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研究生:林暐樺
研究生(外文):LIN, WEI-HUA
論文名稱:創櫃板公司現金增資之盈餘管理
論文名稱(外文):Earnings Management Activities around Seasoned Equity Offerings– Based on GISA Firms
指導教授:黃劭彥黃劭彥引用關係
指導教授(外文):HUANG, SHAIO-YAN
口試委員:卓佳慶鍾宇軒
口試委員(外文):CHO, CHIA-CHINGCHUNG, YU-HSUAN
口試日期:2017-06-27
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計與資訊科技研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:英文
論文頁數:69
中文關鍵詞:創櫃板現金增資盈餘管理
外文關鍵詞:GISASeasoned equity offeringsEarnings management
相關次數:
  • 被引用被引用:1
  • 點閱點閱:104
  • 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
儘管過去文獻針對上市櫃公司研究已有長足進展,但對於台灣中小企業研究成果仍屬有限。2014年1月,櫃買中心在主管機關支持下籌設「創櫃板」,將其定位為扶植具創新、創意構想之非公開發行微型企業,協助企業未來申請登錄興櫃、上市、上櫃市場。本論文將探討創櫃板公司現金增資之盈餘管理,並檢驗外部治理機制的監督效果。樣本取自創櫃板資訊公開系統,橫跨2014年01月至2016年12月。研究結果指出創櫃板公司有現金增資需求時,可能會透過盈餘管理上調現金增資後之盈餘表現,以避免損及公司價值之長期負面影響。另外,本文顯示,公司實收資本額大於三千萬元、籌資金額較高或公司規模較小者,較傾向提升應計項目盈餘管理。最後,外部治理機制和盈餘管理關聯性結果與文獻一致,公司財報業經會計師或是四大會計師事務所查核,能有效地降低現金增資公司管理階層之盈餘管理行為。
Although a large body of empirical research focuses on listed company, less is done regarding to small and medium-sized enterprises. Under the authorities’ support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This platform is designed to help small-sizes innovative companies grow and to enter the capital market in the future. This research yield insight into earnings management activities around seasoned equity offerings (SEO) based on GISA firms in Taiwan and the effectiveness of external corporate governances. Data for the study come from the GISA Market Observation Post System from January 2014 to December 2016. The result reveals that GISA firms prone to upward accrual-based earnings management during SEO to avoid long-term negative consequences. Especially, firms with paid-in capital more than NT$ 30 million, higher fundraising amounts, or smaller firm size, tend to increase discretionary accruals. Finally, consistent with prior literatures, certificated public accountants and Big4 accounting firms effectively serve as role of external corporate governances on mitigating earnings management.
謝辭 2
摘要 3
Abstract 4
Contents 5
List of Figures 7
List of Tables 8
Chapter 1 Introduction 9
1.1 Background of the Problem 9
1.2 Purpose of the Study 11
1.3 Research Structure 12
Chapter 2 Literature Review 14
2.1 Go Incubation Board for Startup and Acceleration Firms (GISA) 14
2.1.1 Establishment Purpose of GISA 14
2.1.2 Motivations, Registrations, Limitations and Obligations on GISA 16
2.1.3 Current Situation of GISA 23
2.2 The Role of the External Corporate Governance in Mitigating Earnings Management 25
2.2.1 Incentives for Earnings Management 26
2.2.2 Accrual-based Earnings management 28
2.2.3 External Corporate Governance 29
Chapter 3 Hypothesis Development 32
Chapter 4 Research Design and Sample Selection 34
4.1 Measurement of Earnings Management 34
4.2 Research Models 35
4.3 Sample Selection 36
Chapter 5 Empirical Results 37
5.1 Descriptive Statistics 37
5.2 Correlation Analysis 38
5.3 Results for Main Hypothesis 38
Chapter 6 Conclusion 42
References 44
Appendix A: Variable Definitions 46
Appendix B: Tables of Empirical Results 48
Appendix C: Regulations Governing the GISA firms 53
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