臺灣博碩士論文加值系統

本研究認為管理階層在可能有誘因時進行營業現金流量管理之現象及效果。研究目的在於探討個別公司之管理階層是否依據其動機不同而有膨脹個別會計期間營業現金流量、管理階層進行現金流量管理的方法以及經由管理階層膨脹的營業現金流量是否有持續性，亦或只是短期的結果。本研究以2001年至2011年於公開資訊觀測站公告之上市櫃公司財務報表，檢驗管理階層管理現金流量之動機假設，而後利用時點測試來檢驗管理階層是否運用會計紀錄時點來管理營業現金流量。最後本研究以持續性測試來檢驗現金流量經由管理階層膨脹後是否有持續性。
本研究之實證結果顯示，在管理階層進行營業現金流量管理之潛在動機下，公司非預期營業現金流量將上升，造成營業現金流量高估之情形。當管理階層進行營業現金流量管理的潛在動機存在時，公司各別會計年度第一季之現金循環轉換天數相較於前一年度第四季之現金循環轉換天數將增加，此一現象乃由於管理階層傾向於第四季延遲付款予供應商並且加速賒銷收現，以高估會計年度之營業現金流量以及期末之現金部位。當管理階層進行營業現金流量管理的動機存在時，非預期營業現金流量將在後續期間逐漸消失，亦即當管理階層進行營業現金流量管理的動機存在時，非預期營業現金流量的持續性很低，較無法為後續公司營運帶來更多助益。

Management may manage operating cash flows due to different incentives. The study investigates the association between unexpected operating cash flows and management incentives, how management does it and the continuity of the management effect. The sample includes companies listed on Taiwan Stock Exchange during 2001 to 2011, and by examining financial statements of these companies, the study contains three tests: Unexpected Operating Cash Flow Test, Timing Test, Continuity Test.
The study finds that with incentives of management, the unexpected operating cash flow will rise and thus inflate operating cash flow.When management has incentives to inflate operating cash flow, cash cycle in first quarter of the year tends to increase comparing to previous quarter, which is the fourth quarter of the previous year. Lastly, when management inflates operating cash flow with incentives doing so, the unexpected operating cash flow tends to vanish afterward, which means the continuity of inflated operating cash flow doesn’t last for long time.

目錄 I
圖目錄 II
表目錄 II
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 4
第三節 研究架構 6
第二章 文獻探討 7
第一節 現金流量之文獻回顧 7
第二節 現金流量之相關會計處理 10
第三節 管理階層進行營業現金流量管理之誘因 15
第三章 研究方法 18
第一節 研究假說 18
第二節 實證方法 22
第三節 變數定義 28
第四節 研究樣本 33
第五節 敘述性統計 34
第四章 實證結果 38
第一節 營業現金流量測試 38
第二節 時點測試 43
第三節 持續性測試 47
第五章 結論與建議 50
第一節 研究結論 50
第二節 研究限制與建議 53
REFERENCES 55

Backer, M., and M. Gosman. 1980. The use of financial ratios in credit downgrade decisions. FinancialManagement 9 (1): 53–56.
Balsam, S. 1998. Discretionary accounting choices and CEO compensation. Contemporary AccountingResearch 15 (3): 229–252.
Barth, M., D. Cram, and K. Nelson. 2001. Accruals and the prediction of future cash flows. The AccountingReview 76 (1): 27–58.
Barua, A., S. Lin, and A. Sbaraglia. 2010. Earnings management using discontinued operations. TheAccounting Review 85 (5): 1485–1509.
Beaver, W. 1966.Financial ratios as predictors of failure. Journal of Accounting Research 4 (Supplement):71–111.
Beaver, W., C. Shakespeare, and M. Soliman. 2006. Differential properties in the ratings of certifiedversus non-certified bond-rating agencies. Journal of Accounting and Economics 42 (3): 303–334.
Belsley, D., E. Kuh, and R. Welsch. 1980. Regression Diagnostics: Identifying Influential Data and Sourcesof Collinearity. New York, NY: John Wiley.
Bernard, V., and T. Stober. 1989. The nature and amount of information in cash flows and accruals. TheAccounting Review 64 (4): 624–652.
Bhojraj, S., P. Hribar, M. Pacconi, and J. McInnis. 2009. Making sense of cents: An examination of firmsthat marginally miss or beat analyst forecasts. Journal of Finance 64 (5): 2361–2388.
Bowen, R., A. Davis, and S. Rajgopal. 2002. Determinants of revenue-reporting practices for Internet firms.Contemporary Accounting Research 19 (4): 523–562.
Brown, L., A. S. Pinello, and K. Huang. 2010. To Beat or Not to Beat? the Importance of Analysts’ CashFlow Forecasts. Working paper, Georgia State University.
