跳到主要內容

臺灣博碩士論文加值系統

(34.204.180.223) 您好!臺灣時間:2021/08/03 22:56
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

我願授權國圖
: 
twitterline
研究生:林欣潔
研究生(外文):Hsin-ChiehLin
論文名稱:盈餘管理及股票報酬:分量迴歸分析
論文名稱(外文):Earnings management and stock returns: A quantile regression approach
指導教授:黎明淵黎明淵引用關係
指導教授(外文):Ming-Yuan Li
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:英文
論文頁數:51
中文關鍵詞:盈餘管理裁決性應計數Jones modelmodified Jones model股票報酬分量迴歸分析
外文關鍵詞:Earnings managementdiscretionary accrualsJones modelmodified Jones modelstock returnquantile regression
相關次數:
  • 被引用被引用:2
  • 點閱點閱:196
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究主要利用分量迴歸方法,測試盈餘管理對股票報酬之影響,並且探討此影響在不同股票報酬的公司間是否有所差異。不同於一般最小平方迴歸僅能求得中央趨勢的估計值,分量迴歸可以針對不同的股票報酬分佈,求出不同之盈餘管理迴歸係數。本研究之樣本包含1992到2009年間,2,290家非財務機構之公司,樣本數共20,350筆年資料。實證結果顯示股票報酬較高的公司,其盈餘管理將會被股票市場給予正面之評價,然而對於股票報酬較低的公司,盈餘管理將對股票報酬帶來負面之影響,此結果也意謂市場上投資人的投資行為存在顯著的異質性。對於擁有較高股票報酬的公司,投資人較重視其財務資訊,及其股票近期之走勢,因此盈餘管理易被給予正面之評價;而對於股票報酬較低之公司,投資人可能更關注於其實際之經營狀況,而非公司呈現在財務報表之數據,因此盈餘管理之行為對股票報酬並沒有顯著的正面影響,甚至會產生顯著負向之效果。
This paper examines whether earnings management affects stock market pricing and whether the influences are consistent between firms having different stock returns using a quantile regression approach. The quantile regression approach allows the estimate of the independent variable (unsigned discretionary accruals) to shift across the distribution of the dependent variable (stock return) rather than a single estimator of central tendency. Our sample consists of 2,290 non-financial firms and 20,350 firm-year observations during the period from 1992 to 2009. The empirical results indicate that earnings management is positively priced by stock market at higher return quantiles, but the association changes into a negative relation in the lower tail of the distribution of returns. This implies that the behavioral heterogeneity of market investors in stock markets is significant. Market investors will follow the financial information and current trends in stock prices for corporations having higher stock returns, so earnings management should be rewarded significantly on stock returns by the market. However, investors will be more concerned with real financial situations rather than earnings that are adjusted by managers in the case of firms having lower returns, so earnings management perhaps has no significant influence on returns or even may be penalized by investors in regard to stock returns.
摘 要 I
Abstract II
誌 謝 III
Content IV
List of Tables VI
List of Figures VII
1. Introduction 1
2. Literature review 4
2.1. Studies on earnings management and market pricing 4
2.2. Measures of unsigned discretionary accruals and market pricing 6
2.3. Development of research questions 7
3. Data and methodology 10
3.1. Data 10
3.2. Quantile regression model 11
3.3. Measures of unsigned discretionary accruals and annual stock returns 12
3.4. Empirical model 14
4. Empirical results 15
4.1. Descriptive statistics 15
4.2. The quantile-varying relations between earnings management and stock return 15
4.3. The implications 17
4.4. The QR estimates of the control variables 18
5. Robustness tests 19
5.1. Model specification with year and industry 19
5.2. Alternative measure of market pricing 20
5.3. Alternative measure of unsigned discretionary accruals 22
5.4. Robustness test before and after Sarbanes-Oxley Act (SOX) 23
5.5. The issue of outliers and measurement errors in discretionary accruals estimation 24
5.6. The comparison between discretionary accruals are positive and negative 25
6. Conclusions 27
References 29
Abbas, Z., Rizwan, M.F., and Khan, M.A., 2006. Abnormal accruals and firm value, panel data analysis of banking industry of Pakistan. European Journal of Scientific Research 14, 445-454.

Barth, M.E., Elliott, J.A., and Finn, M.W., 1999. Market Rewards Associated with Patterns of Increasing Earnings. Journal of Accounting Research 37, 387-413.

Bartov, E., Gul, F.A., and Tsui, J.S.L., 2001. Discretionary-accruals models and audit qualifications. Journal of Accounting and Economics 30, 421-452.

Becker, C.L., Defond, M.L., Jiambalvo, J., and Subramanyam, K.R., 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15, 1-24.

Bergstresser, D., and Philippon, T., 2006. CEO incentives and earnings management. Journal of Financial Economics 80, 511-529.

