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研究生:謝佩珊
研究生(外文):Pei-san Hsieh
論文名稱:國際多角化與會計保守性
論文名稱(外文):International diversification and accounting conservatism
指導教授:曹壽民曹壽民引用關係
指導教授(外文):Shou-Min Tsao
學位類別:碩士
校院名稱:國立中央大學
系所名稱:企業管理研究所
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:2011
畢業學年度:99
語文別:中文
論文頁數:47
中文關鍵詞:超額價值國際多角化會計保守性
外文關鍵詞:International diversificationaccounting conservatismexcess value
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本研究探討保守會計與國際多角化之間的關係以及國際多角化與保守會計如何影響公司價值。過去研究主要探討多角化策略與公司績效之間的關係以及股權結構對多角化績效的影響;有別於過去學者研究,本研究分別以保守會計的供給面與需求面探討國際多角化策略對保守會計之影響,並以三種不同的方式衡量會計保守性。
實證結果顯示,在不同保守會計衡量方法下,相較於無多角化公司,國際多角化公司會傾向使用保守會計政策,減少其資訊不對稱情形,並提供較具攸關與可靠的財務報導給外部使用人;可藉此推論出經理人係基於公司極大化價值為目標進行國際多角化策略。本研究進一步探討落實公司監理機制,為國際多角化公司帶來公司價值變動,實證結果指出當國際多角化公司採用保守會計作為公司監理機制時,仍會產生多角化溢價的現象,使公司價值增加幅度產生加乘效果。
This study examines how the extent of international diversification influence accounting conservatism and moderating role of accounting conservatism on the excess value attributed to international diversification. The empirical evidence reveals that the extent of international diversification is positively related to the likelihood to appoint high-conservatism. Further, Firms appointing high-conservatism suffer less diversification discount attributed to international diversification. Overall, our result are consistent with conjecture that high-conservatism is an effective mechanism to reduce agency cost arising from diversification.
摘 要 i
Abstract ii
誌 謝 iii
目 錄 iv
表目錄 vi
第一章 緒 論1
1.1 研究背景與動機1
1.2 研究目的2
第二章 文獻回顧4
2.1 國際多角化效益與成本相關文獻4
2.2 國際多角化與公司價值6
2.3 代理問題與保守會計 7
第三章 假說發展9
3.1 國際多角化對會計保守性的影響9
3.2 保守會計可以增強國際多角化對公司價值正向影響10
第四章 研究設計 12
4.1 主要研究變數之衡量 12
4.2 實證模型 15
第五章 實證結果分析19
5.1 選樣 19
5.2 敘述統計 21
5.3 國際多角化對會計保守性之影響25
5.3.1 市場基礎及應計基礎衡量會計保守性為應變數之迴歸結果 25
5.3.2 盈餘對好壞消息之不對稱反應衡量會計保守性之迴歸結果 27
5.2 國際多角化對公司價值影響29
第六章 敏感性測試32
6.1 以會計應計項目為基礎衡量會計保守性32
第七章 結論35
參考文獻 36
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