臺灣博碩士論文加值系統

過去的研究證實了投資人情緒會影響管理者的盈餘管理策略，尤其對應計項目的部分。本研究進一步延續此研究脈絡探討投資人情緒與實質盈餘管理間關係。本文使用密西根消費者信心指數作為投資人的情緒之代理變數，以修正後裁決性應計項目作為實質盈餘管理之比較變數，且結合異常營業現金流，銷貨成本，可操弄支出形成實質盈餘管理之代理變數。此外，本研究將進一步探討通過沙氏法案是否會對投資人情緒與實質盈餘管理產生影響。
實證結果發現管理者的實質盈餘與投資人情緒呈現顯著負相關。此外，在沙氏法案後，投資人情緒對實質盈餘管理會比應計項目盈餘管理更有顯著影響。本研究可提供實質盈餘管理與投資人情緒之學術文獻上增額貢獻。

Prior research has documented the effect of investor sentiment on accrual-based earning management. The thesis extends the study and examines the relationship between investor sentiment and real earning management. In the research design, this paper uses the annual data of Michigan Consumer Confidence Index as proxy of investor sentiment. We also use Modified Jones Model to estimate discretionary accrual as the proxy of accrual-based earning management. The real earning management proxy includes abnormal cash flow from operations (CFO), production cost, and discretionary expense. We further examine whether the Sarbanes-Oxley-Act (SOX) influences the relations between the earning management strategies and investor sentiment.
Our results show a significantly negative relation between the investor sentiment and real earning management. Consistent with prior study, we also find that real earning management is more significantly and negatively related to investor sentiment than accrual-based earnings management after the passage of SOX. This study contributes to the literature related to real earnings management and investor sentiment.

Contents
致謝 iv
摘要 v
Abstract vi
Chapter 1 Introduction 1
Chapter 2 Literature review and hypothesis development 3
2.1. Related literature 3
2.2. Hypothesis development 5
Chapter 3 Empirical methodology 8
3.1 Data 8
3.2 Earning management 9
Chapter 4 Empirical result 13
4.1 Descriptive statistics 13
4.2 Accrual-based earning management 15
4.3 real earning management 19
4.4 Pre SOX and post SOX 23
Chapter 5 Conclusion 29
Reference 31

List of Tables
Table 1 Descriptive Statistics 14
Table 2 Regression of DA Discretionary Accrual and Sentiment 18
Table 3 Regression of Real Earning Management and Sentiment 20
Table 4 Correlation 26
Table 5 Regression of pre-SOX 27
Table 6 Regression of post-SOX 28

List of Figures
Figure 1 Trends of Discretionary Accrual and Investor Sentiment 17
Figure 2 Trends of Real Earning Management and Sentiment 22

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