臺灣博碩士論文加值系統

由於中國股票市場具有非流通股不得上市流通的股權分置情形，從而導致大部分上市公司擁有股權高度集中且國有股一股獨大特性。中國證監會於2005年9月進行股權分置改革使得所有性質股份皆可上市流通，更於同年10月、12月相繼發佈實施股權激勵制度相關法令，因此在證劵市場與激勵制度健全情況下，本研究欲探討中國股權激勵、股權結構對盈餘管理的影響。本研究以2006年至2009年在中國上海及深圳證劵交易所上市的公司為研究樣本，在應變數方面以Kothari et al.(2005)提出的模型衡量盈餘管理程度，在自變數方面以管理者持股比例衡量股權激勵程度、使用赫芬德指數(Herfindahl Index)衡量股權集中度以及依最終控制者型態分為中央國有企業、地方國有企業與民營企業。

實證結果如下：(1)股權激勵程度與盈餘管理程度呈無顯著相關；(2)股權集中度與盈餘管理程度呈顯著正相關；(3)中央與地方國有企業盈餘管理程度小於民營企業；(4)中央國有企業盈餘管理程度小於地方國有企業；(5)股權集中於中央和地方的國有企業其盈餘管理程度小於股權集中於民營的企業；(6)股權集中於中央國有企業其盈餘管理程度小於股權集中於地方的國有企業。

The Chinese stock market has the characteristics of split-share structure due to the non-tradable shares cannot be listed, resulted in most of Chinese listed firms have characteristics of high ownership concentration and the dominance of state-owned shares. All types of shares can be traded because China Securities Regulatory Commission implemented split-share structure reform in September 2005, and announced relevance of equity incentive regulations in October and December 2005. Therefore, under the condition of the stock market and incentive systems are sound, this study examines the influence of equity incentive and ownership structure on earnings management in China. We use the firms listed on the Shanghai and Shenzhen Stock Exchange during the period of 2006 to 2009 as samples. In dependent variable aspect, the Kothari et al. (2005) model is used to measure the degree of earnings management. In independent variables aspect, the proportion of managerial ownership is used to measure the level of equity incentive, the Herfindahl Index is used to measure ownership concentration. The enterprises’ ultimate controller were divided into three types: central government, local government and private enterprises.

The empirical results are as follows: (1) the level of equity incentive has no significantly relationship with the degree of earnings management; (2) ownership concentration has significantly positive relationship with the degree of earnings management; (3) the degree of earnings management of central and local state-owned enterprises are weaker than private enterprises; (4) the degree of earnings management of central state-owned enterprises are weaker than local state-owned enterprises; (5) the effect of ownership concentration on earnings management is weaker in central and local state-owned enterprises than in private enterprises; (6) the effect of ownership concentration on earnings management is weaker in central state-owned enterprises than in local state-owned enterprises.

摘要I
AbstractII
目錄III
表目錄IV
圖目錄V
第一章 緒論1
第一節 研究背景與動機1
第二節　研究目的4
第三節　預期貢獻5
第四節 研究流程與論文架構6
第二章 文獻探討9
第一節 盈餘管理文獻回顧9
第二節 股權激勵制度與相關文獻回顧22
第三節 股權結構與相關文獻回顧31
第三章 中國股權激勵制度法律背景與股權分置改革42
第一節 股權激勵制度法律背景42
第二節 股權分置改革背景50
第四章 假說發展54
第五章 研究方法60
第一節 研究樣本與資料來源60
第二節 實證模型與變數衡量63
第六章 實證結果與分析70
第一節 敘述性統計與相關性分析70
第二節 實證迴歸分析78
第七章 結論與建議84
第一節 研究結論84
第二節 研究限制與後續研究建議86
參考文獻87

