臺灣博碩士論文加值系統

本論文在探討機構投資人持股穩定性與盈餘管理的關係。過去的研究已經證實機構投資人持股會影響盈餘管理，但那些研究著重在機構投資人持股比例，而這篇文章用機構投資人持股穩定性取代持股比例來做探討。此研究將持股穩定性分為持股波動性及持股持續性，用多元回歸分析的方式探討機構投資人持股穩定性與盈餘管理的關係。實證結果發現機構投資人持股穩定性確實會影響盈餘管理。當機構投資人持股擁有高程度的波動性及低持續性的特性時，經理人較有可能發生操控盈餘的行為。這篇文章也發現公司績效的表現會影響機構投資人持股期間的長短。

The focus of this study is the association between institutional ownership stability and earnings management. Previous studies have verified institutional investors’ shareholding will affect earnings management, but those studies aim at the proportion of the institutional ownership, instead of the shareholding time of the institutional investors. Therefore, by multiple regression analysis, the study distributes the stability of institutional ownership into volatility and persistence to examine the relationship between institutional ownership stability and earnings management. The empirical results find that the institutional ownership stability does affect earnings management. If institution ownership has a high degree of volatility or the character of non-persistence, managers are most likely to manipulate earnings. This paper also finds that corporate performance is one of the consideration factors when institutional investors decide the investment policy for regarding the length of time of the shareholding.

Contents
Acknowledgements… i
Abstract… ii
Contents… iii
List of Tables… iv
1 Introduction … 1
2 Literature Review &; Hypothesis Development… 3
2.1 The Finding of Literatures about Institutional
Ownership Proportion… 3
2.2 The Functions of Institutional Ownership
Proportion… 4
2.3 The Stability of Institutional Ownership… 5
2.4 The Myopia of Institutional Investors… 6
2.5 The Sophistication of Institutional Investors… 6
2.6 Hypothesis Development… 7
3 Research Method… 8
3.1 Sample and Data Description… 8
3.2 Variable construction… 10
3.2.1 Measures of the Discretionary Accruals… 10
3.2.2 Measures of Institutional Ownership Stability… 11
3.3 The model… 13
3.3.1 Earnings management and stability of
institutional ownership… 13
3.3.2 Firm performance and stability of institutional
Ownership… 14
3.4 Control Variables… 16
3.4.1 The impact of Institutional Ownership
Stability to Earnings Management… 16
3.4.2 The Impact of Corporate Performance to
Institution Ownership’s Stability… 18
4 Empirical Results… 19
4.1 Descriptive Statistics &; Pearson Correlations… 20
4.2 Analysis Results… 23
4.2.1 Earnings Management and Institutional
Ownership Stability… 23
4.2.2 Institutional Ownership Stability
and Corporate Performance… 26
4.3 Other Measures of Discretionary Accruals… 28
5 Conclusion… 32
Reference… 33

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