研究生: |
呂庭萱 Ting-Hsuan Lu |
---|---|
論文名稱: |
第34號公報實施前後企業盈餘管理與投資效率之關係 The Relationship between Earnings Management and Investment Efficiency of Enterprise before and after the Implementation of SFAS No. 34 |
指導教授: |
張琬喻
Woan-Yuh Jang |
口試委員: |
劉代洋
Day-Yang Liu 遲淑華 Shu-Hwa Chih |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
論文出版年: | 2021 |
畢業學年度: | 109 |
語文別: | 中文 |
論文頁數: | 65 |
中文關鍵詞: | 第34號公報 、盈餘管理 、投資效率 、金融商品 、公平價值 |
外文關鍵詞: | SFAS No.34, Earnings Management, Investment Efficiency, Financial Instruments, Fair Value Accounting |
相關次數: | 點閱:232 下載:2 |
分享至: |
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
當企業存在操弄盈餘之投機性盈餘管理時,會衍生出管理當局與小股東及外部投資人間資訊不對稱及代理問題,造成企業投資缺乏效率。過往文獻提出企業會以裁決性應計項目與衍生性金融商品兩方法窗飾盈餘,且兩方法間具替代關係。為此,我國財務會計準則公報第34號「金融商品之會計處理準則」(簡稱第34號公報)的實施,導入公平價值概念,且規範金融商品之分類、評價與揭露等,將表外項目轉化為表內項目,提高財務報表透明度,減少企業進行盈餘操弄之空間。
本研究採用2001年至2011年台灣上市櫃公司共4,840筆觀察值,並加入盈餘管理變動幅度為解釋變數,探討第34號公報施行前後,盈餘管理對投資效率之影響是否有差異。實證結果發現,第34號公報實施後,盈餘管理行為與金融商品之使用如預期減少,公報實施初期盈餘平穩化工具因將原先為表外項目之資訊確實揭露,與不效率投資為負向關係。接著本研究以2014年至2020年之3,872筆觀察值做額外測試,結果發現,公報實施較長期間後,管理當局可藉由改變金融商品投資組合或風險管理策略,使盈餘平穩化工具仍能有效窗飾盈餘,因此企業盈餘管理程度越高,投資越缺乏效率,且隨盈餘管理程度下降,盈餘管理行為與投資效率間關係趨緩。
When a firm has opportunistic earnings management, there are information asymmetry and agency problems between the management authority and the minority shareholders and external investors, resulting in the investment inefficiency. Prior evidence that earnings management through discretionary accruals and derivative financial instruments are mechanisms with some degree of substitution in enhancing income smoothing. The Statement of Financial Accounting Standards No.34 (SFAS No.34) implementation adopted fair value accounting, and regulated the classification, evaluation and disclosure of financial instruments, also transformed off-balance sheet items into on-balance sheet items that improve the transparency of financial statements and reduce the level of earnings management.
Based on 4,840 observations of Taiwan listed companies during the period 2001-2011, and adds the range of earnings management changes as an explanatory number to investigate whether there is a difference in the impact of earnings management on investment inefficiency after SFAS No.34 implementation. The empirical analysis indicates that in the early implementation, because the originally off-balance sheet items were disclosed, which had a negative relationship with investment inefficiency. The additional test reveals that in the late implementation, the firm with higher earnings management level, its investment would be more inefficiency. And as the decline in the degree of earnings management, the relationship between earnings management and investment tends to ease.
林孟憲(2016),第34號公報的實施對公司盈餘管理的影響,國立清華大學計量財務金融學系碩士論文。
林問一、楊和利、方滋聰(2006),會計師與承銷商對現金增資公司從事盈餘管理之影響,風險管理學報,8(2),157-176。
金佑儒(2008),適用第34號公報金融商品的使用與盈餘管理決策之關係,輔仁大學會計學系碩士論文。
紅立勝(2000),我國上市公司分析師盈餘預測與盈餘管理關聯性之實證研究,國立政治大學會計學系碩士論文。
張瑞當、方俊儒(2006),資訊揭露評鑑系統對企業盈餘管理行為之影響,會計評論,42,1-22。
許永聲、劉政淮(2005),盈餘的資訊品質對盈餘管理行為的影響,管理與系統,12(1),1-22。
陳慶隆、林秀謙、盧鎮瑋(2014),衍生性金融商品使用程度對會計資訊價值攸關性之影響-避險與非避險使用動機之檢測,管理與系統,21(2),329-361。
Baber, W. R., P. M. Fairfield, and J. A. Haggard, (1991), The Effect of Concern about Reported Income on Discretionary Spending Decisions: The Case of Research and Development, The Accounting Review, 66(4), 818-829.
Barton, J., (2001), Does the Use of Financial Derivatives Affect Earnings Management Decision? The Accounting Review, 76, 1-26.
Basu, N., (2014), The Structure of Equity Ownership: A Survey of the Evidence, Managerial Finance, 40(12), 1175-1189.
Belsley, D. A., (1984), Demeaning Conditioning Diagnostics Through Centering, American Statistician, 38(2), 73-77.
Biddle, G., G. Hilary, (2006), Accounting Quality and Firm-level Capital Investment. The Account Review, 81 (5), 963–982.
Biddle, G. C., G. Hilary, and R. Verdi, (2009), How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48, 112-131.
