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研究生:張家驊
研究生(外文):Chia-Hua Chang
論文名稱:權益錯價與會計穩健性的關聯性:考量企業生命週期
論文名稱(外文):The Effects of Equity Mispricing and Accounting Conservatism:A Test of the Corporate Life Cycle
指導教授:林宜勉林宜勉引用關係林宜勉林宜勉引用關係
口試委員:劉志諒廖麗凱
口試日期:2016-06-18
學位類別:碩士
校院名稱:國立中興大學
系所名稱:高階經理人碩士在職專班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:77
中文關鍵詞:會計穩健性權益評價企業生命週期會計品質錯價
外文關鍵詞:Accounting conservatismEquity valuationCorporate life cycleAccounting qualityMispricing
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本研究試圖以財務報表使用者的角度來探討會計穩健性與權益錯價的關聯性。首先,將採用Basu及 C-Score來衡量會計穩健性,並以RKRV法及EBO法評估公司真實價值,進而比較何種評價方法較適用於探討公司權益評價與會計穩健性之關係。進一步本文亦探討生命週期對權益評價之關聯性及對會計穩健性與權益錯價的關聯性之影響。
實證結果發現以RKRV法 (2005)計算之權益錯價,公司的會計穩健高,確實能有效抑制盈餘,但對投資者而言未必能看出其真正的意涵而給予相對高的評價。而以EBO模型計算之權益錯價,當公司前期會計穩健性高,投資者確實能給予較高的評價。整體而言,EBO法評價對會計穩健性之關係較為適當。主要是因為EBO的估算不像RKRV方法會受財務槓桿變數的影響。另外,本文也發現對權益評價而言,會計品質低的公司,容易產生權益錯價,而會計品質高的公司,不易產生權益錯價。
實證結果指出,處於成熟期公司,其股價易被低估;而處於成長期公司,其股價易被高估。無論公司是處於成長期、成熟期或衰退期任何階段,上期C-Score會計穩健性越高,則EBO權益評價也越高,表示具有遞延效果。但當期及上期C-Score會計穩健性高,則RVRK法權益評價則越低。

This study investigates the relationship between accounting conservatism and equity mispricing from the perspective of financial report’s users. We adopt Basu and C-Score methods to measure the accounting conservatism and the RKRV (Rhodes-Kropf, Robinson and Viswanathan, 2005) model and EBO (Edwareds-Bell-Ohlson, 1995) model to measure the intrinsic value of the firm. Next to compare which model is suitable for measure the relationship between accounting conservatism and equity mispricing. This study also examines the impact of life-cycle stages of firms on the relationship between accounting conservatism and equity mispricing.
When equity mispricing is calculated by RKRV model, the findings show that the firms with higher accounting conservatism will be lower income, and sometime outside investor cannot understand the really meaning of low income, so that they are more likely to accept the lower equity mispricing. When equity mispricing is calculated by EBO model, the firm with higher prior accounting conservatism, investors have higher valuation for the firm. On the whole, the relationship between accounting and the equity mispricing measured by EBO model is more appropriate, because the intrinsic value of the firm is measured by EBO model is not the same the intrinsic value of the firm with be measured by RKRV model effected by financial leverage. Moreover, firms with lower accounting quality are more likely mispriced by investors, but high quality reporting firms are unlikely to have a mispricing.
The study also finds that the firm value is under-valuation for the mature firm and the firm value is over-valuation for the growth firm. No matter which life stage (growth, mature or decline) they are in, the firm with higher prior C-Score accounting conservatism, investor has higher current valuation for the firm by EBO model, implying that accounting conservatism has deferred effect. On the other hands, when firm with higher current and prior C-Score accounting conservatism, investor has lower current valuation of firm by RKRV model.


目 次

摘 要 i
Abstract ii
目 次 iii
表目次 iv
圖目次 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 研究貢獻 3
第四節 研究架構及流程 3
第二章 文獻探討 6
第一節 企業會計穩健性的相關文獻 6
第二節 權益錯誤評價及代理問題的相關文獻 9
第三節 企業生命週期的特性及週期劃分的相關文獻 11
第三章 研究設計 15
第一節 理論與假說形成 15
第二節 實證方法 17
第三節 變數定義 19
第四節 研究期間、選樣準則及資料來源 25
第四章 實證分析 27
第一節 樣本分析 27
第二節 權益錯誤定價與會計穩健性之關聯性 32
第三節 考量企業生命週期對權益錯誤定價與會計穩健性關係之影響 43
第四節 實證結果彙總 67
第五章 結論與建議 69
第一節 研究結論 69
第二節 研究限制與未來研究方向 71
參考文獻 73


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