臺灣博碩士論文加值系統

本研究將財務危機分為『經營不善型財務危機』以及『舞弊型財務危機』兩種類型，運用離散時間涉險方法，探討何種公司治理與財務資訊最有可能發生舞弊型的財務危機。同時本研究也探討財務危機對負債比率的敏感性如何受到公司治理中介變數的影響。
實證結果發現當公司治理機制情形不好，但財務報表資訊良好時，發生舞弊型財務危機的可能性將大於經營不善型的財務危機。而財務危機對負債比率的敏感度會受到公司治理中介變數的影響。

With financial distress being classified as operating-failure financial distress and fraud financial distress, this study employs discrete-time survival model to characterize the fraud financial distress by corporate governance and financial performance. It also investigates the moderate effect of corporate governance on the sensitivity of financial distress to debt ratio.
The empirical results indicate that companies with weak corporate governance and good financial performance are more likely to encounter fraud financial distress than operating-failure financial distress. In addition, corporate governance positively moderates the sensitivity of financial distress to debt ratio.

壹、緒論 7
一、研究動機 7
二、研究目的 9
三、研究架構 10
貳、文獻探討 12
一、財務危機之定義 12
二、舞弊事件 16
三、財務危機預測之相關文獻探討 28
四、離散時間涉險分析 （DISCRETE-TIME HAZARD ANALYSIS） 32
參、研究假說 34
一、假說（一） 34
二、假說（二） 36
肆、研究方法 37
一、統計方法 37
二、變數說明 44
三、資料來源、處理與研究期間 55
伍、實證結果 58
一、假說（一）實證結果 58
二、假說（二）實證結果 63
陸、結論與建議 65
一、研究結論 65
二、研究限制與後續研究建議 65
附錄一 樣本期間內發生財務危機公司彙總表 67
參考文獻 75

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