臺灣博碩士論文加值系統

本研究旨在探討中國進行定向增發的上市公司之盈餘管理行為，檢視大股東有無掠奪小股東誘因及定向增發認購人種類是否會影響公司於定向增發通過日前盈餘管理的方向。本研究認為大股東有誘因掠奪小股東之定向增發公司，在定向增發通過日前，可能會進行向下盈餘管理；此外，大股東無誘因掠奪小股東之定向增發公司在定向增發通過日前，可能會進行向上盈餘管理。本研究亦認為，定向增發對象僅為機構投資人之定向增發公司，在定向增發通過日前，公司可能會進行向上盈餘管理。此外，本研究認為大股東基於私利，可能於閉鎖期結束前進行向上盈餘管理，以利其在閉鎖期結束後出售股票。因此，本研究亦檢測大股東認購之公司是否會於大股東閉鎖期結束前向上盈餘管理。
實證結果顯示，相較於配對公司，大股東有誘因掠奪小股東之定向增發公司，會在定向增發通過日的前一年，透過提高裁決性應計項目與賒銷來向上管理盈餘。此外，相較於配對公司，大股東無誘因掠奪小股東之定向增發公司及無大股東認購之定向增發公司在定向增發通過日的前一年，會利用增加裁決性應計項目與增加賒銷向上操縱盈餘。定向增發對象為大股東之定向增發公司，在閉鎖期結束的前一年，會透過減少營業外支出向上盈餘管理。

This research aims to investigate the earning management activities of Chinese listed private placement firms. The study examines whether the tunneling incentives of large shareholders and the identity of purchasers may influence the earning management direction before the date of private placements approved by the board of directors. We propose that the private placement firms whose large shareholders have tunneling incentives may engage in downward earning management. In addition, firms whose large shareholders have no tunneling incentives may engage in upward earning management. We also propose that firms may manipulate earnings upwards when large shareholders are not private placement purchasers. Furthermore, we propose that large shareholders for their own interests may have incentives to manipulate earnings upwards before the lock-in period ends. Thus, we examine whether firms whose large shareholders are purchasers may manage earnings upwards when lock-in period ends.
The empirical results reveal that comparing with the matched firms, the private placement firms whose large shareholders have tunneling incentives increase credit sales and discretionary accruals. Moreover, comparing with the matched firms, the private placement firms whose large shareholder have no tunneling incentives and firms whose large shareholders do not purchase shares increase the discretionary accruals and credit sales before the date of private placements approved by the board of directors. Furthermore, firms decrease the non-operating expense before lock-in period ends.

目錄
第一章 緒論 6
第一節 研究動機 6
第二節 研究目的 8
第三節 研究架構 9
第四節 研究貢獻 11
第二章 文獻回顧 12
第一節 盈餘管理相關文獻 12
第二節 中國上市公司盈餘管理相關文獻 13
第三節 私募相關文獻 13
第四節 中國私募股權制度及相關研究 15
第三章 研究設計及方法 18
第一節 研究假說 18
第二節 樣本選取與資料來源 20
第三節 研究方法 21
第四章 實證結果及分析 27
第一節 敘述性統計 27
第二節 實證結果分析 37
第三節額外分析 53
第五章 結論及建議 59
第一節 研究結論 59
第二節 研究建議 60
參考文獻 61

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