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研究生:張耀文
研究生(外文):Yao-wen Chang
論文名稱:股權私募對盈餘品質之影響-以資訊電子業為例
論文名稱(外文):The impacts of private equity on earnings quality
指導教授:林靜香林靜香引用關係
指導教授(外文):Ching-Hsiang Lin
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:財務管理所
學門:商業及管理學門
學類:財務金融學類
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:72
中文關鍵詞:盈餘保守性盈餘品質股權私募及時認列損失
外文關鍵詞:Earnings qualityPrivate equityLoss recognition timelinessEarnings conservatism
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我國於九十一年通過私募制度法案後,為企業帶來另一項新的集資管道,企業透過私募集資對財務報表盈餘品質的影響也備受投資大眾高度關注。本研究利用我國2006年1月至2008年6月間上市上櫃資訊電子業股權私募公司為樣本,延用Basu (1997)報酬迴歸模型之基本概念加入總私募持股率、法人持股率、內部人持股率以及是否私募發行及私募後是否擔任董事兩虛擬變數,探討私募發行股權公司其盈餘品質的變化?以及公司在揭露好消息及壞消息時,在盈餘品質方面是否有顯著之差異。

研究結果顯示:(1) 相較於沒有股權私募之公司,有私募發行的公司確實會有較高的盈餘品質;當總私募股數佔公司流通在外股數比例較高時,會有較好的盈餘品質。(2) 將私募總股數細分為法人持股以及內部人持股,發現外部機構法人持股數的增加確實提升整體公司之盈餘品質;內部管理階層持股比例愈高時,符合利益收斂假說,存在正面且顯著之影響亦會有較好之盈餘品質。(3) 若區分正報酬(好消息)及負報酬(壞消息)進行檢定,結果發現公司在面臨壞消息時,公司在損失認列方面會較具及時性,會有較佳之盈餘品質;反之,公司在宣告好消息時,對於利益之認列會有分期認列之現象,盈餘及股價報酬之關聯性會比公司在發佈壞消息時來的低。
Passage of the Private Placement Act during 2002 has brought new way of raising capital for enterprises. Therefore, investors pay closer attention to the earnings qualities of enterprises generated through private placement. This study using samples from electronic sectors which are listed in stock market in Taiwan during January, 2006 and June, 2008 to investigate whether earning qualities are influenced by private placement.

Our findings show: (1) The company with private placement will have the high earnings quality. Companies with higher private shares will have better earnings quality. (2) Institutional ownership improves earnings of quality. (3) Loss recognitions are timely and earnings quality are better when companies are facing bad news.
目錄
中文摘要  ------------------------------------------------------------------------------- i
Abstract ------------------------------------------------------------------------------ ii
誌謝 ------------------------------------------------------------------------------------ iii
目錄 ---------------------------------------------------------------------------------- iv
圖表目錄 ----------------------------------------------------------------------------- vi
第一章 緒論 ------------------------------------------------------------------------- 01
第一節 研究背景 ---------------------------------------------------------- 01
第二節 動機與目的 ------------------------------------------------------- 03
第三節 研究架構 ---------------------------------------------------------- 04
第二章 台灣私募市場之描述 ---------------------------------------------------- 06
第一節 股權私募之介紹 ------------------------------------------------- 06
第二節 股權私募之優缺點 ------------------------------------------------- 13
第三節 股權私募之運用 ------------------------------------------------- 16
第三章 文獻回顧 ------------------------------------------------------------------- 19
第一節 股權私募對公司價值影響之相關文獻 ---------------------- 19
第二節 盈餘品質之相關文獻 ------------------------------------------- 23
第三節 股權結構之相關文獻 ------------------------------------------- 25
第四章 研究假說與研究設計 ---------------------------------------------------- 27
第一節 研究假說 ---------------------------------------------------------- 27
第二節 研究設計 ---------------------------------------------------------- 31
第五章 實證結果 ------------------------------------------------------------------- 38
第一節 敘述性統計分析 ------------------------------------------------- 38
第二節 相關性分析 ------------------------------------------------------- 40
第三節 實證結果分析 ---------------------------------------------------- 42
第六章 結論與建議 ---------------------------------------------------------------- 55
第一節 研究結論 ---------------------------------------------------------- 55
第二節 研究限制 ---------------------------------------------------------- 56
第三節 研究建議 ---------------------------------------------------------- 56
參考文獻 ------------------------------------------------------------------------------- 57
中文部分 ---------------------------------------------------------------------- 57
英文部分 ---------------------------------------------------------------------- 59
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5.張書瑋,2007,“當私募基金來敲門--一種顛覆觀念的新財務工具 一種企業不得不思索的選擇”,會計研究月刊,260卷,頁27~40,7月。
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1. 1. 李永然,李宗憲,2005,“淺析「私募基金」與節稅運用”,實用稅務,369卷,頁42~48,9月。
2. 1. 李永然,李宗憲,2005,“淺析「私募基金」與節稅運用”,實用稅務,369卷,頁42~48,9月。
3. 2. 林佩蓉,2005,“私募型證券投資信託基金制度介紹”,證券暨期貨月刊,23卷,3期,頁42~47,3月。
4. 2. 林佩蓉,2005,“私募型證券投資信託基金制度介紹”,證券暨期貨月刊,23卷,3期,頁42~47,3月。
5. 4. 張文瀞,黃惠專,2005,“處分投資、盈餘平穩化與市場評價”,當代會計,6卷,2期,頁29~62,11月。
6. 4. 張文瀞,黃惠專,2005,“處分投資、盈餘平穩化與市場評價”,當代會計,6卷,2期,頁29~62,11月。
7. 5. 張書瑋,2007,“當私募基金來敲門--一種顛覆觀念的新財務工具 一種企業不得不思索的選擇”,會計研究月刊,260卷,頁27~40,7月。
8. 5. 張書瑋,2007,“當私募基金來敲門--一種顛覆觀念的新財務工具 一種企業不得不思索的選擇”,會計研究月刊,260卷,頁27~40,7月。
9. 6. 戚務君,陳宜伶,2008,“資本市場對盈餘品質的影響:來自台灣的證據”,管理評論,27卷,2期,頁53~69,4月。
10. 6. 戚務君,陳宜伶,2008,“資本市場對盈餘品質的影響:來自台灣的證據”,管理評論,27卷,2期,頁53~69,4月。
11. 7. 許純琪,2005,“我國私募基金的介紹與討論”,萬國法律,139卷,頁16~21,2月。
12. 7. 許純琪,2005,“我國私募基金的介紹與討論”,萬國法律,139卷,頁16~21,2月。
13. 9. 郭恆慶,2007,“認識私募基金”,信用合作,94卷,頁68~77,10月。
14. 9. 郭恆慶,2007,“認識私募基金”,信用合作,94卷,頁68~77,10月。
15. 10. 陳津美,施淑惠,2007,“私募基金所衍生金融及課稅問題之探討”,北商學報,12卷,頁1~15,7月。