Bushee, B. J., (1998), The Influence of Institutional Investors on Myopic R&D Investment Behavior, The Accounting Review, 73(3), 305-333.
Choi, J. J., C. X. Mao, and D. Arun, (2014), Earnings Management and derivative Hedging with fair Valuation Evidence from the Effects of FAS 133, The Accounting Review, 90(4), 1437-1467.
Cooke, T. E., (1993), Disclosure in Japanese Corporate Annual Reports, Journal of Business Finance and Accounting, 20(4), 521–535.
DeAngelo, L. E., (1986), Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders, The Accounting Review, 61,400-420.
Dechow, P. M., R. Sloan, and A. Sweeney, (1995), Detecting Earnings Management, Journal of Accounting and Economics, 70, 193-225.
Dechow, P., A. Hutton, J. Kim, and R. Sloan, (2012), Detecting Earnings Management: A New Approach, Journal of Accounting Research, 50(2), 275-334.
Echambadi, R., and J. D. Hess, (2007), Mean-Centering Does not Alleviate Collinearity Problems in Moderated Multiple Regression Models, Marketing Science, 26(3), 438-445.
Fischer, P. E., and R. E. Verrecchia, (2000), Reporting Bias, The Accounting Review, 75, 229-245.
Hausman, J., (1978), Specification Tests in Econometrics., Econometrica, 46(6), 1251-1271.
Healy, P., (1985), The Effect of Bonus Schemes on Accounting Policies, Journal of Accounting and Economics, 7, 85-107.
Hope, O. -K., and W. B. Thomas, (2008), Managerial Empire Building and Firm Disclosure, Journal of Accounting Research, 46(3), 591–626.
Hsiao, C., (1985), Benefits and Limitations of Panel Data, Econometric Reviews, 4(1), 121-174.
Hsiao, C., (1986), Analysis of Panel Data, Cambridge: Cambridge University Press.
Jensen, M. C., (1986), Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, 76(2), 323-329.
Jensen, M.C., and W.H., Meckling, (1976), Theory of the Firm Managerial Behavior, Agency Cost and Ownership Structure, Journal of Financial Economics, 33, 305-360.
Jin, X., and J. Yu, (2018), Government Governance, Executive Networks and corporate Investment Efficiency, China Finance Review International, 8(2), 122-139.
Jones, J. J., (1991), Earnings Management During Import Relief Investigations, Journal of Accounting Research, 29(2), 193.
Klevmarken, N. A., (1989), Panel Studies: What can We Learn from Them? Introduction, European Economic Review, 33, 523-529.
Kothari, S. P., A. J. Leone, and C. E. Wasley, (2005), Performance Matched Discretionary Accrual Measures, Journal of Accounting and Economics, 39(1), 163-197.
Li, Y., J. He, and M. Xiao, (2018), Risk Disclosure in Annual Reports and Corporate Investment Efficiency, International Review of Economics and Finance, 63, 138-151.
Lobo, G., and J. Zhou, (2001), Disclosure Quality and Earnings Management, Asia-Pacific Journal of Accounting and Economics, 8(1), 1-20.
Lopez-Iturriaga, F. J., and J. A. Rodriguez-Sanz, (2001), Ownership Structure, Corporate Value and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies, Journal of Management and Governance, 5(2), 179-204.
Meek, G. K., C. B. Roberts, and S. J. Gray, (1995), Factors Influencing Voluntary Annual Report Disclosures by U.S., U.K. and Continental European Multinational Corporations, Journal of International Business Studies, 26(3), 555–572.
Myers, S. C., and, N. S. Majluf (1984), Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have, Journal of Financial Economics, 13(2), 187-221.
Niu, F. F., (2006), Corporate Governance and the Quality of Accounting Earnings: A Canadian Perspective, International Journal of Managerial Finance, 2(4), 302-327.
Petersen, M. A., and S. R. Thiagarajan, (2000), Risk Measurement and Hedging: With and Without Derivatives, Financial Management, 29, 5-29.
Richardson, S., (2006), Over-investment of Free Cash Flow, Rev, Account, Stud, 11, 159-189.
Richardson, V., (1998), Information Asymmetry and Earnings Management: Some Evidence, Unpublished Manuscript, University of Kansas.
Roychowdhury, S., (2006), Earnings Management through Real Activities Manipulation, Journal of Accounting and Economics, 42(3), 335-370.
Schipper, K., (1989), Commentary, Earnings management, Accounting Horizons, 91-102.
Shleifer, A., and R. W. Vishny, (1997), A Survey of Corporate Governance, Journal of Finance, 52(2), 737-783.
Solon, G. S., (1989), The Value of Panel Data in Economic Research, Panel Surveys, New York: John Wiley, 486-496.
Strobl, G., (2013), Earnings Manipulation and the Cost of Capital, Journal of Accounting Research, 51(2), 449-473.
Stulz, R. M., (1990), Managerial Discretion and Optimal Financing Policies, Journal of Financial Economics, 26 (1), 3-27.
Yoon, P. S., and Starks, L. T., (1995), Signaling, Investment Opportunities, and Dividend Announcements, Review of Financial Studies, 8(4), 995-1018.
Zhang, H., (2009), Effect of Derivative Accounting Rules on corporate Risk-Management Behavior, Journal of Accounting and Economics, 47(3), 244-264.
Zhang, Y., and X. Guo, (2019), Study on Free Cash Flow, Over-investment and Cash Divi