臺灣博碩士論文加值系統

90年7月29日「票券金融管理法」通過後，為使票券金融公司回復經紀商及交易商本質，主管機關開放票券金融公司辦理新種業務並降低其保證業務之倍數。另適度提高以附買回或附賣回條件方式辦理之交易限額並對其向其他金融機構拆款及融資之總額予以限制，開放更大之業務承作空間，亦能適度控管風險。
以上法定操作倍數異動之管制效果為何及其對票券金融公司財務報表管理行為之影響為本研究探討之重點。研究時擬對可能影響票券金融公司其他營業費用提撥、買賣票債券損益及營業準備等之因素進行探討。
本文將研究變數區分為權衡性誘因變數及控制性變數兩大類，權衡性變數係探討經理人誘因的影響；控制性變數則為探討總體經濟因素及其他非權衡性變數的影響。本研究以國內13家票券金融公司（民國92年底國內票券金融公司計14家，研究時排除1家具離群值資料之公司）民國88年第1季至92年第4季之財務資料，並將其劃分為法定操作倍數異動前之前期（88年第1季至90年第2季）及法定操作倍數異動後之後期（90年第3季至92年第4季）。
經由實證結果，本研究獲得數項結論，茲臚列如下：
一、經t檢定結果發現辦理短期票券之保證、背書總餘額達統計顯著水準，足見主管機關限縮票券金融公司辦理短期票券之保證、背書總餘額之政策已發揮其效果，然而票債券附買回交易餘額之政策效果則不明顯。二、從權衡性變數的探討發現，經理人在執行其他營業費用提撥的決策時，會和買賣票債券損益相互影響。又經理人會利用買賣票債券損益操縱盈餘，而其動機除與其他營業費用互為調控工具外，顯著的受到盈餘管理假說中之獎酬假說之影響。本研究試圖將研究期間後期大幅打銷呆帳之3家票券金融公司樣本剔除後，發現經理人員會因實現較多的買賣票債券損益而積極的充實營業準備之提撥。最後，發現附買回倍數越高時，經理人員會提列較多之營業準備，以減少風險之衝擊。
三、從控制性變數的探討發現，當預期股市熱絡吸金致利率有揚升之虞時，經理人員會先行賣出票債券實現損益。最後，發現上一期營業準備之餘額對本期營業準備決策亦有顯著的影響。

After financial bill regulatory law entitled on 29th July 2001, Bureau of Monetary Affairs, the authorities to financial bill business line, had permitted financial bill companies to undertake new financial products but decrease their amounts of guarantee limits at the same time. And made them turn into real characters of broker and dealer of the financial bill business. By means of adequately enhancing the limits in repurchase or resale agreements trading and reducing the amounts of the inter-bank discounting and financing to the financial bill companies from others commercial banks in the meantime, the authorities is planning to enlarge operating scope for the financial bill corporations on the one hand, and control financial risks properly on the other.
The main purpose of this thesis is to focus on impacts on managing behaviours of the financial bill corporations’ financial reports when the statutory times of the operating limit change. We are to explore the effects of allocating other expenses of the financial bill companies, profit and loss analysis due to bills and bonds trading and operating reserves, etc.
We are here to distinguish variables into two categories, discretionary variables and controllable variables. The discretionary variables are about analyzing the influences of managers’ incentives, while the controllable variables are related with the impacts of macroeconomic factors and other non-discretionary factors. The methodology to this thesis is to aim at the financial reports of the thirteen financial bill corporations (There were fourteen financial bill companies till the end of year 2003, and here we rule out one company whose data belongs to outlier) with time horizon from first quarter 1999 to forth quarter 2003, and chronologically divide the period into before-change to the statutory operating times of limit, which is from Q1st 1999 to Q2nd 2001 and after-change, which is from Q3rd 2001 to Q4th 2003.
We can conclude several points based on empirical result. Firstly, we exploit the student-t test and find that the variables of the amount of the financial bill guarantee and endorsement has statistical significance. This can sufficiently explain that the times of limit policy adopted the authorities that set the limit of the amount of the financial bill guarantee and endorsement has shown its effects. On the contrary, there is no statistical significance on the variables of the balance of the repurchase and resale agreement (RP-RS) enlarged by the authorities, indicating that this limit relief to the RP-RS trading balance shows little use to financial bill business.
Secondly, through analysing discretionary variables points of view we find that managers to those financial bill companies will be influenced by P&L due to the bills and bonds transactions when they are making decisions on how to allocate the other-expense. And the managers will also take advantage of altering the P&L due to the bills and bonds trading to manipulate figures of earnings. The motives to the managers are not only that the managers can adjust P&L due to transactions and other operating expenses alternately, but also that those managers significantly are driven by bonuses rewards according to the earnings management hypothesis. After cutting off three financial bill corporations who had tried to greatly write off non-performance loan during the after-change data period, we find that the executive persons will actively fulfill with the allocation of the operating reserves, which come from realising the P&L due to the trading of the bills and bonds as much as possible. Consequently, we find that the more multiples of the repurchase and resale agreement, the more operating reserves the managers will allocate.
Thirdly, from the controllable variables of the research we find that when the managers expect that interest rates are potentially going up due to blooming stock market the managers would sell out their positions to realise profit. And that ex balances of the operating reserve are also shown us the significant impacts on current balances.