Burgstahler, D., and I. Dichev. 1997. Earnings management to avoid earnings decreases and losses. Journalof Accounting and Economics 24 (1): 99–126.
Burns, N., and S. Kedia. 2006. The impact of performance-based compensation on misreporting. Journal ofFinancial Economics 79 (1): 35–67.
Bushee, B. 1998.The influence of institutional investors on myopic R&D investment behavior. TheAccounting Review 73 (3): 305–333.
Call, A. 2008. The Implications of Cash Flow Forecasts for Investors’ Pricing and Managers’ Reporting ofEarnings.Working paper, The University of Georgia.
Cameron, A., J. Gelbach, and D. Miller. 2011. Robust inference with multi-way clustering. Journal ofBusiness and Economics Statistics 29 (2): pp. 238–249.
Casey, C., and N. Bartczak. 1985. Using operating cash flow data to predict financial distress: Someextensions. Journal of Accounting Research 23 (1): 384–401.
Cu˜ nat, V. 2006. Trade credit: Suppliers and debt collectors as insurance providers. Review of FinancialStudies 20 (2): 491–527.
Dechow, P. 1994. Accounting earnings and cash flows as measures of firm performance.The role ofaccounting accruals. Journal of Accounting and Economics 18 (1): 3–42.
Dechow, P., and I. Dichev. 2002. The quality of accruals and earnings: The role of accrual estimation errors.The Accounting Review 77 (Supplement): 35–69.
Dechow, P., and W. Ge. 2006. The persistence of earnings and cash flows and the role of special items:Implications for the accrual anomaly. Review of Accounting Studies 11 (2-3): 253–296.
Dechow, P., S. P. Kothari, and R. Watts. 1998. The relation between earnings and cash flows. Journal ofAccounting and Economics 25 (2): 133–168.
Dechow, P., and R. Sloan. 1991. Executive incentives and the horizon problem: An empirical investigation.Journal of Accounting and Economics 14 (1): 51–89.
DeFond, M., and M. Hung. 2003. An empirical analysis of analysts’ cash flow forecasts. Journal ofAccounting and Economics 35 (1): 73–100.
DeFond, M., and M. Hung. 2007. Investor protection and analysts’ cash flow forecasts around the world.Review of Accounting Studies 12 (2-3): 377–419.
Degeorge, F., J. Patel, and R. Zeckhauser. 1999. Earnings management to exceed thresholds. The Journal ofBusiness 72 (1): 1–33.
Dyckman, T., R. Magee, and G. Pfeiffer. 2011. Financial Accounting. Canada: Cambridge BusinessPublishers.
Engel, E., M. Erickson, and E. Maydew. 1999. Debt-equity hybrid securities. Journal of AccountingResearch 37 (2): 249–274.
Fama, E., and K. French. 1997. Industry costs of equity. Journal of Financial Economics 43 (2): 153–193.
Fan, Y., A. Barua, W. Cready, and W. Thomas. 2010. Managing earnings using classification shifting:Evidence from quarterly special items. The Accounting Review 85 (4): 1303–1323.
Fink, R. 2000. Mind the gap. CFO Magazine (November 1).
Fisman, R., and M. Raturi. 2004. Does competition encourage credit provision? Evidence from Africantrade credit relationships. Review of Economics and Statistics 86 (1): 345–352.
Frankel, R., W. Mayew, and Y. Sun. 2010. Do pennies matter? Investor relations consequences of smallnegative earnings surprises. Review of Accounting Studies 15 (1): 220–242.
Gentry, J., P. Newbold, and D. Whitford. 1985. Classifying bankrupt firms with funds flow components.Journal of Accounting Research 23 (1): 146–161.
Giannetti, M., M. Burkart, and T. Ellingsen. 2011. What you sell is what you lend? Explaining trade creditcontracts. Review of Financial Studies 24 (4): 1261–1298.
Givoly, D., C. Hayn, and R. Lehavy. 2009. The quality of analysts’ cash flow forecasts. The AccountingReview 84 (6): 1877–1911.
Glassman, J. 2002. World of investing: Even amateurs can detect problems by counting the cash.International Herald Tribune (February 18).
Gombola, M., M. Haskins, J. Ketz, and D. Williams. 1987. Cash flow in bankruptcy prediction. FinancialManagement 16 (4): 55–65.
Gow, I., G. Ormazabal, and D. Taylor. 2010. Correcting for cross-sectional and time-series dependence inaccounting research. The Accounting Review 85 (2): 483–512.
Graham, J., C. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting.Journal of Accounting and Economics 40 (1-3): 3–73.
Hanlon, M., and T. Shevlin. 2002. Accounting for tax benefits of employee stock options and implicationsfor research. Accounting Horizons 16 (1): 1–16.
Healy, P. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting andEconomics 7 (1-3): 85–107.
