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研究生:蔡昕志
研究生(外文):Hsin-Chih Tsai
論文名稱:權益市值高估、權益交易與盈餘管理誘因之關係
論文名稱(外文):The Incentives of Earnings Management Resulted From Overvalued Equity and Equity Transactions
指導教授:姜家訓姜家訓引用關係
指導教授(外文):Jia-Xun Jiang
學位類別:碩士
校院名稱:輔仁大學
系所名稱:會計學系碩士班
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:2007
畢業學年度:95
語文別:中文
論文頁數:69
中文關鍵詞:權益市值高估權益交易盈餘管理
外文關鍵詞:Overvalued EquityEquity TransactionsEarnings Management
相關次數:
  • 被引用被引用:6
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  • 評分評分:
  • 下載下載:105
  • 收藏至我的研究室書目清單書目收藏:0
本研究以1996年至2005年臺灣上市櫃公司為樣本,探討權益市值高估與盈餘管理之關係,以及權益市值高估與權益交易對於盈餘管理之影響。實證結果如下:
一、當公司於第t-1期有權益市值高估時,則公司於第t期愈會進行正向盈餘管理。這表示盈餘管理在某種程度上是前一期權益市值高估的副產品,即權益市值高估公司的經理人很可能從事盈餘管理並且報導高的應計。
二、若公司於第t期有內部人出售持股或是於第t期或第t+1期有現金增資時,公司因第t-1期有權益市值高估而進行正向盈餘管理的程度會增強。這表示當公司價值被不當高估時,經營者為了增加自己所持權益的價值,或是為能於現金增資的過程中獲取最多的資金,將會致力於操縱公司之盈餘。
This thesis examines the effects of equity overvaluation and equity transactions on earnings management. The sample consists of observations selected from listed and over-the-counter companies in Taiwan from 1996 to 2005. The empirical results are summarized as follows.
1.As firm’s equity was overvalued in prior year (t-1), the magnitude of income-increasing earnings management will get higher.
2. When firms plan to issue new shares or insiders plan to sell their shares in the future, the income-increasing earnings management resulted from equity overvaluation will get higher.
In sum, these findings suggest that earnings management is partly a byproduct of equity overvaluation. In other words, the managers of overvalued firms more likely engage in income-increasing earnings management. In addition, equity transactions will exacerbate the effects of equity overvaluation on earnings management.
表 次 ………………………………………………………………………… ii
圖 次 ………………………………………………………………………… iii
第一章 緒論…………………………………………………………………… 1
第一節 研究動機…………………………………………………………… 1
第二節 研究目的與架構…………………………………………………… 5
第三節 論文架構…………………………………………………………… 7
第二章 文獻探討……………………………………………………………… 8
第一節 權益市值高估之代理成本………………………………………… 8
第二節 權益交易與盈餘管理之關係的相關研究………………………… 17
第三節 衡量應計品質之相關文獻………………………………………… 21
第三章 研究方法……………………………………………………………… 31
第一節 研究假說之發展…………………………………………………… 31
第二節 實證模式之建立…………………………………………………… 34
第三節 樣本選取…………………………………………………………… 42
第四章 實證結果……………………………………………………………… 45
第一節 敘述統計…………………………………………………………… 45
第二節 單變量分析………………………………………………………… 47
第三節 多元迴歸分析……………………………………………………… 50
第四節 敏感度分析………………………………………………………… 58
第五章 研究結論、限制與建議………………………………………………… 63
第一節 研究結果之彙述…………………………………………………… 63
第二節 研究限制…………………………………………………………… 64
第三節 研究建議…………………………………………………………… 65
參考文獻………………………………………………………………………… 66
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周玲臺、林修葳與張文靜,2003,內部人持股持續變動公司之盈餘管理行為特性,會計評論第37期。
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