臺灣博碩士論文加值系統

本研究主要目的係探討跨國企業海外佈局型態對盈餘管理之影響。企業跨國投資使得財務報表複雜化，增加了管理者與外部投資人之間資訊不對稱的問題，提高盈餘管理幅度；然而，各子公司間產生之應計數亦有可能抵銷，進而降低管理者從事盈餘管理幅度。本研究以2009年至2011年上市櫃跨國企業為樣本，分別探討國際化程度、聯屬公司間層級數、進入模式選擇與避稅天堂比例會加重或減輕盈餘管理之行為。實證結果顯示，在應計數抵銷觀點下，國際化程度與盈餘管理幅度呈顯著負相關；在資訊不對稱觀點下，聯屬公司間層級數、合資經營比例與避稅天堂比例與盈餘管理幅度呈顯著正相關。

The purpose of this research is to analyze the impact of multinational enterprises overseas arrangement on earnings management. Foreign investment complicates the financial reports. The information asymmetry between managers and outside investors will increase and this may cause a higher degree of earnings management. On the other hand, the accruals in various subsidiaries which tend to offset may lead to a lower degree of earnings management. Our sample period is from 2009 to 2011. We examine whether overseas arrangement will exacerbate or mitigate earnings management. We discuss it from four aspects: the degree of internationalization, the number of layers between affiliated companies, entry mode choice and the proportion of tax heaven. Our research results reveal that there is a positive relation between the degree of internationalization and earnings management, while there is a negative relation between the number of layers, the proportion of using joint venture, the proportion of tax heaven and earnings management.

目錄
摘要.................................................................I
Abstract.............................................................II
致謝辭.............................................................III
目錄................................................................IV
表目錄...............................................................V
圖目錄..............................................................VI

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 研究架構與流程...........................................5
第二章 文獻回顧與假說發展...........................................7
第一節 盈餘管理.................................................7
第二節 跨國企業與國際化........................................13
第三節 跨國企業層級結構........................................16
第四節 海外市場進入模式........................................18
第五節 避稅天堂................................................20
第三章 研究設計....................................................22
第一節 觀念性架構..............................................22
第二節 實證模型與變數衡量......................................23
第三節 研究樣本與資料來源......................................31
第四章 實證結果....................................................33
第一節 敘述性統計..............................................33
第二節 共線性檢定..............................................35
第三節 實證結果................................................38
第五章 敏感性分析..................................................41
第六章 結論與建議..................................................44
第一節 研究結論................................................44
第二節 研究限制與建議..........................................46
參考文獻............................................................47 
表目錄
表 3-2：變數衡量彙總表...............................................30
表 3-3-1：樣本篩選過程彙總表.........................................31
表 3-3-2：樣本產業分布...............................................32
表 4-1：敘述性統計量.................................................34
表 4-2-1：Pearson 相關係數表..........................................36
表 4-2-2：變異數膨脹係數表...........................................37
表 4-3：海外佈局型態與盈餘管理迴歸分析結果...........................40
表 5-1：其他替代變數衡量國際化程度之迴歸分析結果.....................42
表 5-2：以 Jones Model 估計裁決性應計項目之迴歸結果...................43 
圖目錄
圖 1-3：研究流程圖....................................................6
圖 3-1：觀念性架構圖.................................................22

參考文獻
一、中文文獻
1.宁向东, 公司治理理论. 2005: 中国发展出版社.
2.古佳玄, 公司規模及多角化交互作用下對盈餘管理及市場評價的影響, 2012, 國立交通大學財務金融研究所碩士論文.
3.吳幸蓁, 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, 2001, 國立中正大學會計研究所碩士論文.
4.李建然 and 陳政芳, 審計客戶重要性與盈餘管理: 以五大事務所組別為觀察標的, 會計評論, 2004(38): p. 59-80.
5.李蘭甫, 國際企業論, 三民書局. 1992.
6.汤颖梅, 董静, and 王怀明, 金字塔股权结构与盈余管理——基于民营上市公司的实证研究. 商业经济与管理, 2011(12): p. 70-75.
7.邱暐苓, 企業國際化程度與監督機制對盈餘管理之影響, 2005, 國立暨南國際大學國計企業學系碩士論文.
8.張文瀞, 周玲臺, and 林修葳, 內部人持股連續變動公司之盈餘管理行為特性, 會計評論, 2003(37): p. 53-83.
9.張瑞當 and 方俊儒, 資訊揭露評鑑系統對企業盈餘管理行為之影響. 會計評論, 2006(42): p. 1-22.
10.陳怡慈, 五避稅天堂 上市櫃企業藏金1.4兆, 2009年9月23日,中國時報.
11.陳俞如, 金成隆, and 謝存瑞, 海外投資與盈餘品質: 資訊不對稱觀點.管理學報, 2009(26):p. 353-376.
12.陳昱豪, 避稅與盈餘管理關聯性之研究, 2011, 國立中正大學會計與資訊科技研究所碩士論文.
13.許振明, 企業交叉持股與改善之道. 證券暨期貨市場發展研討會, 1999(452): p. 1-8.
14.黃于芹, 台灣集團企業海外子公司進入模式之研究, 2004, 義守大學管理研究所碩士論文.
15.曾弘志, 跨國企業子公司自主權與主導權行為影響因素之研究, 2001, 中山大學企業管理研究所未出版之碩士論文.
16.楊朝旭 and 吳幸蓁, 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, 2003(36): p.55-87.
17.鄭丁旺, 未雨綢繆健全證券市場, 會計研究月刊, 2002(201): p. 11.

