臺灣博碩士論文加值系統

財務報表能幫助財報使用者了解公司財務狀況，並影響投資決策。過去研究指出，財報是否具有可比性為重要的品質要素之一。另一方面，企業間常透過交叉持股的方式來鞏固公司經營權或維護公司價值，但也可透過交叉持股來達到財務操作的目的，因此亦可能淪為管理當局操縱之工具，損害股東之權益，進而影響財報品質。據此，本研究欲探討企業交叉持股與財務報表可比性之關聯。以2017~2019年台灣上市櫃公司為樣本，實證結果顯示，企業交叉持股會影響財務報表可比性，當企業交叉持股比率愈大，財報可比性受影響程度愈大。本研究進一步將交叉持股分為與上市公司交叉持股及與同產業公司交叉持股兩種型態進行探討，實證結果顯示：企業與上市公司交叉持股會使財務報表可比性提升；企業與同產業公司交叉持股則不一定會提升財報可比性。綜合上述結果，本研究認為企業交叉持股與財務報表可比性有關，並且因交叉持股型態不同，對財報可比性之影響不同。本研究之結果可供企業投資人與財報使用者參考，並有助於做重要投資決策上多一份考量。

Financial statements can help outsiders understand the company’s financial status. Due to changes in accounting standards in recent years, the comparability of financial reports has received more attention. Furthermore, it’s common for corporations to use cross-shareholding to consolidate the company or to protect the benefits of the operators. But cross-shareholding may hurt shareholders’ interests, and may also affect financial reporting quality. Based on abovementioned, this study aim to examine the relationship between firm cross-shareholdings and the comparability of financial statements. The empirical results indicated that firm with cross-shareholding will affect the comparability of financial statements. The larger the cross-shareholding ratio is, the huge effect of the comparability of financial reports. The study further divides cross-shareholding into two types: cross-shareholding with listed companies and cross-shareholding with companies in the same industry. The empirical results show that whether it is cross-shareholding with listed companies or cross-shareholding with companies in the same industry will affect the comparability of financial statements. Overall, the results of this study can provide a clearer evidence about the consequences of firms’ cross-shareholding behavior. I suggest that the firm’s cross-shareholding is indeed related to agency problem, and all of the findings can be used as a reference for investors and regulation-setting units.

摘要 I
Abstract II
目錄 III
圖目錄 IV
表目錄 V
第壹章、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、研究架構 4
第貳章、文獻回顧與假說發展 6
第一節、財務報表可比性 6
第二節、交叉持股 11
第參章、研究設計 18
第一節、樣本選取與資料來源 18
第二節、實證模型與變數衡量 19
第肆章、實證結果 24
第一節、敘述性統計 24
第二節、相關係數分析 27
第三節、實證結果 31
第伍章、結論與建議 49
第一節、研究結論與研究貢獻 49
第三節、研究限制與未來研究建議 50
參考文獻 51
附錄、變數定義表 56

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