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研究生:柯君衛
研究生(外文):Ko, Jin-Wei
論文名稱:臺灣上市公司現金增資前盈餘操縱之研究
論文名稱(外文):The Association Between New Equity Issues of Listed Firms and Earnings Manipulation in Taiwan: An Empirical Investigation
指導教授:蔡國權蔡國權引用關係
指導教授(外文):Choi Kok-Kun
學位類別:碩士
校院名稱:淡江大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:1997
畢業學年度:85
語文別:中文
論文頁數:80
中文關鍵詞:盈餘操縱裁決性應計項目
外文關鍵詞:Earnings ManipulationDiscretionary Accruals
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  本研究之主要目的係探討台灣上市公司於現金增資前進行盈餘操縱
之問題.由於上市 公司欲以現金增資方式籌措特定投資計畫或改善財
務狀況的資金時,必須符合公司法中關 於公開發行新股的規定,同時
在面對證券承銷商和投資大眾對於此現金增資之評估,公司 的獲利狀
況必是焦點所在.於是上市公司為求順利通過現金增資案,並成功籌得所
需資金 ,管理當局存在誘因進行盈餘操縱,藉由會計資訊的調控,以
期增加自身的利益.   從Healy (1985)以應計項目測試紅利
計畫假設之後,關於盈餘操縱的研究幾乎都將方 向擺在管理當局利用
應計項目的調整以達到合意的盈餘目標上.本文亦將上市公司現金增
資前操縱盈餘的方法定位在應計項目的調控上,並假設操縱的時間為現金
增資之前一年度 ,進行實證研究.

  根據實證研究之結果顯示,台灣上市公司於現金增資前一年,管理當
局以增加裁決性 應計項目的方法提高盈餘,此現象足以證明盈餘操縱
之存在.同時在刪除掉可能削弱研究 模型偵測能力的連續現金增資樣
本公司後,上市公司現金增資前一年度裁決性應計項目增 加的現象則
顯得更顯著.

  同時,我們亦發現到當年度裁決性應計項目,在現金增資後出現減少
的現象,推論為 管理當局將現金增資前一年度調整增加的裁決性應計
項目於現金增資當年度迴轉的結果.
The purpose of this research is to identify any empirical
evidence of the association between new equity
issues of listed firms and earnings manipulation in
Taiwan. Those firms that plan to raise fund for their investment
plans or improvement of their financial position
must comply with the stipulation of the corporate law.
Since profitability is a primary determinant of the evaluation
decision of the underwriters and investors, the management of
the firms contemplating to issue new equity
stocks have strong motives to manipulate their
earnings level, if they want to pass through the review process
of the Security Exchange Commission of Taiwan and
raise their needed fund successfully. At the same time,
this manipulative attempt will also increase their personal
wealth.

Since empirical research for detecting managerial manipulation
of earnings has been concertrated on uncovering evidence
of manipulating accruals since the effort of Healy
(1985), this study will follow the same track by examining
empirical evidence of accrual manipulation a year before the new
equity issues. We believe that the effect of
manipulating accrual a year before their intended
issuing date is the strongest and most effective to
accomplishing their goal. Our result strongly
supports our hypothesis that managerial manipulation of
earnings through accrual exists a year before new equity issues
in Taiwan. The management of these listed firms
increase their discretionary accruals to enhance
their earnings levels. After deleting firms that have new equity
issues that are two years or more apart, the
ststistical result is even more significant.
We also observe that discretionary accruals decrease immediately
after new equity issues. We infer that such decrease is due to
the "write-off" of the discretionary accruals that
were created before the new equity issue.
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