臺灣博碩士論文加值系統

經濟環境的變遷、會計制度的更新以及公司的財務狀況，皆可能會影響績效指標的價值攸關性，故本文探討公司經理人更換，對財務報表績效指標價值攸關性之影響。由於國際會計準則(IFRS)採用的關係，使得上市公司過去的財務報表資料不完整，因此本研究以2009年至2012年之中國上市公司為研究對象，探討經理人更換對績效指標價值攸關性之影響。
本研究結果發現，同時更換董事長與總經理的公司，在相對價值攸關性方面，各績效指標皆具有顯著的影響，表示綜合損益表上績效指標的相對價值攸關性，會反應公司同時更換董事長與總經理此項資訊；而在增額價值攸關性方面，唯有銷貨淨額會反應此項資訊。另外，更換董事長的公司，在相對價值攸關性方面，營業利益、繼續營業部門稅前利益、繼續營業部門純益、本期淨利具有顯著影響；而在增額價值攸關性方面，則皆無顯著影響。最後，更換總經理的公司，在相對價值和增額價值攸關性方面，績效指標皆無顯著影響。

The value relevance of performance measures may be affected by economic environment, accounting regulations and company’s financial situation. This paper investigates the effect of management turnover on the value relevance of performance measures. Because of adopting IFRS, previous company’s financial informations are not complete. The sample on this paper is publicly traded company in China and research period is from 2009 to 2012.

Our results show that performance measures are significantly affected by the chairman and general manager turnover at the same time in the relative value relevance. That implies the relative value relevance of performance measures will reflect the information of chairman and general manager turnover at the same time. In the incremental value relevance, only SALES will be significantly affected by the chairman and general manager turnover at the same time. Moreover, the value relevance of OPINC, IBTAX, IBXIDO, NI will be significantly affected by the chairman turnover in the relative value relevance. Finally, the value relevance of performance measures not will be affected by the general manager turnover in the relative value relevance and the incremental value relevance.

目錄
摘要 I
Abstract II
目錄 III
圖目錄 IV
表目錄 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 3
第三節 論文架構及流程 4
第二章 文獻回顧與研究問題建立 6
第一節 公司治理 6
第二節 績效指標之價值攸關性 10
第三節 更換經理人與價值攸關性 13
第三章 研究設計 15
第一節 樣本選取 15
第二節 各績效指標價值攸關性之實證模型與變數定義 16
第四章 實證結果與分析 19
第一節 敘述性統計 19
第二節 績效指標價值攸關性之實證結果與分析 43
第五章 結論 63
參考文獻 65

圖目錄
圖一 論文架構及流程………………………………………………………………………..5

表目錄
表3-1 2009年至2012年之樣本數量………………………………………………….…15
表3-2 2009年至2012年產業別之樣本數量………………………………………….... 15
表4-1 敘述性統計表-產業別之報酬率中位數……………………………………………19
表4-2 敘述性統計表-各績效指標及股票報酬……………………………………………20
表4-3 敘述性統計表-是否更換董事長之績效指標和股票報酬…………………………20
表4-4 敘述性統計表-是否更換總經理之各績效指標和股票報酬………………………21
表4-5 敘述性統計表-是否同時更換董事長與總經理之各績效指標和股票報酬………22
表4-6 敘述性統計表-同時更換及同時沒有更換董事長與總經理之各績效指標和股票報酬……………………………………………………………………………………..23
表4-7 敘述性統計表-產業別之價值攸關性………………………………………………25
表4-8 敘述性統計表-2009年產業別之價值攸關性……………………………………...27
表4-9 敘述性統計表-2010年產業別之價值攸關性……………………………………...28
表4-10 敘述性統計表-2011年產業別之價值攸關性…………………………………….29
表4-11 敘述性統計表-2012年產業別之價值攸關性…………………………………….30
表4-12 敘述性統計表-2009年產業別之價值攸關性…………………………………….31
表4-13 敘述性統計表-2010年產業別之價值攸關性…………………………………….32
表4-14 敘述性統計表-2011年產業別之價值攸關性…………………………………….33
表4-15 敘述性統計表-2012年產業別之價值攸關性…………………………………….34
表4-16 敘述性統計表-2009年產業別之價值攸關性…………………………………….35
表4-17 敘述性統計表-2010年產業別之價值攸關性…………………………………….36
表4-18 敘述性統計表-2011年產業別之價值攸關性…………………………………….37
表4-19 敘述性統計表-2012年產業別之價值攸關性………………………………….....38
表4-20 敘述性統計表-2009年產業別之價值攸關性………………………………….....39
表4-21 敘述性統計表-2010年產業別之價值攸關性…………………………………….40
表4-22 敘述性統計表-2011年產業別之價值攸關性…………………………………….41
表4-23 敘述性統計表-2012年產業別之價值攸關性…………………………………….42
表4-24 績效指標相對價值攸關性之結果………………………………………………...43
表4-25 是否更換董事長相對價值攸關性之結果………………………………………...45
表4-26 是否更換總經理相對價值攸關性之結果………………………………………...47
表4-27 是否同時更換董事長與總經理相對價值攸關性之結果………………………...49
表4-28 同時更換及同時無更換董事長與總經理相對價值攸關性之結果……………...52
表4-29 績效指標增額價值攸關性之結果………………………………………………...54
表4-30 是否更換董事長增額價值攸關性之結果………………………………………...55
表4-31 是否更換總經理增額價值攸關性之結果………………………………………...57
表4-32 是否同時更換董事長與總經理增額價值攸關性之結果………………………...59
表4-33 同時更換及同時無更換董事長與總經理增額價值攸關性之結果……………...61

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