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研究生:林怡君
研究生(外文):Yi-chun Lin
論文名稱:衍生性金融商品影響盈餘管理決策之探討-以電子業為例
指導教授:蔡彥卿蔡彥卿引用關係
指導教授(外文):Yann-ching Tsai
學位類別:碩士
校院名稱:中國文化大學
系所名稱:會計研究所
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:2002
畢業學年度:90
語文別:中文
論文頁數:72
中文關鍵詞:衍生性金融商品裁決性應計項目
外文關鍵詞:financial derivativesdiscretionary accruals
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本研究以台灣證券交易所民國87年至89年間上市電子資訊公司為研究對象。探討操作衍生性金融商品與操縱裁決性應計項目,在經理人員欲達到一定水準的損益平穩決策時,兩者是否具部分可替代性。並分析衍生性金融商品之避險操作,其可能原因是否來自於代理問題、財務危機成本、成長性機會、匯率風險暴露程度、企業規模、避險替代工具,亦或是其他原因所致。
實證結果發現經理人員確實會藉由操作衍生性金融商品或是操縱裁決性應計項目來管理盈餘,且兩者呈顯著負相關,也就是在維持損益平穩化的管理決策上,兩者具部分可替代性。另外,研發比率、外銷比率及公司規模與是否使用衍生性金融商品避險之決策,呈顯著正相關,與預期結果相符。而經理人員之酬勞、經理人員之持股比率、短期借款比率及淨營運循環等衡量變數與預期方向相反,其中經理人員之酬勞、經理人員之持股比率未達顯著水準。在衍生性金融商品使用程度上,經理人員之酬勞、負債比率及股利發放等衡量變數有顯著正相關效果,與預期結果相符。而短期借款比率則顯著與預期方向相反。
This research is targeting on the public trading electronic companies listed on the Taiwan Stock Exchange Corporation for the period between 1998 and 2000. It tries to discuss the managers using derivatives and discretionary accruals as partial substitutes for smoothing earnings, and analyze the reasons behind financial instruments hedging whether these hedging activities are resulted from the behaviors of the managements, financial debt, growth option, risk exposure, firm size, dividend policy, liquidity, or the other reasons.
The results find a significant negative association between derivatives’ notion amounts and proxies for magnitude of discretionary accruals. In addition, the R&D ratio, the exporting ratio and the firm size positively correlated with using of the derivative hedging, which is consistent with our prediction. And the bonus of CEO, the stock of CEO, short debt ratio and cash cycle are negatively association with the using hedging activities, which is not consistent with our expectations. However, the proxy for the bonus of CEO and the stock of CEO did not meet the standard of significant negative association. The bonus of CEO, debt-equity ratio and dividend yield positively corre-lated with derivative hedging scale, which is consistent with our prediction. The short debt ratio is significant negative with our prediction.
內容目錄
中文摘要 ..................... iii
英文摘要 ..................... iv
誌謝辭  ..................... v
內容目錄 ..................... vi
表目錄  ..................... viii
圖目錄  ..................... ix
公式目錄 ..................... x
第一章  緒論................... 1
  第一節  研究動機與目的............ 1
  第二節  研究流程............... 3
  第三節  研究架構............... 4
第二章  文獻探討................. 5
  第一節  衍生性金融商品與避險之定義...... 5
  第二節  企業避險之決定因素之相關文獻..... 6
  第三節  盈餘管理............... 13
第三章  研究方法................. 24
  第一節  研究架構............... 24
  第二節  研究假說............... 25
  第三節  研究方法............... 29
  第四節  資料來源與樣本之選取......... 32
  第五節  變數定義與衡量............ 33
第四章  實證結果................. 37
  第一節  基本資料分析............. 37
  第二節  衍生性金融商品避險規模之各衡量變數相關
分析................. 38
第三節 操作衍生性金融商品與操縱裁決性應計項目
對盈餘變動之影響........... 41
  第四節  企業操作衍生性金融商品與否之決定因素比
較.................. 44
  第五節  衍生性金融商品與裁決性應計項目之關聯性 47
  第六節  與國內外研究之比較.......... 58
第五章  結論與建議................ 63
  第一節  研究結論............... 63
  第二節  研究貢獻............... 65
  第三節  研究限制............... 65
  第四節  研究建議............... 66
參考文獻 ..................... 67
表目錄
表 3-1 衡量變數彙整................ 36
表 4-1 使用衍生性金融商品與否彙整......... 37
表 4-2 使用衍生性金融商品規避風險類別彙整..... 38
表 4-3 衍生性金融商品商品敘述統計資料....... 39
表 4-4 DERIVATIVES與各衡量變數之相關分析..... 40
表 4-5 盈餘變異性衡量之敘述統計資料........ 42
表 4-6 盈餘變異性衡量與DERIVATIVES及DAC之相關分
析..................... 43
表 4-7 獨立樣本t檢定結果............. 46
表 4-8 各變數之敘述統計資料............ 48
表 4-9 主要變數與控制變數相關分析......... 49
表 4-10 各衡量變數皮爾森相關分析.......... 51
表 4-11 迴歸分析結果................ 56
圖目錄
圖 1-1 研究架構流程圖............... 3
圖 3-1 Standard logistic分配............ 30
公式目錄
公式 2-1 .................. 17
公式 2-2 .................. 18
公式 2-3 .................. 20
公式 2-4 .................. 21
公式 3-1 .................. 25
公式 3-2 .................. 31
公式 3-3 ................. 31
公式 3-4 .................. 31
公式 3-5 .................. 31
公式 3-6 .................. 33
公式 4-1 .................. 53
公式 4-2 .................. 53
公式 4-3 .................. 53
參考文獻
一、 中文部分
陳健行(1998),企業衍生性金融商品運用與避險因素之探討,私立淡江大學國際貿易研究所未出版之碩士論文。
陳靜修(1998),我國上市公司衍生性金融商品使用及財務報導之實證研究,國立成功大學會計學研究所未出版之碩士論文。
陳錦烽(1996),我國股票上市公司之實證研究-衍生性金融商品的使用及財務報導,會計研究月刊,126,25-30。
陳淑盈(1999),上市公司運用衍生性金融商品避險之研究,國立中興大學企業管理學系研究所未出版之碩士論文。
黃薏萍(2000),上市公司使用衍生性金融商品避險動機與行為之研究,國立成功大學國際企業研究所未出版之碩士論文。
盧婉甄(2001),台灣電子業使用衍生性金融商品避險之研究,國立台灣大學會計學系研究所未出版之碩士論文。
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