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研究生:許永聲
研究生(外文):Yun-sheng Hsu
論文名稱:會計制度權責基礎差異與財務報表資訊品質:國際間之比較
論文名稱(外文):Do Accrual Accounting Standards Influence the Information Quality of Financial Statements: evidences from 17 countries
指導教授:王泰昌王泰昌引用關係
指導教授(外文):Taychung Wang
學位類別:博士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
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:2005
畢業學年度:93
語文別:中文
論文頁數:147
中文關鍵詞:盈餘管理權責基礎會計投資人保護價值攸關
外文關鍵詞:accrual-based accountinginvestor protectionearnings managementvalue relevance
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雖然權責基礎會計制度可改善現金基礎下收益與費用認列不一致的缺失、提高財務報表資訊的價值,但文獻上卻認為權責會計下的企業盈餘管理行為是一個普遍的現象,而且這個普遍的盈餘管理行為可能反而會減損財務報表的資訊價值。對此不利的影響,Hung (2001)認為可以利用提高投資人保護程度的方式降低企業投機性盈餘管理行為,以維護權責會計提高財務報表資訊價值的目的。

但本文認為Hung (2001)的觀點忽略了高投資人保護制度與權責會計之間的因果關係,以及資訊性盈餘管理存在的事實。本文修正Hung (2001)的研究,在權責會計為高投資人保護制度結果的基礎下,同時考慮資訊性及投機性盈餘管理行為,利用1991年至2002年間,17個國家共32,340個產業類公司的公司/年度觀察值進行分析,重新檢定投資人保護及權責會計對盈餘管理程度及財務報表資訊價值攸關程度的影響。

實證結果發現投資人保護會降低企業的盈餘管理程度,並且增加財務報表資訊價值的攸關程度。至於權責會計的影響,在低投資人保護的環境下,權責會計會促進企業的資訊性及投機性盈餘管理行為,在資訊性盈餘管理傾向的情況下,權責會計會增加財務報表資訊的價值攸關程度,但在投機性盈餘管理傾向的情況,則會降低此攸關程度;而在高投資人保護的環境,權責會計對企業資訊性或投機性盈餘管理行為的影響雖然並不明顯,但是在資訊性盈餘管理傾向的情況,權責會計會增加財務報表資訊的價值攸關程度,而且在投機性盈餘管理傾向的情況,並未發現權責會計對財務報表資訊的價值攸關程度有不利的影響。

此結果說明,就增加財務報表資訊價值的角度而言,在高投資人保護或企業盈餘管理行為傾向於資訊性盈餘管理的情況下,權責基礎是會計制度應採行的方向;但是在低投資人保護且企業盈餘管理行為傾向於投機性盈餘管理的情況下,採行權責會計制度之前,應先從提高投資人保護程度或改進企業的投機性盈餘管理行為著手。
Although accrual-based accounting can improve the temporal discrepancies between revenue and expense recognition found in cash-based accounting and raise the value of financial reporting information, the literature on the subject holds that earnings management behavior is a general phenomenon in accrual-based accounting, and that such earnings management behavior may impair the value of financial reporting information. On this disadvantageous influence, Hung (2001) holds that the method of raising the level of investor protection can lower opportunistic earnings management behavior in order to protect the goal of accrual-based accounting raising the value of reported financial information.

But this paper argues that Hung’s (2001) viewpoint ignores the causal relationship between a high level of investor protection and accrual-based accounting systems, and the fact that informative earnings management behavior also exists. The present study revises Hung’s (2001) research, by considering that on the basis of having accrual-based accounting as a result of a high level of investor protection, and at the same time considering informative and opportunistic earnings management behavior using 32,340 firms/year observations in 17 countries between 1991 and 2002, to retest the influences of investor protection and accrual accounting on the level of earnings management and the value relevance of financial statements information.

Empirical results uncovered that investor protection lowers the level of opportunistic earning management, and increases the value relevance of financial statements information. As far as the influence of accrual-based accounting goes, in an environment of low investor protection, accrual-based accounting promotes opportunistic and informative earnings management behavior of firms, and where there is a tendency towards informative earnings management behavior, accrual-based accounting increases the value relevance of financial statements information, but where there is a tendency towards opportunistic earnings management, the level of value relevance will be lowered; but in an environment of high investor protection, although the influence of accrual-based accounting on the informative and opportunistic earnings management behavior of firms is unclear, in situations in which there is a tendency towards informative earnings management behavior, accrual-based accounting increases the value relevance of financial statements information, and in situations where there is a tendency towards opportunistic earnings management behavior, there is no finding of a deleterious influence of accrual-based accounting on the value relevance of financial statement information.

The results explain that from the standpoint of increasing the value of financial statements information, in a situation with both high investor protection and a tendency towards informative earnings management by firms, accrual-based accounting is the direction in which the accounting system should go; but where there is low investor protection and a tendency for firms to engage in opportunistic earnings management behavior, there should first be an effort to raise the level of investor protection or change enterprises’ engaging in opportunistic earnings management behavior before adopting accrual-based accounting.
第一章 緒論…………………………………………………………1
第一節 研究動機 ……………………………………………………1
第二節 不同盈餘管理行為對財務報表價值攸關程度的影響……4
第三節 會計制度的權責差異與盈餘管理程度………………………6
第四節 會計制度的權責差異與財務報表價值攸關程度……………9
第五節 研究貢獻……………………………………………………10

