臺灣博碩士論文加值系統

本研究目的在探討不同類型機構投資者對財務報表公佈時效性之影響。本研究以2006年至2013年本國上市上櫃公司作為研究對象，在控制影響財務報表公佈時間落差之相關變數下，探討不同類型機構投資者是否對財務報表公佈時間落差有顯著的影響。

實證結果顯示：

一、機構投資者持股率較高、持股率波動性較高，即為投機型機構投資者，會增強公司管理者較早公佈財務報表之動機，故公司之財務報表公佈時間落差越短；

二、機構投資者持股率較高、持股率波動性較低，即為長期型機構投資者，會延長財務報表公佈時間，故公司之財務報表公佈時間落差越大。

The study aims to examine the influence of different types of institutional investors on the timeliness of financial statements. The sample of this study consists of listed companies from 2006 to 2013 in Taiwan

Empirical test results of this study are as follows:

1. Compared to other types of institutional investors, speculative institutional investors (i.e. institutional investors with high stockholding rates and high variation coefficient of stock holding rates) will strengthen company managers’ motivation to release financial statements earlier. Consequently, financial reports lag will be shorter.

2. Compared to other types of institutional investors, long-term institutional investors (i.e. institutional investors with high stockholding rates and low variation coefficient of stock holding rates) will extend the releasing time of financial statements. Consequently, financial reports lag will be longer. 

表目錄 vi
圖目錄 vii
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 5
第二章 文獻探討 7
第一節 財務報表時效性之相關文獻 7
第二節 機構投資者之相關文獻 14
第三節 機構投資者與財務報表公佈時效之相關文獻 19
第三章 研究方法 21
第一節 研究假說 21
第二節 實證模型與變數定義 23
第三節 研究期間、資料來源及樣本選取 31
第四章 實證結果與分析 35
第一節 敘述性統計 35
第二節 相關係數分析 38
第三節 實證結果分析 41
第四節 敏感性分析 49
第五章 結論與建議 68
第一節 研究結論 68
第二節 研究限制 70
第三節 研究建議 71
附錄 72
參考文獻 73

中文部份

呂坤穎，2003，機構投資人對公司經理人進行盈餘管理行為之影響，中正大學財務金融學系未出版之碩士論文。

呂麒麟，向少華(2005)，台股機構投資人對經理人盈餘管理影響之研究，朝陽商管評論，第4卷第1期：1-21。

林有志、黃劭彥、辛宥呈、施志成，2007，「我國上市公司半年報申報時間落差特性之研究」，當代會計，第8卷第1期：85-112。

林郁蕙，1993，我國上市公司年度財務報表期末查核期間之研究，國立台灣大學會計學系未出版之碩士論文。

林靖傑、林宗輝、李沛璇、李文智，2012，「財務報表公布時點、股市反應與公司特質研究」，商經論叢，第3卷第1期：13-30。

范宏書，陳慶隆，2007，「會計師異動、存在最終家族控制股東與財務報表公佈時效性之探討」，當代會計，第8卷第1期：1-34。

范宏書、林彥廷、陳慶隆，2013，「財務會計準則第35號公報與財務報表公佈時效性」，台大管理論叢，第23卷第2期：97-132。

范宏書、陳慶隆、李淑華、謝永明，2008，「總審計調整數對公司財務報表公佈時效性之影響」，輔仁管理評論，第15卷第1期：73-104。

陳茵琦，2005，「機構投資人與公司治理」，證券櫃檯月刊，第111期：57-68。

黃劭彥、盧正宗、林琦珍、林麗琦，2010，「會計師簽發繼續經營疑慮審計意見對財務報表公告時間落差之影響」，當代會計，第11卷第1期：79-114。

黃明潔，2002，多期損益平穩化行為之決定因素，政治大學會計學系未出版之碩士論文。

廖秀梅、廖益興，2002，「會計師更換時機對年報揭露時效及資本市場之影響」，當代會計，第3卷第2期：221-230。
廖益興，2003，董監事獨立性、企業結構特徵與盈餘管理之關聯性研究，國立台北大學會計學系未出版之博士論文。

原文部份

Agrawal, A., & Mandelker, G. 1990. Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments. Journal of Financial and Quantitative Analysis, 25(2):143-161.

