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研究生:洪睿禧
研究生(外文):Jui-hsi Hung
論文名稱:公司股權結構與盈餘管理、盈餘資訊內涵之關聯性
論文名稱(外文):Corporate Ownership Structure, Earnings Management and the Informativeness of Earnings
指導教授:林軒竹
指導教授(外文):Hsuan-chu Lin
學位類別:碩士
校院名稱:國立成功大學
系所名稱:會計學系碩博士班
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:2008
畢業學年度:96
語文別:中文
論文頁數:69
中文關鍵詞:股權結構盈餘資訊內涵盈餘管理
外文關鍵詞:the informativeness of earningsearnings managementownership structure
相關次數:
  • 被引用被引用:9
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  • 下載下載:19
  • 收藏至我的研究室書目清單書目收藏:2
本研究係探討公司股權結構與盈餘管理、盈餘資訊內涵之關係。台灣上市公司股權分散之型態僅為少數,主要是呈現股權集中的情形。控制股東是否會基於自利動機,剝奪少數股東的利益,利用會計選擇的彈性和自由,操縱盈餘以進行剝奪,並掩飾該行為,亦或為了政商間的利益關係,限制會計資訊流向外界,降低報導盈餘的透明度及可信度。此外,控制股東型態主要為家族或個人的台灣上市公司,是否更容易進行剝奪行為而操縱盈餘,對盈餘資訊內涵的影響為何,將一併探討。本研究以台灣證券交易所上市的公司為研究對象,研究期間為2002年至2006年。
實證結果顯示當控制股東的股份控制權越大、股份控制權與盈餘分配權的偏離程度越大,控制股東有可能為了私利,操縱盈餘以進行剝奪,並掩飾該行為產生的盈餘效果,且亦可能防止會計資訊洩漏予外界,故降低報導盈餘的可信度,進而降低盈餘之資訊內涵;此外,相對於其他控制型態,家族或個人控制的公司,對營運決策的參與程度大,越容易為了自身利益剝奪少數股東,並掩飾其剝奪行為及商業資訊。然而,實證發現家族或個人控制公司並不會明顯地影響盈餘之資訊內涵,可能因投資人認為,家族有將公司傳承予下一代的願景,對公司聲譽較為關心,故與公司價值密切連結,較不會操縱盈餘以進行剝奪。加上國內上市公司,大部分由家族或個人所控制,故投資人並不會因公司為此型態,就認定其較容易進行盈餘管理的行為,而不相信其報導盈餘。
This study examines the relationship between corporate ownership structure, earnings management and the informativeness of earnings. In Taiwan, many firms are controlled by controlling shareholders and relatively few firms are widely held. I investigate whether controlling shareholders benefit themselves at the expense of minority shareholders, use accounting accruals to manage earnings for expropriation, cover up the expropriation activities, and avoid accounting information flowing to the public for their rent-seeking activities, which in turn reduces corporate transparency and credibility. In addition, I also check how many Taiwanese listed firms are controlled by families or individuals, whether these public firms are likely to manage earnings for expropriation, and how earnings mangement affects the informativeness of earnings. The sample includes firms listed on the Taiwan Stock Exchange for the period 2002 through 2006.
My findings show that when controlling shareholders are entrenched by their voting power and there exists a large separation of the voting and cash flow rights, the controlling shareholders may manipulate earnings for expropriation, mask possible earnings effects, and avoid accounting information that would attract close monitoring by outsiders. Therefore, the credibility of accounting information is reduced, and the loss of credibility in earnings reports lowers the informativeness of earnings. Moreover, firms controlled by families or individuals usually have family members actively involved in the business. The controlling shareholders would benefit themselves at the expense of minority shareholders, bury the wealth effects of their expropriation activities, and cover up business information. However, I find that firms controlled by families or individuals do not lower the informativeness of earnings. The possible reason is that investors expect families have the incentives to pass on their business to future generations and to protect the firm’s reputation. The wealth of families is closely tied to firm value. Consequently, families are less likely to expropriate wealth from other shareholders through earnings management. Furthermore, since Taiwanese listed firms are mostly controlled by families or individuals, investors would not believe these firms are more likely to manage earnings, which in turn lower the informativeness of earnings.
第壹章 緒論 1
第一節 研究動機 1
第二節 研究背景與目的 1
第三節 研究架構 4
第貳章 文獻探討 5
第一節 股權分散與權益代理問題 5
第二節 各國股權結構之實證研究 5
第三節 台灣股權結構之實證研究 7
第四節 股權結構集中與偏離之可能因素 8
第五節 控制股東與核心代理問題 9
第六節 盈餘管理之定義與動機 10
第七節 盈餘管理之方式 16
第八節 偵測盈餘管理模型 19
第九節 盈餘資訊內涵之定義 27
第參章 研究設計 28
第一節 研究假說 28
第二節 控制股東股份控制權及盈餘分配權之衡量 33
第三節 研究模型與變數衡量 40
第四節 研究對象、期間及資料來源 45
第肆章 實證結果與分析 46
第一節 敘述性統計分析 46
第二節 實證結果與分析 49
第伍章 研究結論 55
第一節 研究結論 55
第二節 研究貢獻、限制與建議 57
參考文獻 59
附錄 66
中文部份
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林玉霞,台灣上市公司代理問題、公司治理與股東價值之研究,中原大學會計學系碩士學位論文,2002。
林詩韻,台灣上市公司股權結構與盈餘資訊內涵之關聯性研究,淡江大學會計學系碩士論文,2002。
胡詩佩,台灣上市公司盈餘分配權對策略與績效關係之研究—結構方程模式(SEM)之應用,國立中央大學企業管理研究所碩士論文,2004。
孫悅瑄,台灣上市公司股權結構、自由現金流量與過度投資關聯性之研究,2007。
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高國霖,台灣上市公司股權結構與資本結構之關聯性研究,國立政治大學會計研究所碩士論文,2003。
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許崇源、李怡宗、林宛瑩、鄭桂蕙,控制權與盈餘分配權偏離之衡量(上),貨幣觀測與信用評等雙月刊,第42期,頁15-31,2003。
許崇源、李怡宗、林宛瑩、鄭桂蕙,控制權與盈餘分配權偏離之衡量(下),貨幣觀測與信用評等雙月刊,第43期,頁11-26,2003。
陳俊宗,核心代理問題與盈餘管理關聯性之研究,國立中山大學企業管理學系碩士論文,2004。
黃淑琳,家族控制型態公司與盈餘管理關聯性之研究,天主教輔仁大學會計學系在職專班碩士論文,2005。
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