臺灣博碩士論文加值系統

DuCharme et al. (2004)指出公司在現金增資前存在操弄盈餘的行為，而審計相關文獻(e.g., Bonner & Lweis, 1990；Johnson et al., 1993；Balsam et al., 2003；Krishnan, 2003b等)亦發現會計師若為審計產業專家，對公司的盈餘管理則有相當程度的抑制作用。國內關於公司現金增資前是否存在盈餘管理行為的研究相對稀少，而且皆未考慮會計師產業專精程度在公司現金增資時所扮演的監理角色。本研究擬以台灣1996到2004年有現金增資的上市(櫃)公司為研究對象，探討現金增資公司是否在現金增資時存在顯著的盈餘管理行為。其次，如果會計師的審計專精程度愈高，愈能夠提供高品質的審計服務(Becker et al., 1998；Francis et al., 1999；Reynolds & Francis, 2000等)，則對其客戶操弄盈餘的行為有相當的抑制作用。因此，本研究將以會計師的審計產業專精作為審計品質的衡量變數，進一步探討會計師的產業專精程度在公司進行現金增資時所扮演的角色，亦即會計師的審計專精程度是否能有效抑制現金增資公司在現金增資時可能存在的積極性盈餘報導行為。
實證結果顯示：現金增資公司在現金增資當年度確實存在顯著較高的裁決性應計數，而會計師產業專精程度對於現金增資公司在現金增資當年度的積極性盈餘報導行為，並未發現有顯著的抑制作用。此研究結果可能得以呼應Louis & Robinson (2005)的研究發現，現金增資公司雖然有著較高的裁決性應計數，但其目的可能係在於釋放私有資訊，而不是要透過投機報導來誤導投資大眾，故產業專精程度高的會計師對其裁決性應計數不會有過多的抑制作用。

Earnings management remains a popular topic of debate and discussion among investor, regulator, and the public. Prior studies suggest that abnormal accounting accruals are unusually high around seasoned equity offers (SEO) and document that higher quality auditor did constrain the degree of earnings management. This study uses auditor industrial specialization to measure the audit quality and examines the relationship between auditor industrial specialization and seasoned equity offering firms’ aggressive earnings reporting behavior. The present study adopts 446 Taiwan SEO firms during the period 1996-2004 to examine whether the SEO firms did implement aggressive earnings reporting before they issue new equity.
It is found that the average discretionary accruals of SEO firms are higher in the year as they issue the new equity in opposition to the counterpart year before or after the SEO. In addition, the empirical result did not support the conjecture that auditor industrial specialization can constrain SEO firms’ aggressive earnings reporting behavior. Following Louis & Robinson (2005), who suggest abnormal accrual as a signal of managerial optimism rather than managerial opportunism reporting, the present study conjectures that the announcements of seasoned equity offering in Taiwan might be associated with managerial optimism signals. Thus, the incentive of auditor to constrain SEO firms’ aggressive earnings reporting behavior is decreased.

第一章 緒論 3
第一節 研究動機 3
第二節 研究目的 6
第三節 研究架構 7
第二章 文獻探討 8
第一節 現金增資與盈餘管理 8
第二節 產業專精與盈餘管理 10
第三節 現金增資盈餘管理與產業專精 12
第三章 研究設計 13
第一節 研究臆說 13
第二節 資料來源與樣本選取 15
第三節 變數的定義與模型的建立 20
第四章 實證結果 30
第一節 樣本敘述統計量 30
第二節 現金增資公司盈餘管理時點的單變量分析 34
第三節 多元迴歸分析 36
第四節 實證結果小結 40
第五章 敏感性分析 41
第一節 增加其他控制變數之測試 41
第二節 變更會計師產業專精衡量門檻之測試 44
第三節 樣本量的考量 50
第四節 敏感性分析小結 57
第六章 結論與建議 58
第一節 研究結論 58
第二節 研究限制 59
第三節 研究建議 60
參考文獻 61

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