Ajinkya, B., Bhojraj, S., & Sengupta, P. 2003. The Governance Role of Institutional Investors and Outsider Directors on the Properties of Management Earnings Forecasts. Working Paper, University of Florida, Connell University, and University of Maryland.

Almazam, A., Hartzell, J., & Starks, L. 2004. Conflicts of Interest and Monitoring Costs of Institutional Investors: Evidence from Executive Compensation. Working Paper, University of Texas at Austin.

Antle, R., & Nalebuff, B. 1991. Conservatism and Auditor-Client Negotiations. Journal of Accounting Research, 29(Supplement):31-54.

Ashton, R., Graul, P., & Newton, J. 1989. Audit Delay and the Timeliness of Corporate Reporting. Contemporary Accounting Research, 5(2):657-673.

Ball, R., & Brown, P. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting research, 6(2):159-178.

Bamber, E. M., Bamber, L. S., & Schoderbek, M. P. 1993. Audit Structure and Other Determinants of Audit Report Lag: An Empirical Analysis. Auditing: A Journal of Practice and Theory, 12(1):1-23.

Baruch, L. 1998. Toward A Theory of Equitable and Efficient Accounting Policy. The Accounting Review, 63(1):1-22.
Board of Governors of the Federal Reserve System. 2000. Flow of Funds Accounts of United States: Annual Flows and Outstandings. (Washington, D.C.).

Borokhovich, K., Brunarski, K., & Parrino, R. 2000. Variation in the Monitoring Incentives of Outside Blockholders. Working Paper, Cleveland State University, Miami University, and University of Texas.

Bowen, R. M., Johnson, M. F., Shevlin, T., & Shores, D. 1992. Determinants of the Timing of Quarterly Earnings Announcements. Journal of Accounting, Auditing and Finance, (Fall):395-422.

Brickley, J., Lease, R., & Smith, C. 1988. Ownership Structure and Voting on Antitakeover Amendments. Journal of Financial Economics, 20: 267-291.

Bushee, B. 1998. The influence of institutional investors on Myopic R&D investment behavior. The Accounting Review, 73:305-333.

Chambers, A. E., & Penman, S. H. 1984. Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements. Journal of Accounting Research, 22:21-47.

Chung, R., Firth, M., & Kim, J. B. 2002. Institutional Monitoring and Opportunistic Earning Management. Journal of Corporate Finance, 8:29-48.

Conference Board. 1998. Turnover, Investment Strategies, and Ownership Patterns, Institutional Investment Report, 2 (August).

Demirag, I. S. 1998. Corporate Governance, Accountability, and Pressure to Reform: An International Study.Stanford, CT:JAI Press.

Dyer, J. C., & McHugh, A. J. 1975. The timeliness of the Australian annual report. Journal of Accounting Research, 13(2):204-219.

El-Gazzar, S. M. 1998. Predisclosure information and institutional ownership: A cross-sectional examination of market revaluations during earnings announcement periods. The Accounting Review, 73(January):119-129.

Fama, E. 1985. What's Different about Banks. Journal of Monetary Economics, 15:29-40.

Givoly, D., & Palmon, D. 1982. Timeliness of annual earnings announcements: Some empirical evidence. The Accounting Review, (July): 486-508.

Hakansson, N. S. 1997. Interim Disclosure and Public Forecasts: An Economic Analysis and A Framework for Choice. The Accounting Review, 52(2):396-416.

Hand, J. 1990. A Test of the Extended Functional Fixation Hypothesis. The Accounting Review, 65(4):740-763.

Hartzell, J., & Starks, L. 2003. Institutional Investors and Executive Compensation. Journal of Finance, 58:2351-2374.

