本年。實證結果發現,在相同的會計裁量性應計品質下,全球多角化旅遊業相較本地旅遊業有較高的權益資金成本。本研究嘗試從多角化公司價值與權益資金成本角度分析。本研究結果同樣發現公司結構(全球多角化)與伴隨之會計裁量性應計品質對旅遊產業之權益資金成本有顯著影響。
英文摘要 Two essays of my dissertation deal with the effects of corporate diversification strategy on the quality of accounting information and the cost of equity capital. The first essay examines the accruals quality and excess values of single- and multi-segment firms, as well as domestic and global firms. Using a sample of 39,595 firm-years in the U.S. between 2000 and 2012, we find that the accruals quality is lower by 4.2 to 4.7% for multi-segment firms than for single-segment firms and by 2.1 to 3.4% for global firms than for domestic firms. We also find that the accruals quality is related to the excess values. For multi-segment and global firms, poor accruals quality causes excess values to be lower by 4.7 to 5.2% and 4.1 to 4.3%, respectively, than for single-segment and domestic firms. These findings suggest that corporate structure plays a major role in a firm’s accruals quality, which, in turn, affects the excess value; and multi-segment or global firms suffered more agency problems have lower accruals quality, which leads to lower excess values. In addition, we also find that the excess values of global firms have worsened over time relative to those of multi-segment firms, as evidenced by increased global diversification for U.S. firms, thereby causing more severe information asymmetry and worsening accruals quality between managers and outside investors. Overall, our results support the managerial objectives theory (Jensen and Meckling, 1976) and informational asymmetry hypothesis.

The second essay examines the discretionary accruals quality and the cost of equity capital in US tourism firms undergoing global diversification. The purpose of this study is to determine whether the discretionary accruals quality is deteriorated or alleviated and to investigate the subsequent impact on the costs of equity capital in globally diversified US tourism firms. Using a sample of 469 tourism-related firm-years between 2002 and 2013, we find that, for the same level of discretionary accruals quality, the cost of equity capital in globally diversified tourism firms is 1.5% higher than that of their domestic peers. We conclude that, for globally diversified tourism firms, poor discretionary accruals quality derived from information asymmetry causes a higher cost of equity capital compared with domestic tourism firms. Our empirical findings suggest that corporate structure (i.e., globalization strategy) plays a major role in tourism firms’ discretionary accruals quality, which in turn affects firm value, measured as the cost of equity capital.
論文目次 TABLE OF CONTENTS
Page
ESSAY I: Industrial diversification, global diversification, and quality of accounting
information 1
1. Introduction 2
2. Related Literature 8
2.1 Firm Value and Diversification 8
2.2 Firm Value and Accounting Information Quality 10
2.3 Diversification and Earnings Management 11
3. Sample Selection and Valuation Method 13
3.1 Sample Selection 13
3.2 Excess Value 13
3.3 Accruals Quality 14
4. Empirical Results 17
4.1 Summary Statistics 17
4.2 Accruals Quality Regression Model Estimates and Descriptive Statistics of Accruals Quality 19
4.3 Correlation Matrix for the Excess Value, Accruals Quality, Diversification Dummies and Controls 20
4.4 Accruals Quality and Diversification 21
4.5 Accruals Quality and Firm Value 23
4.6 Regression Results Controlling for Ownership Concentration 29
4.7 The Trend of Diversification over Firms’ Excess Values 32
5. Robustness Analyses 35
5.1 Alternative Measures of Diversification 35
5.2 Alternative Measure of Earnings Management 36
5.3 Potential Endogeneity of Diversification Decision 41
6. Conclusion 44
References 45

ESSAY II: Discretionary Accruals Quality, Costs of Equity Capital and Global
Diversification in the U.S. Tourism Industry 51
1. Introduction 52
2. Related Literature 56
2.1 Diversification and firm value 56
2.2 Firm value and quality of accounting information 57
2.3 Quality of accounting information and diversification 57
3. Data and Method 59
3.1 Sample Selection and Description 59
3.2 Discretionary Accruals Quality 59
3.3 Cost of Equity Capital 61
3.3.1 Gordon Finite Horizon Model (1997) 62
3.3.2 Claus and Thomas Model (2001) 62
3.3.3 Easton (2004) 63
3.3.4 Ohlson and Juettner-Nauroth (2005) 63
3.4 Regression model 64
4. Empirical Results 67
4.1 Summary Statistics 67
4.2 Correlation Matrix 68
4.3 Regressions of the Costs of Equity Capital on the Discretionary Accruals Quality,
Global Diversification Dummy and Controls 68
5. Conclusions 72
References 74
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