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研究生:林思育
研究生(外文):Szu-Yu Lin
論文名稱:重整公司盈餘品質之研究
論文名稱(外文):Restructuring Firms’ Earnings Quality—An Empirical Study
指導教授:鍾彩焱
指導教授(外文):Tasi-Yen Chung
學位類別:碩士
校院名稱:元智大學
系所名稱:會計學系
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:46
中文關鍵詞:重整裁決性應計項目品質盈餘品質
外文關鍵詞:RestructuringDiscretionary AccruaEarnings Quality
相關次數:
  • 被引用被引用:4
  • 點閱點閱:312
  • 評分評分:
  • 下載下載:6
  • 收藏至我的研究室書目清單書目收藏:0
Moehrle(2002)的研究認為,許多公司的管理階層都會為了:1.符合或超過分析師預期,2.避免盈餘降低,3.避免損失發生,而藉由重整行為所產生的重整費用來管理盈餘。故本研究欲針對公司重整是否會對其盈餘品質造成影響作一研究。

雖然Healy(1985)告訴我們盈餘對於公司評價是有用處的,但由於公司管理階層和外部財務報表使用者之間存在著資訊不對稱的關係,因此財務報表上的盈餘表達是真實的、亦或是人為操弄的,我們無從得知。故引起本研究之動機,即對公司盈餘品質之衡量。

Francis et al.(2005)藉由Dichow and Dichev(2002)的研究,成功的將裁決性應計品質求算出來,故本研究運用Francis et al.(2005)的實證方法,針對西元1993-2000年美國的重整公司作一探討,藉由其盈餘品質來檢驗公司管理階層是否有操弄盈餘的現象。

本研究的實證結果發現,裁決性應計項目品質確實可以將重整公司和無重整公司作一明確的區隔,也就是說重整公司的盈餘品質較差、管理階層操弄盈餘的程度較無重整公司來的大。
Moehrle(2002) regards restructuring charge reversals are associated with incentives to meet or exceed analysts’ forecasts, avoid earnings declines relative to prior-year levels, and avoid losses. In this study, I investigate whether the quality of earnings of those firms that have reported restructuring charges is low since restructurings can be related to earnings manipulations.

Although Healy(1985) consider the earnings is useful to evaluate a company. However, due to information asymmetry between managers and external financial statement users who rely on financial statement information to make investment and credit decisions, earnings quality is at the heart of financial reporting.

Based on Francis et al.(2005), I distinguish between accruals quality driven by economic fundamentals (innate AQ) versus management choices(discretionary AQ) and measure earnings quality of restructuring firms versus non-restructuring firms with discretionary AQ.

The empirical results indicates that there is a significant difference in discretionary AQ between restructuring and non-restructuring firms.. In another word, restructuring firm has poorer earnings quality and the higher degree of discretionary management choice.
誌謝I
中文摘要III
英文摘要IV
目錄V
表目錄VI
第一章 緒論1
第一節 研究動機1
第二節 研究目的3
第三節 研究架構4
第二章 文獻探討5
第一節 重整公司的定義5
第二節 應計基礎會計的使用7
第三節 盈餘品質與裁決性應計項目品質的關係9
第三章 研究設計13
第一節 研究假說13
第二節 實證模型及變數之定義與衡量16
第三節 資料來源及樣本選取標準20
第四章 實證結果與分析28
第一節 公司應計品質與盈餘間的關係28
第二節 公司裁決性應計品質與盈餘管理的關係32
第五章 研究結論與限制43
第一節 研究結論43
第二節 研究限制44
參考文獻45
表3-1 樣本選取流程22
表3-2 產業分類23
表3-3 重整樣本之產業分類26
表4-1 Modified DD model 各變數敘述性統計量表37
表4-2 Modified DD model 變數相關係數表38
表4-3 經由Modified DD model 所得出之應計品質(AQ)39
表4-4 Modified DD model之分類比較顯著性檢定39
表4-5 區別出裁決性應計品質模型之敘述性統計量40
表4-6 區別出裁決性應計品質模型變數之相關係數表41
表4-7 經由區別模型所得出之裁決性應計品質42
表4-8 區別模型之分類比較顯著性檢定42
一、中文部份

王宏文,地雷股盈餘管理行為之研究,國立政治大學會計研究所未出版碩士論文,89年度
吳宗祐,財務危機公司自發性重整行為宣告與股價異常報酬關聯性之研究,義守大學管理研究所未出版碩士論文,91年度
楊雅雯,會計師之產業專精及查核年資與盈餘品質之關係-績效調整後裁決性應計金額與應計項目估計誤差之衡量,輔仁大學會計學系未出版碩士論文,93年度

二、英文部分

Ball, R. and P. Brown, 1968, “An empirical evaluation of accounting income numbers,” Journal of Accounting Research 6, 159-78.
Beaver W. H. 1968. The Information Content of Annual Earnings Announcements. Journal of Accounting Research 6, 67-92.
Bradshaw, M., S. Richardson, and R. Sloan, 1999. Earnings Quality and Financial Reporting Credibility: An Empirical Investigation. Social Science Research Network (SSRN)
Daniel A Bens. 2002. The determinants of the amount of information disclosed about corporate restructurings. Journal of Accounting Research 40, 1-20
DeAngelo, L. E. 1986. Accounting numbers as market valuation substitutes: a study of management buyouts of public stockholders. The Accounting Review 61, 400-420.
Dechow, P., 1994. Accounting Earnings and Cash Flows as Measures of Firm
Performance: The Role of Accounting Accruals. Journal of Accounting and Economics 18, 3-42.
Dechow, P., R, Sloan and A, Sweeney, 1996 Cause and Consequence of Earnings
Manipulation: An Analysis of Firms Subject to Enforcement Actionsbe the SEC.Contemporary Accounting Research 13, 1-36.
Edward J Riedl. 2004. An Examination of Long-Lived Asset Impairments. The Accounting Review 79, 823-853
Elliott, J. A., and Hanna, J. D. 1996. Repeated accounting write-off and the information content of earnings. Journal of Accounting Research 34 (supplement), 135-155.
Francis, J, Hanna, J. Douglas, Vincent, L .1996. Causes and effects of discretionary asset write-offs. Journal of Accounting Research 34 (Supplement), 117-134.
Francis, J, Lafond.R, Olsson.P, Schipper.K. 2005. The market pricing of accruals quality. Journal of Accounting & Economics 39, 295-327
Healy, P.M. 1985. “The Effect of Bonus Schemes on Accounting Decision.” Journal of Accounting and Economics 7, 85-107
Healy, P. M. and J. M. Wahlen, 1999. A Review of The Earnings Management Literature and Its Implications for Standards Setting. Accounting Horizons 13, 365-383.
McNichols,M., 2002. Discussion of The quality of accruals and earnings: the roll of accrual estimation errors. The Accounting Review 77(supplement), 61-69
Moehrle.S.R, 2002.Do Firms Use Restructuring Charge Reversals to Meet Earnings Targets?The Accounting Review 77, 397-413
Rees, L., Gill, S., and Gore, R. 1996. Studies on recognition, measurement, and disclosure issues, Journal of Accounting Research, 34, 157-169.
Schipper, K., 1989. Commentary: Earnings Management, Accounting Horizons, 91-102.
Schipper, K. and L. Vincent, 2003, Earnings quality, Accounting Horizons 17, 97-110.
Sloan, Richard G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71, 289-315
Subramanyam, K. R., 1996. The Pricing of Discretionary Accruals. Journal of
Accounting and Economics 22, 249-281.
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