Henderson, B. C., & Kaplan, S. E. 2000. An Examination of Audit Report Lag for Banks: A Panel Data Approach. Auditing:A Journal of Practice and Theory, 19(2):159-174.

Kieso, D. E., Weygandt, J. J. & Warfiel. T. D. 2007. Intermediate Accounting. New York:John Wiley and Sons.

Kim, O. 1993. Disagreements among Shareholders over a Firm's Disclosure Policy. Journal of Finance, 2:747-60.

Knechel, W. R., & Payne, J. L. 2001. Additional Evidence on Audit Report Lag, Auditing. A Journal of Practice and Theory, (20):137-146.

Kross, W., & Schroeder, D. A. 1984. An Empirical Investigation of the Effect of Quarterly Earnings Announcement Timeing on Stock Returns. Journal of Accounting Research, 22(1):153-176.

Lee, H. Y., Mande, V., & Son, M. 2009. Do Lengthy Auditor Tenure and the Provision of Non-Audit Services by the External Auditor Reduce Audit Report Lags?. International Journal of Auditing, 13(2): 87-104.

Lev, B. 1988. Toward a theory of equitable and efficient accounting policy. The Accounting Review, 63(1):1-22.

Majumdar, S. K., & Nagarajan, A. 1997. The impact of Changing stock Ownership Patterns in the United States:Theoretical Implications and some evidence. Revue D’Economie Industrielle, 82:39-54.

Maug, E. 1998. Large Shareholders as Monitors: Is There a Trade-off between Liquidity and Control?. Journal of Finance, 53: 65-98.

Monks, R. A. G., & Minow, N. 1995. Corporate Governance, Cambridge, MA. Blackwell.

Neter, J., Wasserman, W. & Kutner, M. H. 1989. Applied Linear Regression Models. 2nd Ed,Homewood,I11:Irwin.
Noe, T. 2002. Institutional Activism and Financial Market Structures. Review of Financial Studies,15:289-319.

Pound, J. 1988. Proxy Contests and the Efficiency of Shareholder Oversight. Journal of Financial and Economics, 20:237-265.

Pozen, R. C. 1994. Institutional investors: The reluctant activists. Harvard Business Review, 72: 140-149.

Rajgopal, S., & Venkatachalam, M. 1998. The Role of Institutional Investors in Corporate Governance: An Empirical Investigation. Working paper, University of Washington.

Schwartz, K. B., & Soo, B. S. 1996. The Association between Auditor Changes and Reporting Lags. Contemporary Accounting Research, 13(1):353-370.

Senqupta, P. 2004. Disclosure timing: Determinants of quarterly earnings release dates. Journal of Accounting and Public Policy, 23(6):457-482.

Sherliza, P. N., & Siti, N. S. 2011. Corporate Governance and Audit Report Timeliness: Evidence from Malaysia. Accounting in Asia, 11:109-127.

Shiller, R. J., & Pound, J. 1989. Survey Evidence of Diffusing of Interest amongInstitutional Speculators. Journal of Economic Behavior and Organization, 12: 47-66.

Soltani, B. 2002. Timeliness of Corporate and Audit Reports: Some Empirical Evidence in the French Context. The International Journal of Accournting, 37(2):215-246.

Starks, L. 2000. Corporate Governance and Institutional Investors: Implications for Latin America, AB ANTE.
Estudios en Dirreccion de Empresas, 2: 161-182.

Wahal, S., & McConnell, J. J. 2000. Do Instititutional Investors Exacerbate Managerial Myopia. Journal of Corporate Finance, 6:307-329.

Wang, C., Lee, C., & Huang, B. 2003. An analysis of industry and country effects in global stock returns: Evidence from Asian countries and the U.S.. The Quarterty Review of Economics and Finance, 43(3):560-577.

Zmijewski, M. E. 1984. Methodological Issues Related to the Estimation of Financial Distress Prediction Models. Journal of Accounting Research, 22:59-82.