Henry, D. 2004. Fuzzy numbers. BusinessWeek (October 4).
Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research29 (2): 193–228.
Kothari, S. P., A. Leone, and C. Wasley. 2005. Performance matched discretionary accrual measures.Journal of Accounting and Economics 39 (1): 163–197.
Lauricella, T. 2008. Cash flow reigns once again. Wall Street Journal (May 12).
Leone, M. 2004. Compensation and cash flow. CFO (January 21).
Libby, R., P. Libby, and D. Short. 2008. Financial Accounting. New York, NY: McGraw-Hill/Irwin.
McInnis, J., and D. Collins. 2011. The effect of cash flow forecasts on accrual quality and benchmarkbeating. Journal of Accounting and Economics 51 (3): 219–239.
McMillan, J., and C. Woodruff. 1999. Interfirm relationships and informal credit in Vietnam. The QuarterlyJournal of Economics 114 (4): 1285–1320.
McVay, S. 2006. Earnings management using classification shifting: An examination of core earnings andspecial items. The Accounting Review 81 (3): 501–531.
Mulford, C., and E. Comiskey. 2005. Creative Cash Flow Reporting: Uncovering Sustainable FinancialPerformance. Hoboken, NJ: John Wiley & Sons Inc.
Nurnberg, H. 2006. Perspectives on the Cash Flow Statement under FASB Statement No. 95. ColumbiaBusiness School: Center for excellence in accounting and security analysis (Occasional paper series).New York, NY: Columbia Business School.
Nurnberg, H., and J. Largay. 1998. Interest payment in the cash flow statement. Accounting Horizons 12(4): 407–418.
Nwaeze, T., S. Yang, and Q. Yin. 2006. Accounting information and CEO compensation: The role ofcash flow from operations in the presence of earnings. Contemporary Accounting Research 23 (1):227–265.
Ohlson, J. 1980. Financial ratios and the probabilistic prediction of bankruptcy. Journal of AccountingResearch 18 (1): 109–131.
Ohlson, J., and J. Aier. 2009. On the analysis of firms’ cash flows. Contemporary Accounting Research 26(4): 1091–1114.
Petersen, M. 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review ofFinancial Studies 22 (1): 435–480.
Petersen, M., and R. Rajan. 1997. Trade credit: Theory and evidence. Review of Financial Studies 10 (3):661–691.
Previts, G., R. Bricker, T. Robinson, and S. Young. 1994. A content analysis of sell-side financial analystcompany reports. Accounting Horizons 8 (2): 55–70.
Rayburn, J. 1986. The association of operating cash flow and accruals with security returns. Journal ofAccounting Research 24 (Supplement): 112–133.
Richardson, S., I. Tuna, and M. Wu. 2002. Predicting earnings management: The case of earningsrestatements. Available at: http://knowledge.wharton.upenn.edu/papers/1072.pdf
Robinson, L. 2010. Do firms incur costs to avoid reducing pre-tax earnings? Evidence from the accountingfor low-income housing tax credits. The Accounting Review 85 (2): 637–669.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accountingand Economics 42 (3): 335–370.
Schilit, H. 2002. Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in FinancialReports. New York, NY: McGraw-Hill.
Sharma, D. 2001. The role of cash flow information in predicting corporate failure: The state of theliterature. Managerial Finance 27 (4): 3–28.
Shirouzu, N. 2002.Ford publicly disputes report that questions its accounting. Wall Street Journal(September 11).
Shumway, T. 2001. Forecasting bankruptcy more accurately: A simple hazard model. Journal of Business74 (1): 101–124.
Standard & Poor’s. 2008. Corporate Ratings Criteria. New York, NY: Standard & Poor’s, McGraw-Hill.
Velleman, P., and R. Welsch. 1981. Efficient computing of regression diagnostics. The AmericanStatistician 35 (4): 234–242.
Vent, G., J. Cowling, and S. Sevalstad. 1995. Cash flow comparability: Accounting for long-term debtunder SFAS No. 95. Accounting Horizons 9 (4): 88–96.
Wasley, C., and J. Wu. 2006. Why do managers voluntarily issue cash flow forecasts? Journal ofAccounting Research 44 (2): 389–429.
Wild, J., K. R. Subramanyam, and R. Hasley. 2004. Financial Statement Analysis. New York, NY:McGraw-Hill/Irwin.
Wilson, G. 1987. The incremental information content of the accrual and funds components of earningsafter controlling for earnings. The Accounting Review 62 (2): 293–322.
Zhang, W. 2007.The Effects of Meeting or Beating Analysts’ Cash Flow Forecasts on Market Reaction andAnalysts’ Forecast Revisions.Working paper, National University of Singapore.
Zhang, W. 2008.Real Activity Manipulation to Meet Analyst Cash Flow Forecasts.Working paper,National University of Singapore.