一、中文
毛洪濤、吳將君，2007，股權集中度與盈餘管理相關性實證研究，財會通訊，第4期：13-19。
王克敏、王志超，2007，大股東控制、高管激勵與盈餘管理-基於中國上市公司實證研究，會計與公司治理會議，中山大學現代會計與財務研究中心。
王克敏、王志超，2007，高管控制權、報酬與盈餘管理-基於中國上市公司的實證研究，管理世界，第7期：111-119。
王春娥、楊春溪，2007，各種盈餘管理模型預測能力比較研究-以我國上市公司電子產業為例，文大商管學報，第10卷第2期：65-94。
冉茂盛、向偉、羅富碧，2009，股權激勵與盈餘管理關係的實證研究-基於面板數據模型，財經論壇，第572期(4月)：362-363。
包世澤，2008，考慮委托代理衝突的公司治理與盈餘管理研究，大連理工大學企管系博士論文。
何凡，2010，股權激勵制度與盈餘管理程度-基於中國上市公司的經驗證據，中南財經大學學報，第179期：135-140。
何如，2006，股權分置改革操作實務與後股權分置時代，北京：華夏出版社。
吳婷婷，2007，中國證劵市場股權分置改革意願分析，國立成功大學財務金融研究所碩士論文。
吳萬益，2008，企業研究方法，台北：華泰文化事業股份有限公司。
李建然、許書偉、湯麗芬，2008，內部稽核品質與財務報表品質之關聯性，輔仁管理評論，第15卷第3期：33-62。
李常青、管連雲，2004，股權結構與盈餘管理關係的實證研究，商業研究，第303期：48-51。
李豔、馬昭，2010，我國上市公司股權結構對盈餘管理的影響實證研究，中國證劵期貨，第1期：11-13。
肖淑芳、張晨宇、張超、軒然，2009，股權激勵計畫公告前的盈餘管理-來自中國上市公司的經驗證據，南開管理評論，第12卷第4期：113-119。
官月緞，2003，中國大陸下市緩衝機制與盈餘管理之實證研究，國立政治大學會計系博士論文。
胡永純，1997，盈餘預測與盈餘管理之關聯性研究，國立中興大學會計系碩士論文。
夏立軍，2003，盈餘管理計量模型在中國股票市場的應用研究，中國會計與財務研究，第5卷第2期：94-154。
夏立軍、方軼強，2005，政府控制、治理環境與公司價值-來自中國證劵市場的經驗證據，經濟研究，第5期：40-51。
孫亮、劉春，2008，什麼決定了盈餘管理程度的差異：公司治理還是經營績效？-來自中國證劵市場的經驗證據，中國會計評論，第6卷第1期：79-92。
徐莉萍、辛宇、陳工孟，2006，控制股東的性質與公司經營績效，世界經濟，第10期：78-89。
耿照源、鄔咪娜、高曉麗，2009，我國上市公司股權激勵與盈餘管理實證研究，財經論壇，第286期：141-143。
高雷、宋順林，2007，董事會、監事會與代理成本-基於上市公司2002-2005面板數據的經驗證據，經濟與管理研究，第10期：18-24。
高雷、張杰，2008，公司治理、機構投資者與盈餘管理，會計研究，第9期：64-72。
陸劍橋，1999，中國虧損上市公司盈餘管理實證研究，會計研究，第9期：25-35。
黃志仁、廖彩伶、陳于格，2009，現金資增之盈餘管理行為：裁決性應計項目與業外損益之整合性決策，當代會計，第10卷第1期，63-98。
黃新建、張宗益，2004，中國上市公司配股中的盈餘管理實證研究，商業研究，第16期：4-7。
楊朝旭、吳幸蓁，2003，總經理薪酬績效敏感性、績效門檻與盈餘管理關聯性之研究，會計評論，第36期(1月)：55-87。
楊絢斐，2008，股權集中度與盈餘品質之關聯性研究-以中國大陸上市公司為例，國立成功大學財務金融研究所碩士論文。
葛文雷、姜萍，2007，我國上市公司盈餘管理程度與公司治理結構的實證研究，華東經濟管理，第21卷第4期：82-87。
廖秀梅、洪筱雯，2009，非審計服務、會計師任期與審計品質，當代會計，第11卷第2期：151-178。
劉芍佳、孫霈與劉乃全，2003，終級產權論、股權結構與公司績效，經濟研究，第4期：51-93。
劉鳳委、汪輝、孫錚，2005，股權性質與公司績效-基於盈餘管理基礎上的經驗分析，財經研究，第31卷第6期：96-106。
鄭石明，2008，地方政府在公司治理中的角色及其影響，廣東社會科學，第5期：37-41。
錢海婷，2008，大股東控制與上市公司盈餘管理關係實證分析，統計與信息論壇，第23卷第12期：68-71。
顧振偉、歐陽令南、秦默，2008，一股獨大與盈餘管理實證研究，管理論壇，第14卷第5期：54-59。
龔小鳳，2006，地方政府與上市公司盈餘管理-非經常性損益出台後的影響，華東經濟管理，第20卷第2期：121-126。

