(3.227.249.155) 您好!臺灣時間:2021/05/07 06:14
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

: 
twitterline
研究生:張維廷
研究生(外文):Wei-Ting Jhang
論文名稱:企業不同生命週期下之盈餘管理與融資限制間關係之研究
論文名稱(外文):The Relationship Between Corporate Earnings Management And Financial Constraints in Different Life-Cycle Stage
指導教授:許月瑜許月瑜引用關係
指導教授(外文):Yueh-Yu Hsu
口試委員:吳桂森林卓民
口試委員(外文):Guey-Sen WuCho-Min Lin
口試日期:2011-05-24
學位類別:碩士
校院名稱:靜宜大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
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:72
中文關鍵詞:企業生命週期盈餘管理融資限制
外文關鍵詞:Business Life CyclesEarnings ManagementFinancial Constraints
相關次數:
  • 被引用被引用:1
  • 點閱點閱:190
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:10
  • 收藏至我的研究室書目清單書目收藏:0
公司為了維持永續經營,必須不斷地投資,對於每個企業而言,資金為企業進行投資之必需,當內部資金不足,外部資金將成為主要的資金募得方式,倘若公司對外取得資金比重過高,則有可能會面對融資限制之情況。融資限制公司,除了較高的財務風險外,資金需求壓力也較大,因此,更具盈餘管理的動機。

本研究從2004年到2009年之六年間,以台灣上市公司為樣本,使用KZ指標來區分融資限制公司與非融資限制公司,分別利用獨立樣本t檢定線性與迴歸分析法,分別驗證:1.融資限制公司對盈餘管理是否有顯著之關聯性。2. 融資限制與非融資限制公司在投資前之盈餘管理是否有顯著差異。3.處於不同生命週期下之融資限制公司之盈餘管理是否有顯著的差異。

本研究實證結果證實融資限制公司確實會因為資金需求而進行較高程度的盈餘管理。融資限制公司若未來具有高度成長機會,盈餘管理亦越高。但是在不同的生命週期下,盈餘管理亦有所差異,處於成長期的融資限制公司,其盈餘管理之程度最高,其原因可能係成長期公司投資機會較多,為了獲取較多的資金進行投資而採取較高程度的盈餘管理,而融資限制公司也有可能透過盈餘管理來降低資金成本以獲取資金。

In order to maintain the sustainable management company must continuously invest, for each firm, the financial relationship between the necessary investment to help enterprises. If the companies achieved the high cost of external guidance, are likely to face financial constraints of the situation; on the financial constrained companies, in addition to high financial risk, capital requirements more pressure, and thus more earnings management motivation.

Using data from firms listed in Taiwan Stock Market during the period 2004-2009. KZ index used to distinguish between financing constrained companies and unconstrained constraints companies. This paper using independent sample t test, respectively, linear regression analysis were verified: 1. financial constraints on earnings management companies have significant related party nature. 2. Financial constrained and unconstrained companies before investing whether the extent of earnings management are significantly different. 3.In the different life cycle of a finance constraints, the extent of earnings management companies have significant differences.

The empirical results confirm that financial constrained company will using earnings management to ease financial constraints, and financial constraints in the high growth opportunities in the state, have higher degree of earnings management; However, in the different life cycle, The extent of earnings management will be different, which has been in a growth period of the financial constrained companies, its level of earnings management the highest, possible causes are more opportunities for growth period companies, In order to obtain more money to do investment, growth period companies financial constrained companies are more likely to manage earnings to ease financial constraints.

摘要 I
Abstract II
目錄 III
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構 4
第二章 文獻探討 6
第一節 融資限制 6
第二節 盈餘管理 11
第三節 企業的生命週期 21
第三章 研究方法 26
第一節 樣本資料來源 26
第二節 研究假說推論 27
第三節 變數定義 30
第四節 模型建立 38
第四章 實證結果與分析 40
第一節 敘述性統計與相關性分析 40
第二節 實證模型與變數衡量 46
第五章 結論與建議 55
第一節 研究結論 55
第二節 研究限制與建議 57
參考文獻 58

中文文獻

王祝三、黃介良與墨家靜,2009,盈餘管理與我國上市櫃公司股票購回後之營運績效,企業管理學報,第81期(6月):1-42。

杜玉振與古青翔,2000,台灣上市公司融資限制與投資決策關係之研究-拔靴複製法之應用:51-79。

沈中華、王建安,2000,融資限制對公司投資的影響,經濟論文,第28卷第1期:67-95

邱垂昌、洪福讚,2008,在不同企業生命週期下智慧資本與企業價值關聯性之研究,當代會計,第9卷第2期:202-236。

曹壽民,2010,從企業生命週期探討應計項目異常現象,會計評論,第51 期:107-142。

許溪南、歐陽豪、陳慶芳,2007,公司治理、盈餘管理與財務預警模型之建構,會計與公司治理,第4 卷第1 期:85-121。

陳吟愷,2003,企業生命週期與盈餘管理關聯性之研究,中山大學企業管理學系未出版碩士論文。

黃志仁、廖彩伶與陳于格,2009,現金增資之盈餘管理行為: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。

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:55-87。

謝劍平,2003,財務管理原理,台北:智高文化事業有限公司。



英文文獻

Adizes, I.,1989. “Corporate lifecycles: How and why corporations grow and die and what to do about it. ” Englewood Cliffs, NJ: Prentice Hall.

