臺灣博碩士論文加值系統

本文探討企業在權益私募前進行盈餘管理的程度，並驗證盈餘管理是否會受到違約風險及財務限制之影響，然後分析這兩個因子所引發的盈餘管理是否對公司長期績效會造成影響。實證結果發現，多數公司傾向在私募前進行盈餘管理，其中高違約風險的公司在私募前的盈餘管理較嚴重，私募後的長期表現也相對較差；另一方面，具有財務限制公司在私募前較不會出現盈餘管理，但若進行積極的盈餘管理，則長期績效相對較佳。本文的結果隱含，私募公司進行盈餘管理的背後動機會影響長期績效，若是為了降低違約風險而從事的盈餘管理，並不會改善公司的營運與體質，長期股價因而下跌。

This paper discusses whether earnings management before private placement of equity issued will be affected by factors (e.g., financial constraints or distress risk).Then we validate the impact of earnings management resulting from different factors on the long-run performance of the company. We try to figure out the situation that earnings management did not lead downward long-run performance. However, the empirical results of this study show that issuers with high distress risk are more likely to manage earnings, but the long-run performance after issued will be relatively poor. Although the financial constraints will not statistically affect the earnings management of private company, the earnings management resulting from slight financial constrains may have better long-run performance and change the negative perception of the past literature on earnings management.

目次
第一章 緒論 1
第一節　研究動機與背景 1
第二節　研究目的 1
第三節　研究架構 2
第二章 文獻回顧 3
第一節　盈餘管理 3
第二節　影響盈餘管理的因素 3
第三節　盈餘管理後之長期績效 5
第三章 研究方法 6
第一節　研究假說 6
第二節　研究變數之衡量 7
第三節　實證模型 10
第四節　資料說明與選樣準則 12
第四章 實證結果分析 14
第一節　敘述統計量 14
第二節　影響盈餘管理之因素 15
第三節　後續市場績效 15
第五章 結論與建議 18
第一節　結論 18
第二節　建議 18
參考文獻 20
表目次
表 3-1 樣本摘要 23
表 3-2 私募公司之產業與各年度分佈情形 24
表 4-1 基本統計量 25
表 4-2 相關係數表 26
表 4-3 私募發行前後盈餘管理之估計值 27
表 4-4 盈餘管理迴歸模型 28
表 4-5 各變數以中位數區分之累積異常報酬 29
表 4-6 盈餘管理對市場績效之影響 30
表 4-7 Fama-French四因子模型 31
表 4-8 不同條件之盈餘管理與長期表現之關係 32
表 4-9 分解盈餘管理之迴歸分析 33
表 4-10 發行價格之折價率 34

中文文獻
黃玉麗、沈中華，2009，盈餘管理對銀行債務資金成本之影響—信用評等觀點，管理學報，第二十六卷第六期，599-623。
黃志仁、廖彩伶、陳于格，2009，現金增資之盈餘管理行為：裁決性應計項目與業外損益之整合性決策，當代會計，第十卷第一期，63-98。

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