二、英文
Agrawal, A. 1990. Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis 25: 143-161.
Aharony, J., C. J. Lee, and T. J. Wong. 2000. Financial packaging of IPO firms in China. Journal of Accounting Research 38: 103-126.
Baker, T., D. Collins, and A. Reitenga. 2003. Stock option compensation and earnings management incentive. Journal of Accounting, Auditing, and Finance 18: 557-582.
Bartov, E. 1993. The timing of assets sales and earnings manipulation. The Accounting Review 68(4): 840-855.
Bartov, E., D. Givoly, and C. Hayn. 2002. The rewards for meeting-or-beating earnings expectations. Journal of Accounting Economics 33: 173-204.
Bartov, E., F. A. Gul, and J. S. Tsui. 2001. Discretionary accruals model and audit qualification. Journal of Accounting and Economics 30: 421-452.
Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of auditing quality on earnings management. Contemporary Accounting Research 15(1): 1-24.
Beneish, M. D., and M. E. Vargus. 2002. Insider trading, earnings quality, and accrual mispricing. The Accounting Review 77(4): 755-792.
Bergstresser, D., and T. Philippon. 2006. CEO incentive and earnings management. Journal of Financial Economics 80(3): 511-529.
Berle, A., and G. Means. 1932. The modern corporation and private property. MacMillan, New York, N. Y.
Brickly, J. A., R. C. Lease, and C. W. Smith. 1988. Ownership structure and finance economics. Journal of Finance Economics 20: 267-291.
Cahan, S. F. 1992. The effect of antitrust investigations on discretionary accrual: A refined test of the political-cost hypothesis. The Accounting Review 67: 77-95.
Chan, K. H., K. L. Lin, and P. L. Mo. 2006. A political-economic analysis of auditor reporting and auditor switches. Review of Accounting Studies 11: 21-48.
Chen, C. J. P., X. Su, and R. Zhao. 2000. An emerging market’s reaction to initial modified audit opinions: Evidence from the Shanghai stock exchange. Contemporary Accounting Research 17: 429-455.
Chen, G., M. Firth, and L. Xu. 2009. Does the type of ownership control matter? Evidence from China’s listed companies. Journal of Banking & Finance 33: 171-181.
Cheng, Q., and T. D. Warfield. 2005. Equity incentive and earnings management. Accounting Review 80(2): 441-476.
Chung, R., M. Firth, and J. Kim. 2002. Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance 8: 29-48.
DeAngel, H. 1988. Managerial competition, information costs, and corporate governance: The use of accounting performance measures in proxy contests. Journal of Accounting and Economics 10(1): 3-36.
DeAngel, L. E. 1986. Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The Accounting Review 61(3): 400-420.
DeAngelo, H., L. DeAngelo, and D. Skinner. 1994. Accounting choices in troubled companies. Journal of Accounting and Economics 17: 113-143.
Dechow, P. M., and R. G. Sloan. 1991. Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics 14: 51-89.
Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70: 193-225.
DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176.
DeFusco, R. A., T. S. Zorn, and R. R. Johnson. 1990. The effect of executive stock option plans shareholder and bondholders. Journal of Finance 45(2): 617-627
Dhaliwal, D. The effect of the firm’s capital structure on the choice of accounting methods. The Accounting Review 55: 78-84.
Ding, Y., H. Zhang, and J. Zhang. 2007. Private vs State ownership and earning management: Evidence from Chinese listed companies. Journal Corporate Governance: An International Review 15(March): 223-238.
Friedlan, J. M. 1994. Accounting choices by issuers of initial Public offerings. Contemporary Accounting Research 1: 1-31.
Healy, P. M. 1985. The effect of bonus schemes on accounting decisions. Journal of accounting and Economics 7: 85-107.