Aharony, J., C. J. Lin, and M. P. Loeb. 1993. Initial Public Offerings, “Accounting Choices, and Earnings Management.” Contemporary Accounting Research 10(1): 61-81.

Akerlof, G. A., 1970. “ The Market for Lemons Quality Uncertainty and the Market Mechanism ” , The Quarterly Journal of Economics, 84(3):088-500.

Almeida, H. and M. Campello, 2006, “Financial Constraints, Asset Tangibility, and Corporate Investment” ,Working Paper

Almeida, H., M. Campello and M. S. Weisbach, 2004, “The Cash Flow Sensitivity of Cash” , Journal of Finance 4, 1777-1804

Aththony, J. H., and K. Ramesh. 1992. “Association Between Accounting Performance Measures and Stock Prices. ” Journal of Accounting and Economics 15: 203-227.

Barton, J. 2001. “Does the use of financial derivatives affect earnings management decisions?” The Accounting Review 76, 1-26.

Barton, J. 2001. “Does the use of financial derivatives affect earnings management decisions? ” The Accounting Review 76 (1): 1-26.

Bartov, E. 1991. “Open-market stock repuchases as signals for earnings and risk changes” , Journal of Accounting and Economics 14(2): 275-294.

Becker, C.L., Defond, M.L., Jiambalvo, J., & Subramanyam, K.R. (1998). “The Effect of Audit Quality on Earnings Management.” Contemporary Accounting Research. 15(1),1-22.

Bender, R. and K. Ward, 2002. “Corporate Financial Strategy” , Butterworth Heinemann.

Brigham, E. F. 1985,“Financial Management Theory and Practice”. The Drydan Press, Hinsdale.

Bushee, B. J., 1998 “The Influence of Institutional Investors on Myopic R&D Investment Behavior”, Accounting Review, (73 ), 305-333.

Calomiris, Charles W., Charles P. Himmelberg, and Paul Wachtel, 1995, “Commercial paper, corporate finance, and the business cycle: a microeconomic perspective,” Camegie-Rochester Conference Series on Public Policy 42, 203-250.

Campello, M. and J. Graham, 2007, “Do stock prices influence corporate decisions? Evidence from the technology bubble, ” National Bureau of Economic Research, Working Paper 13640.

Campello, M., and L. Chen, 2005, “Are Financial Constraints Priced? Evidence from Firm Fundamentals, Stocks, and Bonds,” Working Paper, University of Illinois.

Chaney, P. K. and C. M. Lewis, 1995, “Earnings Management and Firm Valuation under Asymmetric Information,” Journal of Corporate Finance 1, 319-345.

Claessens, S., J. P. H. Fan and L. H. P. Larry, 2006, “The benefits and costs of group affiliation: Evidence from East Asia,” Emerging Markets Review, 7,1-26.

Danile, B. and P.Thomas, 2006, “Managerial Competition, Information Costs, and Corporate governance: CEO Incentives and Earnings Management,” Journal of Financial and Economics , 80, 511-529.

DeAngelo, H. and L. DeAngelo, 2006, “The Irrelevance of the MM Dividend Irrelevance Theorem,” Journal of Financial Economics, 79(2), 293-315.

DeAngelo, L., 1986, “Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders.” The Accounting Review, 61, 400-420.

Dechow, P. M., R. G. Sloan & A. P. Sweeney, 1995, “Detecting Earnings Management”, Accounting Review, 70, 193-225.

Dechow, P.M. and R.G. Sloan, 1991, “Executive Incentives and the Horizon Problem”, Journal of Accounting and Economics, 14, 1, 51-89.

DeFond, M. L., and J. Jiambalvo 1994, “Debt Covenant Violation and Manipulation of Accruals.” Journal of Accounting and Economics, Vol.17 (1), 145-176.

Dhaliwal, D., 1980, “The effect of the firm’s capital structure on the choice of accounting methods”, The Accounting Review 55, 78-84.

Fama, E. F., 1970, “Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, 25, 383-417.

Fazzari, Steven, R. Glenn Hubbard, and Bruce Petersen,1988, “Financing Constraints and Corporate Investment, ” Brooking Papers on Economic Activity. pp.141-195.

Fudenberg, D., and J. Tirole. 1995, “A theory of income and dividend smoothing based on incumbency rents." Journal of Political Economy, 103(1):75-93.

