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研究生:黃馨萩
研究生(外文):Shin-Chiou Huang
論文名稱:會計七號公報修正版對台灣國際企業股權代理成本之影響
論文名稱(外文):The Effect of Revision on the SFAS No.7: Evidence from Equity Agency Costs of Taiwanese MNCs
指導教授:江怡蒨江怡蒨引用關係
指導教授(外文):Yi-Chein Chiang
學位類別:碩士
校院名稱:逢甲大學
系所名稱:國際貿易所
學門:商業及管理學門
學類:貿易學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:88
中文關鍵詞:國際化事件研究法股權代理成本財務會計準則公報第七號 (七號公報合併財務報表)
外文關鍵詞:event studyinternationalizationequity agency costSFAS No.7 (Concolidated financial statement)
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2005年前對於應列入合併報表之關係企業的分界十分寬鬆,而且僅要求上市公司公佈合併年報,即使企業自願公佈合併半年報,亦不須經董事會通過及會計師查核,嚴重的訊息不透明,公信力不足與訊息落後等問題,使得股東難以透過合併財務報表監控經理人的行為,因而衍生出股權代理問題。2005年會計七號公報修正版實施後,公司合併財務報表資訊透明度與公信力應大幅提升,資訊落後的情形也可能因合併半年報的實施改善,預期可以減緩經理人與股東間的股權代理問題。
本文研究取2000年至2007年發行債券與現金增資之台灣上市公司為樣本,探討2005年會計七號公報修正版實施後,股東財富效果是否有所改變。研究結果發現:(一) 過去宣告發行證券時,國際化企業負向股東財富效果大於國內企業,且國際化程度越高,負向股東財富效果越大。該現象已於七號公報修正版實施後改善。(二) 過去宣告發行證券時,國際企業股權代理成本較之國內企業帶來更大負向股東財富效果。而在七號公報修正版實施之後,此情形有趨緩的現象。(三) 過去宣告發行證券時,國際化程度較高之企業其股權代理成本較國際化程度較低者帶來更大負向股東財富效果。而在七號公報修正版實施之後,此情形並未有趨緩的現象。除此之外,本研究也發現相較於投資人的反應,七號公報修正版實施對多國籍企業之實際公司績效造成的正面影響較大。
Before 2005, firms only need to prepare annual consolidated financial statement, and the criteria of involving subsidiary into consolidated financial statement are extremely strictless. Even though some firms are willing to prepare semi-annual consolidated financial statement, the approving by board of director and accountant is still unnecessary. Stockholder supposed could monitor manager through consolidated financial statement, however, lag information and lack of information authentic and transparency difficult the monitoring behavior, which lead to serious equity agency problem. After implementing revisional SFAS No.7, the problem of lag information and lack of information authentic and transparency phenomenon shall be improved, and expected to diminish agency problem between manager and stockholders.
Using data from Taiwanese listing firms issuing bonds and equity from 2000 to 2007 to study that is shareholder wealth effects changed after implementing revisional SFAS No.7. The empirical result shows that revisionary SFAS No.7 reduced the difference of shareholder wealth effects of security offering announcement between MNCs and DCs (and between high and low involved MNCs); and reduced the difference of shareholder wealth effects of security offering announcements associated to equity agency costs between MNCs and DCs. However, the empirical result doesn’t support the hypothesis:New SFAS No.7 reduces the difference of shareholder wealth effects of security offering announcements associated to equity agency costs between high and low involved MNCs. We also find that compare to the shareholders’ wealth effect, the effect of new SFAS No.7 on firm performance are more positive for MNCs than DCs.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 論文架構 3
第二章 文獻回顧 5
第一節 代理成本 5
第二節 國際化與代理成本 10
第三節 合併財務報表發展沿革 12
第四節 合併財務報表相關文獻 20
第三章 研究設計與方法 22
第一節 研究假說 22
第二節 研究樣本與資料來源 24
第三節 研究變數 26
第四節 實證模型 29
第四章 實證結果與分析 33
第一節 樣本敘述統計 33
第二節 事件研究 36
第三節 複迴歸 37
第四節 其他實證測試結果 52
第五章 結論與建議 59
第一節 結論 59
第二節 建議 61
參考文獻 62
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