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研究生:蘇靖閎
研究生(外文):SU, CHING-HUNG
論文名稱:投資決策基礎下之盈餘品質對盈餘持續性之影響
論文名稱(外文):Earnings Quality Based on Corporate Investment Decisions and Its Impact on Earnings Persistence
指導教授:蕭哲芬蕭哲芬引用關係
指導教授(外文):HSIAU, CHI-FEN
口試委員:趙雅儀蔡秋田王泓達
口試委員(外文):CHAO, YA-YITSAI, CHIU-TIENWANG, HUNG-TA
口試日期:2018-06-06
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:會計資訊系碩士班
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:2018
畢業學年度:106
語文別:中文
論文頁數:45
中文關鍵詞:盈餘品質盈餘持續性投資決策
外文關鍵詞:Earnings QualityEarnings PersistenceInvestment Decisions
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  • 下載下載:3
  • 收藏至我的研究室書目清單書目收藏:0
過去文獻對於盈餘品質之研究大多以財務報表數據或股票報酬作為衡量標的,而本文則主要探討並研擬另一種盈餘品質的衡量方式,嘗試從企業對人力資源及資本投資決策的角度來衡量盈餘品質。

本研究主要是探討投資決策與報導盈餘間的關聯性,依據過去的文獻將此關聯性用來衡量盈餘持續性,利用投資決策與報導盈餘的關聯性來捕捉報導盈餘接近永久性盈餘的程度,若關聯性越大,報導盈餘中含有越多的永久性盈餘,盈餘品質也越佳。故本文使用此關聯性作為投資決策基礎的盈餘品質指標,並以此作為主要衡量變數,檢驗盈餘品質越高的企業,其當期盈餘預測下一期盈餘的能力是否也會較高即盈餘餘持續性越高。其衡量公式,除了有前、後期盈餘外,亦加入資本及人力資源投資決策之代理變數一同進行衡量,以取得投資決策代理變數之變化與報表盈餘變化之間的關聯性。本研究以 2007 年至 2017 年台灣上市、上櫃公司為研究對象,有效樣本公司為110家公司,共1,100筆觀察值。

採用此種以投資決策為基礎的盈餘品質衡量方法,主要原因在於:(1)企業主要選擇淨現值(NPV)為正的投資計畫來進行投資決策,正的淨現值可以反應於之後的永久性盈餘,故投資決策理應與盈餘間存在特定的變化關係;(2)管理階層為整個企業體中對企業目前狀況與未來發展方向最了解的一群人,故其所做之投資決策勢必隱含許多與未來永久性盈餘的增減變化有關的資訊。本文遵循Dechow and Schrand(2004)將盈餘品質定義為報導盈餘接近永久性盈餘的程度。故當報導盈餘越接近永久性盈餘,盈餘品質就越高。此時投資決策和報導盈餘關聯性越大,由投資決策中所能捕捉到的盈餘品質資訊越多,因此,盈餘品質越高的企業,當期盈餘越能夠解釋並預測下期的報導盈餘。本研究結果顯示,公司的投資決策與報導盈餘間確實存在正向的關聯性,即投資決策基礎的盈餘品質愈高的公司,其當期盈餘對未來盈餘的預測能力愈大。此外,本文亦發現當管理當局有過度投資傾向時,其當期盈餘對未來盈餘的預測能力將會降低。

Prior research on earnings quality generally relies on one of two approaches: studying the properties of accounting numbers or extracting information from stock prices. In this paper, I examine a new approach for measuring earnings quality, defined as the closeness of reported earnings to “permanent earnings,” based on firm decisions with regard to capital and labor investments.

Specifically, I measure earnings quality as the contemporaneous association between changes in the levels of capital and labor investment and the change in reported earnings to explores the relationship between earnings persistence and agents from corporate investment decisions. Our sample consists of firms listed in the Taiwan Stock Exchange from 2007 through 2017.

This approach follows the reasoning that (1) firms make investment decisions based on the net present value (NPV) of investment projects and (2) that managers have private information that investors do not have, corporate investment decisions can provide informative signals about earnings quality relative to the market based earnings-quality measures. I find that measures of earnings quality based on managerial labor and capital decisions correlate positively with earnings persistence and have incremental explanatory power relative to earnings quality measures used in the accounting literature. Furthermore, investment based earnings-quality measures are less informative when managers tend to overinvest.

摘要 i
Abstract ii
謝辭 iii
目錄 iv
表目錄 v
圖目錄 v
第一章、緒論 1
第一節 研究動機與目的 1
第二節 研究架構 3
圖1 研究架構流程圖 4
第二章 文獻探討與研究假說發展 5
第一節 盈餘品質相關文獻 5
第二節 公司投資決策基礎下之盈餘品質 6
第三節 代理問題與盈餘品質 7
第三章 研究設計 10
第一節 解釋變數之衡量 10
第二節 控制變數之衡量 13
第三節 樣本選取與資料來源 18
第肆章 實證結果分析 25
第一節 實證模型 25
第二節 實證結果 26
第伍章 額外測試 32
第陸章 結論 34
參考文獻 35

表目錄
表2-1-1 常見有關盈餘品質的早期文獻 5
表3-1-1 變數定義說明表 16
表3-1-2 樣本年數表 20
表3-1-3樣本篩選表 20
表3-1-4 樣本產業來源 21
表3-1-5解釋變數OLS迴歸分析結果 22
表3-1-6 樣本變數敘述性統計量 23
表3-1-7 投資決策解釋變數相關係數表 24
表3-1-8 投資決策變數和控制變數相關係數表 24
表4-1-1 變數預期符號表 27
表4-1-2 連續樣本實證結果 28
表4-1-3 非連續樣本實證結果 30
表5-1-1過度投資與投資決策基礎下之盈餘品質變數的關係 33
圖目錄
圖1 研究架構流程圖 4


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