Healy, P. M., and J. M. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13:365-383.
Healy, P. M., and K. G. Palepu. 1990. Effectiveness of accounting-based dividend covenants. Journal of Accounting and Economics 12: 97-123.
Holthausen, R., D. Larcker, and R. Sloan. 1995. Annual bonus schemes and the manipulation of earnings. Journal of Accounting and Economics 19: 29-74.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, Agency costs and ownership structure. Journal of Financial Economics 3(4): 305-360.
Jian, M., and T. J. Wong. 2004. Earnings management and tunneling through related party transactions: Evidence from Chinese corporate groups. Working Paper. Hong Kong University of Science and Technology: 1-20.
Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29: 193-228.
Kaplan, S. N., and D. Reishus. 1990. Outside directorships and corporate performance. Journal of Financial Economics 27: 398-410.
Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33: 375-400.
Kothari, S. P., A. J. Leone, and C. E. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39: 163-197.
Krishnan, G. V. 2003. Does big 6 auditor industry expertise constrain earnings management? Accounting Horizons 17: 1-16.
Kuang, Y. 2008. Performance-vested stock options and earnings management. Journal of Business Finance & Accounting 35: 1049-1078.
LaPorta, R., F. Lopez-de-silanes, and A. Shleifer. 1999. Corporate Ownership Around theWorld. Journal of Finance 54: 471-517.
Li, D., F. Moshirian, P. Nguyen, and L. W. Tan. 2007. Managerial ownership and firm performance: Evidence from China’s privatizations. Research in International Business and Finance 21: 396-413.
Lopez, F. J., and P. Saona. 2005. Managers discretionary behavior, earnings management and internal mechanisms of corporate governance: Empirical evidence from Chilean firms. Working Paper. University of Valladolid: 1-22.
Ma, H., and R. W. Zhang. 2007. An empirical research on correlation of earnings management and ownership structure of Chinese listed companies. International Conference on Management Science & Engineering 14(August): 1775-1781.
McNichols, M., and G. P. Wilson. 1988. Evidence of earnings management from the provision for bad debts. Journal of Accounting Research 26: 1-31.
Nam, J., C. Tang, J. H. Thomton , and K. Wynne. 2006. The effect of agency costs on the value of single-segment and multi-segment firms. Journal of Corporate Finance 12: 761-782.
Park, M. S., and T. Park. 2004. Insider sales and earnings management. Journal of Accounting and Public Policy 23(5): 381-411.
Perry, S. E., and T. H. Williams. 1994. Earnings Management preceding management buyout offers. Journal of Accounting and Economics 18(2): 175-179.
Ronen, J., J. Tzur, and V. Yaari. 2006. The effect of directors’ equity incentives on earnings management. Journal of Accounting and Public Policy 25 (4): 359-389.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42: 335-370.
Schipper, K. 1989. Commentary on earnings management. Accounting Horizons 3: 91-102.
Shleifer, A., and R. W. Vishny. 1997. A survey of corporate governance. Journal of Finance 52: 737-783.
Teoh, S., I. Welch, and T. J. Wong. 1998. Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics 50(1): 63-99.
Wang, Q., T. J. Wong, and L. Xia. 2008. State ownership, the institutional environment, and auditor choice: Evidence from China. Journal of Accounting and Economics 46: 112-134.
Warfield, T. D., J. J. Wild, and K. L. Wild. 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20: 61-91.
Watts, L. W., and J. L. Zimmerman. 1978. Toward a positive accounting theory of determination of accounting standards. Accounting Review 53: 112-134.
Yermack, D. 1997. Good timing: CEO stock option awards and company new announcements. Journal of Finance 52: 449-476.