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研究生:劉泰麟
研究生(外文):Tai-Lin, Liu
論文名稱:公司治理之增額除弊效果
論文名稱(外文):Incremental Information Content of Corporate Governance
指導教授:沈維民沈維民引用關係
指導教授(外文):William W. Sheng, Ph.D
學位類別:碩士
校院名稱:東海大學
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:2004
畢業學年度:92
語文別:中文
論文頁數:80
中文關鍵詞:公司治理盈餘管理財務預測誤差
外文關鍵詞:Corporate GovernanceEarning ManagementFinancial Forecast Error
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「公司治理」於1997年亞洲金融風暴後,逐漸受到我國財經主管機構注意,而在安隆(Enron)、世界通訊(WorldCom)等弊案爆發後,更加確立公司治理之重要性。台灣自2001年底修改公司法相關規定開始,陸續建立相關制度,而從制度建立到目前才短短幾年,公司治理是否在台灣發揮其功能,值得存疑。
根據經濟合作暨發展組織(OECD)及世界銀行建立之公司治理概念及架構,其功能可略分為「興利」與「除弊」兩個構面。就興利而言,國內外之文獻呈一致之結論,認為公司治理較佳可提高公司價值及績效,證明儘管台灣公司治理近幾年才真正確立其重要性,但在從前就已發揮其功能,僅是未在公司治理架構下進行。除弊方面,因「弊」包含許多面向,如決策失當、無效率及盈餘管理等,其中許多難以量化,因此本研究將除弊集中在較能量化之盈餘管理上,而在文獻中針對公司治理是否能夠抑制管理者盈餘管理有不一致之結論,可能是因文獻大多探討公司治理中之一環節,各環節並無一致之結論,無法呈現公司治理整體的效果,因此本文希望使用公司治理綜合指標,以探討公司治理之除弊效果。
影響盈餘管理的因素很多,如債務契約、財務預測等,公司治理可能也是眾多因素之一,但在台灣重視時間還尚短的情況下,公司治理可能無法成為一項獨立影響盈餘管理的因素,能夠顯著抑制管理者之行為,因此本研究除直接測試公司治理與盈餘管理之關係外,並將公司治理依附於公司上半年財務預測誤差,來間接測試整體公司治理是否具備除弊效果。實證結果如下:
1.在直接測試中,證實公司治理整體表現無顯著除弊效果。以台灣的時空背景而言,公司治理尚無法成為直接顯著影響盈餘管理之因素。
2.在間接測試中,本文將公司治理依附於財務預測誤差後,證實公司治理整體表現擁有增額除弊效果,且接近年底,除弊效果更為顯著。
3.機構投資人持股比率與公司治理相同,在台灣尚未成為一項獨立影響盈餘管理的因素,但具備增額資訊內涵,可抑制公司第四季為達成財測所進行的盈餘管理程度。
Since The Asian Financial Crisis arose in 1997, the government body of financial has noticed the issue of “Corporate Governance”, and after the scandal of Enron and WorldCom erupted, the importance of Corporate Governance has been more confirmed. From the end of 2001, Taiwan has begun to amend The Corporate Law and built some relevant system. Because the system was just established, it was still in doubt whether the Corporate Governance might work.
According to conception and structure built by OECD and World Bank, the function of Corporate Governance could be divided into two scopes: “to promote what is beneficial” and “to abolish what is harmful”. As far as the former is concerned, domestic and foreign literature had the same conclusion that effective corporate governance can enhance the value and performance of the corporations.
The function stood out although Corporate Governance has just been put into practice. As far as the latter is concerned, it includes inappropriate policy, inefficiency and earning management, and etc. Because they are not easily quantified, this paper is focus on earning management which could be quantified. In the literature whether Corporate Governance could inhibit earning management had different conclusion and the reason is that one segment of Corporate Governance was discussed but each had inconsistent conclusion. It could not show the overall effect of Corporate Governance; therefore, this paper is used to test “what is harmful” by Corporate Governance Integrative Index.
Many elements can affect earning management, such as debt contract, financial forecast and so on. Corporate management is perhaps one of those. In Taiwan, Corporate Governance has not become a significant element to inhibit earning management yet; accordingly, not only was the relationship between Corporate Governance and earning management researched but Corporate Governance was attached to financial forecast of corporations in thee first half year to indirectly test the incremental effect. The conclusions are as follows:
(1)In the direct test, there is not remarkable effect in ”what is harmful”. It proves under the circumstances of Taiwan, Corporate Governance is not a significant factor to affect earning management.
(2)In the indirect test, the variable of Corporate Governance attached to financial forecast error, the result showing that better Corporate Governance has incremental effect which can inhibit earning management of financial forecast in the second half year and the 4th quarter.
