臺灣博碩士論文加值系統

近年生物科技產業逐漸被重視且被視為第二個電子產業，然而其與電子產業似是非似，歸咎於生技產業的特性包含產品生命週期長、資金需求龐大，研發過程的風險高，導致投資人對其卻步，因此若能提供投資人更多的資訊將有助於其制定投資決策。於此，本研究透過資料探勘技術(data mining technique)包含決策樹C5.0與關聯規則Apriori嘗試建構生技產業中盈餘品質與公司治理之關聯性。採用2011年至2015年間共計376筆樣本尋找潛在的知識。以Kothari(2005)之修正式Jones model計算裁決性應計數作為盈餘品質之代理變數，並將盈餘品質劃分為盈餘品質差(包含向上調增盈餘與向下調減盈餘)與盈餘品質一般(包含小額損失與小額利益)兩類，公司治理變數選取包含董事會與股權結構兩構面。
本文探討不同盈餘品質情況與公司治理變數之關聯性。實證結果發現在決策樹分類中(1)大股東持股、董監持股和獨立董監席次三者數值愈大時，公司會傾向調減盈餘。(2)以整體盈餘品質而言，持股狀態為區隔盈餘品質的重要節點，如大股東持股比例與法人持股比例。關聯規則結果顯示，(1) 經理人擔任董事席次比率與成長機會和向下調減盈餘有關聯(2)與小額損失有關聯的特徵變數包含獨立董事席次與董事會規模。

The biotech industry has become famous recently and is viewed as the second electronic industry. It’s much similar to electronic industry but sort of different. As biotech industry has long life cycle, intensive input and risky research process. According to these features, biotech industry is not an ideal investment to investors.
Our purpose is to construct a useful direction for investors by using data mining technique, which includes decision tree C5.0 and Apriori approaches to find out the implied relationship between earnings quality and corporate governance. We collected 376 samples from 2011 to 2015 to find out the potential knowledge. Also, we use Kothari’s (2005) modified-Jones model to estimate discretionary accruals as our earnings quality proxy, and we classify earnings quality into bad and normal. The bad earnings quality includes managing earnings downwards and upwards. Similarly, the normal earnings quality is defined as slightly managed earnings above or close to zero. The selections of corporate governance variables include two aspects, the board and ownership structure.
This thesis focuses on the relation between different earnings quality situations and corporate governance variables. The empirical results from decision tree show that (1) the number of block holders, directors and supervisor holdings and the seats of the independent director increases, company tend to manage earnings downwards. (2) In terms of the overall earnings quality, the holding structure is an important node to identify bad or normal. For instance, the ratio holdings between block holder and institutional shareholders. The association rules show that (1) the ratio between managers serving as board and the growth opportunity has relation with managing earnings downwards, (2) the signs of variables that are related to managed earnings that are close to zero include the seats of the independent director and the board size.

目錄
摘要 i
Abstract ii
致謝 iii
目錄 iv
圖目錄 vi
表目錄 vii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與範圍 4
第三節 研究流程 5
第四節 論文架構 7
第二章 文獻探討 8
第一節 資料探勘 8
第二節 生物科技產業 14
第三節 盈餘品質 17
第四節 公司治理 22
第五節 盈餘品質與公司治理之相關文獻 25
第三章 研究方法與設計 29
第一節 研究架構 30
第二節 研究對象與樣本選取 31
第三節 變數定義與衡量 32
第四節 研究設計 40
第四章 實證結果與分析 47
第一節 敘述性統計 48
第二節 決策樹 50
第三節 關聯規則 57
第五章 結論與建議 68
第一節 研究結論 68
第二節 研究限制與建議 70
參考文獻 71
一、中文部分 71
二、英文部分 74

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