臺灣博碩士論文加值系統

過去研究顯示經理人會在自利誘因下，操弄營業活動，促使營業利益暫時性的增加。然而，卻少有文獻廣泛地探討異常營業活動對未來獲利之意涵。
本研究以異常營業活動與未來獲利之關聯，推論：1.公司治理較差之公司，異常營業活動具盈餘管理行為之內涵；2.公司治理較佳之公司，異常營業活動具傳遞營運資訊之內涵。實證結果發現，公司治理較差之組別，異常現金流量及異常裁量性支出對未來獲利呈現正向關係，而異常生產成本對未來獲利則呈現顯著負向關係，支持盈餘管理行為之論述。至於公司治理較佳之組別，異常現金流量、異常生產成本及異常裁量性支出對未來獲利皆無顯著關係，說明異常營業活動並無傳遞營運資訊之內涵。

Previous studies document that managers with incentive of self-interest may manipulate operation activities to increase operating income temporarily. However, there are few literatures widely to explore the information content of abnormal operation activities.
By linking the relation between abnormal operation activities and future profitability, this study infers that 1. the abnormal operation activities of firms with poor corporate government possess the information content of earnings management; 2. the abnormal operation activities of firms with better corporate government possess the content of transmitting internal information.
Empirical results reveal that under poor corporate government group, abnormal cash flow from operating as well as abnormal discretionary expense are both positively associated with subsequent profitability, and abnormal production cost is negatively associated with subsequent profitability, supporting our earnings management inference. On the other hand, under better corporate government group, there are no significant relations between subsequent profitability and any item of abnormal cash flow from operating, abnormal production cost as well as abnormal discretionary expense, documenting the weak inference of transmitting internal information.

摘要 I
Abstract II
謝 誌 III
目錄 IV
表目錄 VI
圖目錄 VII
第壹章 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 研究架構與流程 3
第貳章 文獻探討 5
第一節 盈餘管理相關文獻 5
第二節 公司治理相關文獻 7
第參章 研究設計 9
第一節 研究假說 9
第二節 變數定義與衡量 13
第三節 實證模型 19
第四節 研究期間與資料蒐集 20
第肆章 實證結果 22
第伍章 進一步分析 29
第一節 董監事持股率對異常營業活動意涵之影響 29
第二節 結構性變化對異常營業活動意涵之影響 32
第陸章 結論與建議 38
參考文獻 39
表一 營業活動代理變數說明 14
表二 公司治理指標變數說明 18
表三 實證模型變數說明 19
表四 敘述統計 23
表五 相關係數分析 25
表六 公司治理對異常現金流量與未來獲利關係之影響 26
表七 公司治理對異常生產成本與未來獲利關係之影響 27
表八 公司治理對異常裁量性支出與未來獲利關係之影響 28
表九 董監事持股率對異常現金流量與未來獲利關係之影響 30
表十 董監事持股率對異常生產成本與未來獲利關係之影響 31
表十一 董監事持股率對異常裁量性支出與未來獲利關係之影響 32
表十二 結構性變化前對異常現金流量與未來獲利關係之影響 33
表十三 結構性變化前對異常生產成本與未來獲利關係之影響 34
表十四 結構性變化前對異常裁量性支出與未來獲利關係之影響 34
表十五 結構性變化後對異常現金流量與未來獲利關係之影響 35
表十六 結構性變化後對異常生產成本與未來獲利關係之影響 36
表十七 結構性變化後對異常裁量性支出與未來獲利關係之影響 37
圖一 研究流程圖 4

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