(3)The indirect test shows that institutional shareholdings have incremental effect in 4th quarter significantly. The outcome is similar with foreign literature, and in Taiwan its effect is especially in 4th quarter.
謝辭……………………………………………………………… Ⅰ
中文摘要………………………………………………………… Ⅱ
英文摘要………………………………………………………… Ⅳ
目錄……………………………………………………………… Ⅶ
圖目次…………………………………………………………… Ⅸ
表目次…………………………………………………………… Ⅹ
第一章 緒論
第一節 公司治理之概念界定及架構建立…………………… 1
第二節 研究動機及目的……………………………………… 4
第三節 研究問題……………………………………………… 6
第四節 研究架構……………………………………………… 7
第二章 文獻探討
第一節 公司治理之功能……………………………………… 9
第二節 盈餘管理文獻探討…………………………………… 16
第三章 假說建立及研究設計與模型
第一節 研究假說……………………………………………… 20
第二節 研究設計……………………………………………… 22
第三節 研究模型……………………………………………… 32
第四節 研究期間及樣本……………………………………… 34
第四章 實證分析
第一節 敘述統計及相關係數矩陣…………………………… 35
第二節 實證結果……………………………………………… 42
第三節 敏感性測試…………………………………………… 47
第五章 研究結論與限制
第一節 研究結論……………………………………………… 49
第二節 研究限制與建議……………………………………… 51
參考文獻 ………………………………………………… 52
附錄A:台灣公司治理近期之發展……………………… 58
附錄B:財務預測之法律責任及實質審閱之情形……… 61
附錄C:現金流量權及控制權之計算…………………… 64
附錄D:樣本公司之公司治理評分……………………… 75
中文部分
1.伍忠賢,民92,「公司治理的第一本書」,商周出版。
2.吳明儀,民86,「管理當局股權結構與盈餘管理相關性之研究」,國立中興大學會計研究所碩士論文。
3.林成章,民90,「台灣上市公司監察人監督績效之研究」,義守大學管理科學研究所碩士論文。
4.林宏明,民91,「交叉持股公司股價行為與盈餘管理關係之研究」,東吳大學會計研究所碩士論文。
5.林玉霞,民91,「臺灣上市公司代理問題、公司治理與股東價值之研究」,中原大學會計研究所碩士論文。
6.張睿棠,民92,「盈餘預測對盈餘管理影響之實證研究」,東海大學企業管理研究所碩士論文。
7.張瑞棻,民92,「股權結構與盈餘管理之相關性研究」,輔仁大學管理學研究所碩士論文。
8.柯承恩,民89,「我國公司監理體系間之問題與改進建議」,會計研究月刊,第173期與第174期,75-81與79-83。
9.高蘭芬,民91,「董監事股權質押之代理問題對會計資訊與公司績效之影響」,國立成功大學會計研究所碩士論文。
10.徐謝慈,民91,「管理當局盈餘預測品質聲譽、盈餘預測修正與盈餘管理關係之研究」,元智大學管理研究所碩士論文。
11.馬瑜霙,民91,「我國獨立董事與獨立監察人之屬性與盈餘管理之關聯性研究」,國立政治大學會計研究所碩士論文。
12.翁淑育,民89,「台灣上市公司股權結構、核心代理問題與公司價值之研究」,輔仁大學金融研究所碩士論文。
13.陳家慧,民89,「我國上市公司管理機制與盈餘管理相關性之實證研究」,國立政治大學會計研究所碩士論文。
14.許崇源、李怡宗、林宛瑩及鄭桂蕙,民92,「控制權與盈餘分配權偏離之衡量(上)」,貨幣觀測與信用評等:7月,15-31。
15.許崇源、李怡宗、林宛瑩及鄭桂蕙,民92,「控制權與盈餘分配權偏離之衡量(下)」,貨幣觀測與信用評等:9月,11-26。
16.彭政錦,民92,「董事會特性、股權結構及機構投資人持股與盈餘管理關連性之研究」,國立嘉義大學管理研究所碩士論文。
17.葉銀華、柯承恩及李德冠,民91,「公司監理機制對於關係人交易的影響」,2002年台灣財務學術研討會。
18.葉銀華、李存修及柯承恩,民91,「公司治理與評等系統」,商智文化出版。
19.謝文馨,民87,「家族企業管治機制與盈餘管理之關聯性研究」,東吳大學會計研究所碩士論文。
20.蘇玟夙,民92,「上市公司董事會特性與盈餘管理程度關聯性之研究」,國立高雄第一科技大學財務管理所碩士論文。
英文部分
1.Agrawal, A., and C. T. Knoeber, 1996, “Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.” Journal of Finance and Quantitative Analysis 31, 377-397.