第二章  文獻探討與假說建立……………………………………14
第一節 不同盈餘管理行為對財務報表價值攸關程度的影響…14
一、 盈餘管理對財務報表價值攸關程度的影響………………14
二、 判定盈餘管理傾向…………………………………………16
第二節 會計制度的權責差異與盈餘管理程度…………………17
一、 投資人保護程度對盈餘管理程度的影響…………………20
二、 權責會計對盈餘管理程度的影響…………………………22
三、 法律執行品質對企業盈餘管理程度的影響………………27
第三節 會計制度的權責差異與財務報表價值攸關程度……………27
一、 投資人保護程度對財務報表價值攸關程度的影響………29
二、 權責會計對財務報表價值攸關程度的影響………………31
三、 法律執行品質對財務報表價值攸關程度的影響…………36

第三章  變數衡量…………………………………………………37
第一節  衡量盈餘管理程度………………………………………37
一、 估計個別企業的非裁決性應計項目及盈餘管理程度……37
二、 估計國家別盈餘管理程度…………………………………43
第二節  衡量財務報表資訊的價值攸關程度……………………45
一、 衡量企業/年度別財務報表資訊的價值攸關程度………45
二、 衡量國家別財務報表會計資訊的價值攸關程度…………48
第三節  衡量權責基礎會計使用程度……………………………50
第四節  衡量投資人保護程度……………………………………53
第五節  其他國家別控制變數的衡量……………………………55
一、 衡量法律執行品質…………………………………………55
二、 衡量國家財富水準…………………………………………56

第四章  樣本選擇與敘述統計量…………………………………57
第一節  樣本選擇…………………………………………………57
第二節  敘述統計量………………………………………………57

第五章 研究設計與實證結果I:不同盈餘管理行為對財務報表
價值攸關程度的影響…………………………………………60
第一節  研究設計…………………………………………………60
一、 盈餘管理程度與會計資訊價值攸關程度的內生關係……60
二、 盈餘管理程度對會計資訊價值攸關程度的影響…………61
第二節  實證結果…………………………………………………66
一、 內生關係檢定………………………………………………66
二、 盈餘管理程度對會計資訊價值攸關程度的影響…………68

第六章 研究設計與實證結果II
:會計制度的權責差異與盈餘管理程度………………………………69
第一節  以國家別盈餘管理程度資料進行分析…………………69
第二節  以企業/年度別盈餘管理程度資料進行分析…………73
第三節 分析結果…………………………………………………77
一、 投資人保護制度的影響……………………………………77
二、 權責會計的影響……………………………………………78
三、 法律執行品質的影響………………………………………83
第四節 其他增額檢定……………………………………………84

第七章 研究設計與實證結果III
:會計制度的權責差異與財務報表價值攸關程度……………………86
第一節  以國家別財務報表價值攸關程度資料進行分析………86
第二節  以企業/年度別財務報表價值攸關程度資料進行分析89
第三節 分析結果…………………………………………………93
一、投資人保護制度的影響…………………………………………93
二、權責會計的影響……………………………………………………94
三、法律執行品質的影響………………………………………………97

第八章  結論………………………………………………………98
一、不同盈餘管理行為對財務報表價值攸關程度的影響………98
二、會計制度的權責差異與盈餘管理程度……………………………98
三、會計制度的權責差異與財務報表價值攸關程度………………100

參考文獻………………………………………………………………102




表目錄

表3.1 權責基礎會計使用程度指標…………………………………108
表4.1 樣本觀察值在國家別及年度別的分配狀況…………………111
表4.2 權責會計、投資人保護程度、國家別盈餘管理程度指標
與國家別價值攸關程度指標……………………………………112
表4.3 企業/年度別盈餘管理程度的敘述統計量…………………114
表4.4 企業/年度別財務報表資訊價值攸關程度的敘述統計量…115
表5.1 檢定內生性的Hausman Test…………………………………116
表5.2 盈餘管理程度對財務報表資訊價值攸關程度的影響
:以兩階段最小平方法(2SLS)的估計結果…………………………119
表6.1 盈餘管理程度、權責會計指標與投資人保護指標的
Pearson及Spearman相關係數………………………………………122
表6.2 投資人保護程度與權責會計使用程度對國家別盈餘管理程度
迴歸式之最小平方估計結果…………………………………………123
表6.3 企業/年度別盈餘管理程度資料分析結果(未考慮盈餘管理傾向)……125
表6.4 企業/年度別盈餘管理程度資料分析結果(考慮盈餘管理傾向)………127
表6.5 高投資人保護環境下,權責會計對資訊性及投機性盈餘管理程度的影響……………………………130
表6.6 投資人保護程度與權責會計使用程度對國家別盈餘管理程度
迴歸式之最小平方估計結果(樣本期間:1991年至1996年)……132
表6.7 企業/年度別盈餘管理程度資料的分析結果
(樣本期間:1991年至1996年)……………………………………134
表6.8 投資人保護程度與權責會計使用程度對國家別盈餘管理程度
迴歸式之最小平方估計結果(樣本期間:1997年至2002年)……136
表6.9 企業/年度別盈餘管理程度資料的分析結果
(樣本期間:1997年至2002年)……………………………………138
表7.1 財務報表資訊價值攸關程度、權責會計指標與投資人保護
指標的Pearson及Spearman相關係數……………………………140
表7.2 投資人保護程度與權責會計使用程度對國家別財務報表資訊價值攸關程度迴歸式之最小平方估計結果…………………………141
表7.3 企業/年度別財務報表資訊價值攸關程度資料分析結果
(未考慮盈餘管理傾向)……………………………………………143
表7.4 企業/年度別財務報表資訊價值攸關程度資料分析結果
(考慮盈餘管理傾向)……………………………………………145
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