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研究生:雲建裳
研究生(外文):Jian-Shang Yun
論文名稱:可轉換公司債發行與盈餘管理
論文名稱(外文):The Issuance of Convertible Bonds and Earnings Management
指導教授:張瑞當張瑞當引用關係
指導教授(外文):Ruey-Dang Chang
學位類別:碩士
校院名稱:國立中山大學
系所名稱:企業管理學系研究所
學門:商業及管理學門
學類:企業管理學類
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:62
中文關鍵詞:可轉換公司債盈餘管理裁決性應計數
外文關鍵詞:Earnings managementConvertible bondsDiscretionary accruals
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本研究以國內上市上櫃公司為樣本,檢驗公司在可轉換公司債發行年度與終止流通年度,是否從事盈餘管理行為以及在國內與國外發行之可轉換公司債的公司,其盈餘管理行為是否不同。本研究以流動裁決性應計項目作為盈餘管理的代理變數,並採用迴歸模型控制相關變數,以比較盈餘管理行為的變化。本研究結果發現,在可轉換公司債的發行年度公司會從事盈餘管理行為,而公司在不同國家發行可轉換公司債,其盈餘管理行為經檢驗後並無顯著不同;但若以2001年後的資料進行驗證,結果顯示發行海外可轉換公司債發行公司比僅在國內發行的公司有較少的盈餘管理行為。而可轉換公司債終止流通年度的盈餘管理行為驗證,其結果並不顯著,可能原因與樣本數量較少,以及部分企業可能並非以裁決性應計項目進行盈餘管理有關。
The purpose of the study is to use the data of the companies that are listed (including OTC) in Taiwan Stock Exchange to examine whether companies engage in earnings management in the years convertible bonds are issued and de-listed. We also want to know if there is any difference of earnings management whether convertible bonds are issued domestically or abroad. Discretionary current accruals are adopted as proxies for earnings management and the regression models are used to control the related variables. The empirical results indicate that companies conduct earnings management in the years convertible bonds are issued and there is no significant difference of earnings management whether convertible bonds are issued in Taiwan or abroad. However, the data after 2001 indicate that companies that issued convertible bonds abroad have less earnings management than those that issued convertible bonds domestically. The results also show no significant difference in the years convertible bonds are de-listed. The reasons may be due to the relatively small sample size or companies may not use discretionary accruals to conduct earnings management.
壹、緒論1
第一節、研究動機與目的1
第二節、研究流程 6
第三節、論文架構 7
貳、文獻探討與假說發展 8
第一節、可轉換公司債發行公司之長期績效與盈餘管理 8
第二節、海外與國內發行之可轉換公司債與盈餘管理 11
第三節、可轉換公司債發行動機與終止流通年度 14
參、研究設計 16
第一節、盈餘管理行為的衡量 16
第二節、驗證方式 19
第三節、樣本選取、資料來源與基本資料分析 22
肆、實證結果分析 26
第一節、樣本敘述性統計值 26
第二節、變數相關係數 29
第三節、發行當年與前、後年度流動裁決性應計項目差異分析 32
第四節、終止流通當年與前、後年度流動裁決性應計項目差異分析 40
第五節、敏感性分析 42
伍、結論與建議 48
第一節、研究結論 48
第二節、研究限制 50
第三節、研究建議 51
參考文獻 52
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