2.Becker, C. L., Defond, M. L., Jiambalvo, J., and K. R. Subramanyam, 1998,“The Effect of Audit quality on Earnings Management.” Contemporary Accounting Research 15, 1-24.
3.Burgstahler, D., and I. Dichex, 1997, “Earnings Management to Avoid Earnings Decreases and Losses.” Journal of Accounting and Economics 24, 99-126.
4.Claessens, S., Djankov, S., Fan, J., and H. P. Lang, 1999b, “Expropriation minority shareholders: Evidence from East Asia.” Policy research working paper 2088, the World Bank.
5.Claessens, S., Djankov, S., Fan, J., and H. P. Lang, 2000, “The Separation of Ownership and Control in East Asian Corporation.” Journal of Financial Economics 58, 81-112.
6.Claessens, S., Djankov, S., Fan, J., and H. P. Lang, 2002, “Disentangling the Incentive and Entrenchment Effects of Large Shareholdings.” Journal of finance, forthcoming.
7.Credit Lyonnais Securities Asia, April 2001, “CG Watch: Corporate Governance in Emerging Markets”
8.DeAngelo, L. A, 1986, “Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders.” The Accounting Review: July, 400-420.
9.Dechow, P. M., Sloan, R.G. and A. P. Sweeney, 1995, “Detecting Earnings Management.” The Accounting Review: September, 193-225.
10.DeFond, M. L., and J. Jiambalvo, 1994, “Debt Covenant Violation and Manipulation of Accruals.” Journal of Accounting and Economics 17, 145-176.
11.Degeorge, F., Patel, J., and R. Zeckhauser, 1999, “Earnings Management to Exceed Thresholds.” The Journal of business: Jan, 1-33.
12.Healy, P. M, 1985, “The Effective of Bonus Schemes on Accounting Decision.” Journal of Accounting and Economics: April, 85-107.
13.Jackson S. B.,. and M K. Pitman, 2001, “Auditor and Earnings Management.” The CPA Journal: July, 38-44.
14.Jones, J. J., 1991, “Earning Management During Import Relief Investigation.” Journal of Accounting and Research: Autumn, 193-228.
15.Kasznik, R., 1999, “On the Association between Voluntary Disclosure and Earnings Management.” Journal of Accounting and Research 37, 57-81.
16.Klein, A., 2002, “Audit Committee, Board of Director Characteristics, and Earnings Management.” Journal of Accounting and Economics 33, 375-400.
17.La Porta, R., Lopez-de-Silanes F., and A. Shleifer, 1999, “Corporate Ownership Around the World.” Journal of Finance 54, 471-517.
18.McKinsey & Company, 2002 June, “Investor Opinion Survey”
19.Prowse, S., 1998, “Corporate Governance: Emerging Issues and Lessons from East Asia.” Responding to the Global Financial Crisis-World Bank mimeo.
20.Rajan, R., and L. Zingales, 1998, “Which Capitalism? Lessons from the East Asian Crisis.” Journal of Applied Corporate Finance 54, 471-515
21.Rajgopal, S., Venkatachalam M., and J. Jiambalvo, 1999. “Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings?“ Working paper, University and Washington and Stanford University.
22.Robb, S. W. G., 1998, “The Effect of Analysts’ Forecasts on Earnings Management in Financial Institutions.” Journal of Financial Research: Fall, 315-331.
23.Shleifer, A.,and R. Vishny,1997, “A Survey of Corporate Governance.” Journal of Financial Economics 52, 737-783.
24.Sandeep A. P., Amra B., and B. Liliance, 2002, “Measuring Transparency and Disclosure at Firm-Level in Emerging Markets.” Emerging Markets Review 3, 325-337
25.Warfield, T.D., Wild, J.J., and K. L. Wild, 1995, “Managerial Ownership, Accounting Choices, and Informativeness of Earnings.” Journal of Accounting and Economics 20,61-92.
26.Williams, P. A., 1996, “The Relation Between a Prior Earnings Forecast by Management and Analyst Response to a Current Management Forecast.” The Accounting Review, 53-71.
27.Xie, B., Davidson, W, N., and P, J DaDalt, 2003, “Earnings Management and Corporate Governance: the Role of the Board and the Audit Committee ”Journal of Corporate Finance 9, 295-316.
28.Yeh, Y. H., Lee, T. S., and T. Woidtke, 2001, “Family Control and Corporate Governance: Evidence for Taiwan.” International Review of Finance 2, 2-48.
29.Yeh, Y. H., and T. S. Lee, 2002, “Corporate Governance and Corporate Equity Investments: Evidence from Taiwan.” The 9th Global Finance conference ,Beijing, China.
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