Carhart, M.M., 1997. On persistence in mutual fund performance. Journal of Finance 52, 57-82.

DeAngelo, L.E., 1986. Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The Accounting Review 61, 400-420.

Decamps, J.P., and Lovo, S., 2006. A note on risk aversion and herd behavior in financial markets. Geneva Risk and Insurance Review 31, 35-42.

Dechow, P., Ge, W., and Schrand, C., 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics 50, 344-401.

Dechow, P.M., Sloan, R.G., and Sweeney, A.P., 1995. Detecting earnings management. The Accounting Review 70, 193-225.

Fama, E.F., and French, K.R., 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33, 3-56.

Fernandes, N., and Ferreira, M.A., 2007. The evolution of earnings management and firm valuation: A cross-country analysis.

Healy, P.M., 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7, 85-107.

Hoyt, R.E., and Liebenberg, A.P., 2011. The value of enterprise risk management. The Journal of Risk and Insurance 78, 795-822.

Jiraporn, P., Miller, G.A., Yoon, S.S., and Kim, Y.S., 2008. Is earnings management opportunistic or beneficial? An agency theory perspective. International Review of Financial Analysis 17, 622-634.

Jones, J.J., 1991. Earnings management during import relief investigations. Journal of Accounting Research 29, 193-228.

Kasznik, R., and Mcnichols, M.F., 2002. Does meeting earnings expectations matter? Evidence from analyst forecast revisions and share prices. Journal of Accounting Research 40, 727-759.

Klein, A., 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33, 375−400.

Koenker, R., and Hallock, K.F., 2001. Quantile regression. Journal of Economic Perspectives 15, 143-156.

Konijn, S.J.J., Kraussl, R., and Lucas, A., 2011. Blockholder dispersion and firm value. Journal of Corporate Finance 17, 1330-1339.

Krishnan, G.V., 2002. Audit quality and the pricing of discretionary accruals. Auditing: A Journal of Practice & Theory 22, 109-126.

Li, M.Y.L., 2009. Value or volume strategy? Finance Research Letters 6, 210-218.

Martinez-Sola, C., Garcia-Teruel, P.J., and Martinez-Solano, P., 2013. Corporate cash holding and firm value. Applied Economics 45, 161-170.

Myers, J.N., Myers, L.A., and Skinner, D.J., 2006. Earnings Momentum and Earnings Management. Journal of Accounting, Auditing, and Finance 22, 249-284.

Subramanyam, k.R., 1996. The pricing of discretionary accruals. Journal of Accounting and Economics 22, 249-281.

Teoh, S.H., Welch, I., and Wong, T.J., 1998. Earnings management and the long-run market performance of initial public offerings. Journal of Finance 53, 1935-1974.

Trueman, B., and Titman, S., 1988. An explanation for accounting income smoothing. Journal of Accounting Research 26 Supplement, 127-139.

Warfield, T.D., Wild, J.J., and Wild, K.L., 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20, 61-91.

Yu, F., 2008. Analyst coverage and earnings management. Journal of Financial Economics 88, 245-271.

Zhang, Y., Huang, P., Deis, D.R., and Moffitt, J.S., 2006. Discretionary accruals, hedging, and firm value.
連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
1. 嚴春財(2001),「工作投入在教育上的重要性」,《教師之友》,42(1),15-19。
2. 林綉亭(2008),「孟子人格特質研究」,《玄奘人文學報》,第8期,85-112。
3. 洪福源、胡秀媛(2005),「完美主義的意義、測量與教育輔導上的應用」,《輔導季刊》,第41卷第4期,50-62。
4. 李再長、李俊杰、曾雅芬(2005),「大型企業組織生涯管理、個人生涯規劃、個人人格特質、工作滿意度之關連研究」,《人力資源管理學報》,第5卷第1期,53-76。
5. 陳券彪、羅文旗(2005),「學校行政人員工作壓力、工作特性與工作滿意之研究」,《學校行政雙月刊》,第38期,11-30。
6. 陳仲鉉、柯慧貞、陸汝斌(2005),「男性單純酒癮與合併焦慮症病人在行為抑制與激發之比較」,《臺灣精神醫學》,第19卷第2期,119-127。
7. 徐瑋伶(2003),「工作動機研究之回顧與前瞻」,《應用心理研究》,第19期,89-113。
8. 梁進龍、毛筱艷(2002),「溝通滿意與工作投入關係之研究-以臺灣、菲律賓、泰國基層勞工為例」,《傳播與管理研究》,第2卷第1期,23-46。
9. 陳郁汝(2005),「行政人員自我導向能力、工作投入與學校行政效能之研究」,《學校行政》,第35期,17-32。
10. 陸洛、陳佳雯(2011),「還有明天?工作不安全感對員工的差異性影響」,《人力資源管理學報》,第11卷第3期,49-73。