 
二、英文文獻
1.Aharony, J., C.J. LIN, and M.P. Loeb, Initial Public Offerings, Accounting Choices, and Earnings Management*. Contemporary Accounting Research, 1993. 10(1): p. 61-81.
2.Anderson, E. and H. Gatignon, Modes of foreign entry: A transaction cost analysis and propositions. Journal of International Business Studies, 1986. 17(3): p. 1-26.
3.Balsam, S., J. Krishnan, and J.S. Yang, Auditor industry specialization and earnings quality. Auditing: A Journal of Practice & Theory, 2003. 22(2): p. 71-97.
4.Bartov, E., F.A. Gul, and J.S. Tsui, Discretionary-accruals models and audit qualifications. Journal of Accounting and Economics, 2000. 30(3): p. 421-452.
5.Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R., The Effect of Audit Quality on Earnings Management*. Contemporary Accounting Research, 1998. 15(1): p. 1-24.
6.Beneish, M.D. and E. Press, Interrelation Among Events of Default*. Contemporary Accounting Research, 1995. 12(1): p. 57-84.
7.Burgstahler, D., & M. Eames., Management of earning and analysis forecasts. Working paper, University of Washington, 1998
8.Capar, N. and M. Kotabe, The relationship between international diversification and performance in service firms. Journal of International Business Studies, 2003. 34(4): p. 345-355.
9.Collins, J.H., D.A. Shackelford, and J.M. Wahlen, Bank differences in the coordination of regulatory capital, earnings, and taxes. Journal of Accounting Research, 1995. 33(2): p. 263-291.
10.Davidson, W.H., Global strategic management. 1982: Wiley New York.
11.DeAngelo, H., L. DeAngelo, and D.J. Skinner, Accounting choice in troubled companies. Journal of Accounting and Economics, 1994. 17(1): p. 113-143.
12.DeAngelo, L.E., Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. Accounting Review, 1986: p. 400-420.
13.Dechow, P.M., R.G. Sloan, and A.P. Sweeney, Detecting earnings management. Accounting Review, 1995: p. 193-225.
14.DeFond, M.L. and J. Jiambalvo, Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 1994. 17(1): p. 145-176.
15.Deresky, H., International Management-Managing Across Borders and Cultures. New York, HarperCollins College Publishers, 1994.
16.Diamond, D.W. and R.E. Verrecchia, Disclosure, liquidity, and the cost of capital. The Journal of Finance, 1991. 46(4): p. 1325-1359.
17.Duru, A., & Reeb, D. M. International diversification and analysts' forecast accuracy and bias. The Accounting Review, 2002. 77(2):p. 415-433.
18.Dye, R.A., Earnings management in an overlapping generations model. Journal of Accounting Research, 1988. 26(2): p. 195-235.
19.Francis, J., LaFond, R., Olsson, P., & Schipper, K., The market pricing of accruals quality. Journal of Accounting and Economics, 2005. 39(2): p. 295-327.
20.Frankel, R.M., M.F. Johnson, and K.K. Nelson, The relation between auditors' fees for nonaudit services and earnings management. The Accounting Review, 2002. 77(s-1): p. 71-105.
21.Friedlan, J.M., Accounting Choices of Issuers of Initial Public Offerings*. Contemporary Accounting Research, 1994. 11(1): p. 1-31.
22.Healy, P.M., The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 1985. 7(1): p. 85-107.
23.Healy, P.M. and K.G. Palepu, The challenges of investor communication The case of CUC International, Inc. Journal of Financial economics, 1995. 38(2): p. 111-140.
24.Healy, P.M. and J.M. Wahlen, A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 1999. 13(4): p. 365-383.
25.Hill, C.W., P. Hwang, and W.C. Kim, An eclectic theory of the choice of international entry mode. Strategic Management Journal, 1990. 11(2): p. 117-128.
26.Hitt, M.A., R.E. Hoskisson, and H. Kim, International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management journal, 1997: p. 767-798.
27.Hung, M., Accounting standards and value relevance of financial statements: An international analysis. Journal of Accounting and Economics, 2000. 30(3): p. 401-420.
28.Hunton, J.E., R. Libby, and C.L. Mazza, Financial reporting transparency and earnings management. The Accounting Review, 2006. 81(1): p. 135-157.
