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研究生:陳慧美
研究生(外文):HUI-MEI CHEN
論文名稱:盈餘管理與財務特性,股票報酬關聯性之探討
指導教授:羅容恆羅容恆引用關係
指導教授(外文):Lo,Henry Y.
學位類別:碩士
校院名稱:國立中山大學
系所名稱:財務管理學系研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
畢業學年度:92
語文別:中文
論文頁數:71
中文關鍵詞:股票異常報酬財務特性裁決性應計項目盈餘管理
外文關鍵詞:discretionary accrualfinancial characteristicearning managementstock abnormal return
相關次數:
  • 被引用被引用:29
  • 點閱點閱:439
  • 評分評分:
  • 下載下載:112
  • 收藏至我的研究室書目清單書目收藏:6
本研究主要目的在觀察台灣上市公司盈餘管理與財務特性、股票報酬之關連性,參考Barton (2001)的研究,以The Modified Jones Model估計裁決性應計項目,觀察財務特性對管理階層在運用裁決性應計項目決策上之影響及不同產業在盈餘管理程度是否有顯著差異,並進一步檢視盈餘平穩反應於股票報酬之情形。
本研究係以民國80年1月至民國90年12月我國各產業上市公司為對象(排除金融保險及綜合產業),共計115家公司,就盈餘管理與財務特性、股票報酬關聯性所作之探討,除了就整體樣本公司作分析外,亦針對不同產業間其盈餘管理是否有顯著差異及損益平穩對股票報酬影響作分析,結果發現:
一、 就整體樣本而言,債務風險、銷貨成長率與管理階層持股比率與盈餘管理程度呈顯著正相關,顯示債務風險、銷貨成長率及管理階層持股比率愈高的公司其利用裁決性應計項目進行盈餘管理的幅度愈大。若以個別產業而言,僅電子業債務風險、銷貨成長率與盈餘管理程度呈顯著正相關的現象。

二、 整體而言,公司規模與股票累積異常報酬有顯著負向關係,就個別產業來看食品業、紡織業、電機業、塑化業、建築業及服務業為顯著負相關。而損益平穩與股票累積異常報酬間呈現顯著正向關係,以個別產業而言,紡織業、電子業及塑化業為顯著正相關。
頁 次
第一章 緒論 1
第一節 研究動機 2
第二節 研究目的 5
第三節 研究流程 7
第四節 論文架構 8

第二章 文獻探討 9
第一節 盈餘管理與財務特性 9
第二節 盈餘管理與股票報酬 19

第三章 研究設計 23
第一節 研究假說 23
第二節 變數衡量 26
第三節 實證模型 34
第四節 樣本資料來源 35

第四章 實證結果及分析 37
第一節 研究期間與樣本選取 37
第二節 樣本資料敘述統計及相關性分析 40
第三節 實證結果分析 48

第五章 結論與建議 56
第一節 研究結論 56
第二節 研究限制 58
第三節 後續研究建議 59

參考文獻 60
參考文獻
中文部份:
金成隆、林修葳與林美鳳,2002,新上市公司強制性財務預測誤差之研究,2002財務金融學術研討會(台中)
林嬋娟、洪櫻芬與薛敏正,1997,財務困難公司之盈餘管理實證研究,管理學報,第十四卷,第一期:15-38
林嬋娟、薛敏正及蘇逸穎,2002,,預期盈餘與盈餘平穩化實證研究,證券市場發展季刊,第十四卷,第1期:139-148
林坤霖,1998,上市後盈餘管理與盈餘資訊關係之研究,會計研究月刊,第151期:123-133
吳明儀,1996,管理當局股權結構與盈餘管理相關性之研究,國立中興大學會計究所未出版之碩士論文。
馬鳳禧,2002,會計保守性對盈餘品質之影響及與股票報酬之關連性,國立台灣大學會計研究所未出版碩士論文
張文靜,2000,盈餘管理的特性與審計品質之影響,國立政治大學會計研究所未出版碩士論文
張天桂,2001,裁決性應計項目與股票報酬之關聯性,國立台北大學會計研究所未出版碩士論文
楊承澔,2002,景氣循環與企業經營績效、盈餘管理關連性之探討,國立政治大學會計研究所未出版碩士論文
蔡建樹譯,1997,初級計量經濟學,台北,台灣西書出版社





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