目 錄
第一章 緒論…………………………………………………………………1
第一節 研究背景…………………………………………………………………..1
第二節 研究動機…………………………………………………………………..3
第三節 研究目的…………………………………………………………………..4
第四節 研究架構…………………………………………………………………..5
第五節 研究流程…………………………………………………………………..6
第二章 貨幣市場概述………………………………………………………7
第一節 貨幣市場定義……………………………………………………………..7
第二節 貨幣市場沿革……………………………………………………………..8
第三節 票券金融公司業務範圍…………………………………………………..13
第四節 貨幣市場交易工具………………………………………………………..15
第五節 貨幣市場交易實務………………………………………………………..19
第六節 票券金融公司之市場定位及未來發展…………………………………..22
第三章 文獻探討……………………………………………………………26
第一節 實證性會計理論…………………………………………………………..26
第二節 國內外文獻探討…………………………………………………………..30
第四章 研究設計……………………………………………………………46
第一節 變數說明…………………………………………………………………..49
第二節 估計模式…………………………..………………………………………57
第三節 資料收集及選樣過程……………………………………………………..58
第五章 實證研究結果………………………………………………………60
第一節 敘述統計分析……………………………………………………………..60
第二節 相關性分析………………………………………………………………..65
第三節 票券業法定操作倍數變動之直接效果…………………………………..67
第四節 票券業法定操作倍數變動對財務報表管理行為之影響………………..67
第六章 結論與建議…………………………………………………………79
第一節 結論………………………………………………………………………..79
第二節 限制及建議………………………………………………………………..80
參考文獻………………………………………………………………………………… 82
表 次
表1-1-1 票券金融公司相關法定操作倍數變動一覽表………………………………2
表2-2-1 票券金融公司基本資料………………………………………………………10
表2-2-2 貨幣市場大事紀………………………………………………………………12
表2-3-1 票券金融公司主要營業業務項目……………………………………………14
表2-4-1 貨幣市場工具之特性參考表…………………………………………………18
表2-6-1 88年1月至92年12月中央銀行重貼現率、擔保放款融通利率一覽表…23
表3-2-1 銀行資本適足率與盈餘、資本之調控問題相關國內文獻之整理…………37
表3-2-2 銀行資本適足率與盈餘、資本之調控問題相關國外文獻之整理…………43
表5-1-1 樣本資料敘述統計……………………………………………………………63
表5-2-1 其他營業費用提撥、買賣票債券損益、營業準備迴歸模型 Pearson相關係數分析…………………………………………………66
表5-3-1 票券金融公司辦理短期票券之保證、背書總餘額暨票債券附買回交易餘額t檢定結果………………………………………………………………67
表5-4-1 其他營業費用提撥之聯立方程式迴歸分析結果……………………………70
表5-4-2 買賣票債券損益之聯立方程式迴歸分析結果………………………………72
表5-4-3 營業準備之聯立方程式迴歸分析結果………………………………………75
表5-4-4 其他營業費用、買賣票債券利益、營業準備之聯立方程式迴歸分析結果 (13家票券金融公司資料)……………………………………………………76
表5-4-5 其他營業費用、買賣票債券利益、營業準備之聯立方程式迴歸分析結果(10家票券金融公司資料)……………………………………………………77
圖 次
圖1-5-1 研究流程圖……………………………………………………………………6
圖2-1-1 我國金融市場結構……………………………………………………………7
圖2-1-2 貨幣市場運作圖………………………………………………………………8
圖2-5-1 商業本票發行、買賣至兌償流程圖…………………………………………20
圖2-5-2 附買回、附賣回交易流程圖…………………………………………………21

參考文獻
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二、英文部份
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