29.Jiraporn, P., Y.S. Kim, and I. Mathur, Does corporate diversification exacerbate or mitigate earnings management?: An empirical analysis. International Review of Financial Analysis, 2008. 17(5): p. 1087-1109.
30.Jones, J.J., Earnings management during import relief investigations. Journal of Accounting Research, 1991. 29(2): p. 193-228.
31.Kasznik, R., On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 1999. 37(1): 57-81.
32.Krishnan, G.V., Does Big 6 auditor industry expertise constrain earnings management? Accounting Horizons, 2003. 17: p. 1-16.
33.Kumar, V. and V. Subramanian, A contingency framework for the mode of entry decision. Journal of World Business, 1997. 32(1): p. 53-72.
34.Lang, M.H. and R.J. Lundholm, Corporate disclosure policy and analyst behavior. Accounting Review, 1996: p. 467-492.
35.Lobo, G.J. and J. Zhou, Disclosure quality and earnings management. Asia-Pacific journal of accounting & economics, 2001. 8(1): p. 1-20.
36.Maignan, I. and B.A. Lukas, The nature and social uses of the Internet: A qualitative investigation. Journal of Consumer Affairs, 1997. 31(2): p. 346-371.
37.Moyer, S.E., Capital adequacy ratio regulations and accounting choices in commercial banks. Journal of Accounting and Economics, 1990. 13(2): p. 123-154.
38.Mutinelli, M. and L. Piscitello, The entry mode choice of MNEs: an evolutionary approach. Research Policy, 1998. 27(5): p. 491-506.
39.Park, M.S. and T. Park, Insider sales and earnings management. Journal of Accounting and Public Policy, 2004. 23(5): p. 381-411.
40.Payne, J.L. and S.W. Robb, Earnings management: The effect of ex ante earnings expectations. Journal of Accounting, Auditing & Finance, 2000. 15(4): p. 371-392.
41.Perry, S.E. and T.H. Williams, Earnings management preceding management buyout offers. Journal of Accounting and Economics, 1994. 18(2): p. 157-179.
42.Phatak, A.V., International dimensions of management. Vol. 106. 1989: PWS-Kent Publishing Company.
43.Porta, R., F. Lopez‐de‐Silanes, and A. Shleifer, Corporate ownership around the world. The Journal of Finance, 1999. 54(2): p. 471-517.
44.Reynolds, J.K. and J.R. Francis, Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 2000. 30(3): p. 375-400.
45.Richardson, V.J., Information asymmetry and earnings management: Some evidence. Review of Quantitative Finance and Accounting, 2000. 15(4): p. 325-347.
46.Robinson, R, D., Internationalization of business: An interdiction. Hwa-Tai publishing co, 1984.
47.Root, F.R., Entry strategies for international markets. 1994: Lexington books New York.
48.Schipper, K., Commentary on earnings management. Accounting Horizons, 1989. 3(4): p. 91-102.
49.Shleifer, A. and R.W. Vishny, A survey of corporate governance. The Journal of Finance, 1997. 52(2): p. 737-783.
50.Shleifer, A. and D. Wolfenzon, Investor protection and equity markets. Journal of Financial economics, 2002. 66(1): p. 3-27.
51.Stopford, J. M. and L. T. Wells., Management the Multinational Enterprise. New York, NY: Basic Book, 1972.
52.Subramanyam, K., The pricing of discretionary accruals. Journal of Accounting and Economics, 1996. 22(1): p. 249-281.
53.Teoh, S.H., I. Welch, and T.J. Wong, Earnings management and the long‐run market performance of initial public offerings. The Journal of Finance, 1998. 53(6): p. 1935-1974.
54.Trueman, B. and S. Titman, An explanation for accounting income smoothing. Journal of Accounting Research, 1988. 26: p. 127-139.
55.Watts, R. and J. Zimmerman, Positive accounting theory. 1986.
56.Welker, M., Disclosure Policy, Information Asymmetry, and Liquidity in Equity Markets. Contemporary Accounting Research, 1995. 11(2): p. 801-827.
57.Wind, Y. and H. Perlmutter, On the identification of frontier issues in international marketing. Columbia Journal of World Business, 1977. 12(4): p. 131-139.
58.Zhao, H. and Y. Luo, Product diversification, ownership structure, and subsidiary performance in China's dynamic market. MIR: Management International Review, 2002: p. 27-48.