Gayane H. and Sheridan T., 2002, “Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales,”Working Paper Series

Gilchrist, S., and Himmelberg, C. P., 1995, “Evidence on the role of cash flow for investment,” Journal of Monetary Economics,36(3), 541-572.

Gomez-Mejia, L.R. 1992, “Structure and process of diversification, compensation strategy, ” and firm performance, Strategic Management Journal, 13 June, 381-397.

Healy, P. M. 1985. “ The Effect of Bonus Schemes on Accounting Decisions. ” Journal of Accounting and Economics, 7, 85-107.

Healy, P.M., J.M. Wahlen, 1999, “A review of the earnings management literature and its implications for standard setting,” Accounting Horizons 13 , 365-383.

Hoshi, T., Anil K., and David S., 1991, “Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups,” Quarterly Journal of Economics, Vol.106, pp.33-60.

Hunt, A., S. E. Moyer, and T. Shevlin. 1995. “Earnings smoothing and equity value. ”Working Paper . University of Washington.

James S. Lincka, Jeffry Nettera and Tao Shu, 2010, “Can Earnings Management Ease Financial Constraints? Evidence from Earnings Management Prior to Investment", Under 2nd round review at Review of Accounting Studies.

Jelinek, K., 2007,“The effect of leverage increases on earnings management,"Journal of Business and Economic Studies, 13, 24-46.

Jones, J., 1991, “ Earnings Management during Import Relief Investigations, ” Journal of Accounting Research, 29, 193-228.

Kaplan, S. N., and L. Zingales., 1997. “Do Financing Constraints Explain Why Investment is Correlated with Cash Flow”, Quarterly Journal of Economics, 112: 169-215.
Kaplan, S. N., and Reishus .D., 1990, “Outside Directorships and Corporate Performance, ” Journal of Financial Economics 27, 389-410.

Kiyotaki, N., and John Moore, 1997, “Credit Cycles,” Journal of Political Economy, 105,211-248.

Kothari, S. P., A. J. Leone, & C. E. Wasley, 2005, “ Performance Matched Discretionary Accrual Measures, ” Journal of Accounting and Economics, 39, pp.163-197.

Laarni Bulan and Zhipeng Yan, 2009, “Test of the Pecking Order Theory and the Firm Life Cycle”, Working Paper.

Lamont, O., C. Polk and J. S. Requejo, 2001. “Financial Constraints and StockReturns, ” The Review of Financial Studies Summer, 4(2): 529-554.

Miglo, Anton, 2009, “Can Earnings Manipulation Create Value? ” Working Paper, University of Guelph.

Miller, D. and P. H. Friesen. 1984. A longitudinal study of the corporate life cycle. Management Science 30(10): 1161-1183.

Modigliani, F. and Miller, M. , 1958, “he Cost of Capital, Corporation Finance and the Theory of Investment,”American Economic Review, 48,pp261-97.

Moyer, S., 1990, “Capital adequacy ratio regulations and accounting choices” in commercial banks, Journal of Accounting and Economics 13, 125-154.

Myers, S. C., and Majluf, N. S., “Corporate Financing and Investment Decisions when firms have information that investors do not have,” Journal of Financial Economics, 13, 1984, 187-221.

Park, M. S. & T. Park 2004, “Insider Sales and Earnings Management, ” Journal of Accounting and Public Policy, 23, pp.381-411.

Pashley and Philippatos. 1990, “Voluntary divestitures and corporate life
Rangan, S. (1998). “Earnings Management and the Performance of Seasoned Equity Offerings, ” Journal of Financial Economics, 50, 101-122.

Reyes B. M., 2004, “R&D Intensity and Financing Constraints,” Journal of Business and Economic Studies, l0(2) , 38-53.

Schipper, K., “Commentary on Earnings Management,” Accounting Horizons, Vol. 3, 91-102, 1989.

Secured Lender, 1994, “Bank with junior security interest could keep proceeds of co,” New York.

Shaller, H., 1993, “Asymmetry Information , Liquidity Constraints, and Canadian Investment,” Canadian Journal of Economics, 3, 553-574

Teoh, S. H., T .J. Wong & G. R. Rao, 1998, “Are Accruals during Initial Public Offerings Opportunistic?” Review of Accounting Studies, 3, 175-208.

Trueman, B., and S. Titman, 1988, “An Explanation for Accounting Income Smooth,”Journal of Accounting Research, Vol. 26 (Supplement), 127-139.

Watts, L. W. and J. L. Zimmerman, 1978, “Toward a Positive Accounting Theory of Determination of Accounting Standards”, Accounting Review, 53,112-134.

Whited, T. M., 1992, “Debt, Liquidity Constraints and Corporate Investment: Evidence from Panel Data,” Journal of Finance, 1425-1460.




QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