臺灣博碩士論文加值系統

資產負債表穩健與條件性穩健係兩項重要會計盈餘屬性(Francis 2004; Watts 2003a, 2003b)，過去研究發現條件性穩健能夠提升投資效率(Lara et al. 2009; Bushman et al. 2006)，除了能夠抑制過度投資，同時亦能夠減輕投資不足。本研究以1996至2007年台灣上市櫃公司為樣本，進一步探討條件性穩健提升投資效率之功能是否會受到資產負債表穩健程度之影響。本研究預期，對於投資機會缺乏之公司，當資產負債表穩健程度較低，則未來須認列資產價值減損之可能性較高，因此條件性穩健愈高，則愈有助於股東監督經理人決策，進而降低代理問題，故條件性穩健抑制過度投資之效果較明顯；對於投資機會較多之公司，當資產負債表穩健程度較低，則未來須認列資產價值減損之可能性較高，因此條件性穩健愈高，則愈有助於債權人降低公司融資成本，進而減少反向選擇現象，故條件性穩健減輕投資不足之效果較明顯。本研究發現，對於缺乏投資機會之公司，其條件性穩健程度愈高則過度投資之可能性愈低。再者，相較於資產負債表穩健程度較高者，資產負債表穩健較低之公司，其條件性穩健抑制過度投資之效果更強。此外，對於投資機會較多之公司，其條件性穩健程度愈低則投資不足之可能性愈低。然而，相較於資產負債表穩健較高者，資產負債表穩健較低者其條件性穩健能更加減輕投資不足效果並未得到支持。整體而言，本研究為資產負債表穩健對條件性穩健提升投資效率之影響提供了額外證據。研究結果顯示，未來從事有關條件性穩健與投資效率之研究有必要考量資產負債表穩健所扮演之角色。

Balance sheet conservatism and conditional conservatism are two primary earnings attributes(Francis 2004; Watts 2003a, 2003b), and previous studies suggests that conditional conservatism could enhance investment efficiency by curbing over-investment and mitigating under-investment(Lara et al. 2009; Bushman et al. 2006). In this study, I extend related studies by exploring whether the effect of conditional conservatism on investment efficiency depends on the level of balance sheet conservatism. I expect that for firms without investment opportunities, when balance sheet conservatism is low, the likelihood of future recognizing economic losses is higher; therefore, the effect of conditional conservatism on curbing over-investment is more prominent. For firms with abundant investment opportunities, when balance sheet conservatism is low, the likelihood of future recognizing economic losses is higher; therefore, the effect of conditional conservatism on mitigating under-investment is more prominent. The sample consists of observations selected from listed and over-the-counter companies in Taiwan from 1996 to 2007. The main findings are summarized as follows. First, for firms without investment opportunities, the likelihood of over-investment decreases as conditional conservatism increases. Besides, relative to firms with high balance sheet conservatism, the likelihood of over-investment decreases more as conditional conservatism increases for firms with low balance sheet conservatism. Second, for firms with abundant investment opportunities, the likelihood of under-investment decreases as conditional conservatism increases. However, relative to firms with high balance sheet conservatism, the effect of conditional conservatism on mitigating under-investment for firms with low balance sheet conservatism is not supported by the evidence. To sum up, this study provides evidence that balance sheet conservatism would influence the effect of conditional conservatism on enhancing investment efficiency. The findings of study show that it would be necessary to take the role of balance sheet conservatism into consideration for future study in the effect of conditional conservatism on enhancing investment efficiency.

目 錄
頁次
表次 vii
圖次 viii
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 6
第三節 論文架構 8
第二章 文獻探討 9
第一節 會計穩健性與代理問題 9
第二節 會計資訊提升投資效率之功能 17
第三章 研究方法 28
第一節 研究假說之發展 28
第二節 實證模式之建立 33
第三節 樣本選取 44
第四章 實證結果 47
第一節 敘述性統計 47
第二節 單變量檢定 51
第三節 多元迴歸分析結果 55
第四節 敏感性分析 59
第五章 研究結論、限制與建議 64
第一節 研究結論 64
第二節 研究限制 66
第三節 研究建議 67
參考文獻 68

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