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博碩士論文 etd-1225106-105438 詳細資訊
Title page for etd-1225106-105438
論文名稱
Title
如何以公司治理抑制盈餘管理的濫用--從公司績效觀點
How Corporate Governance Mitigates the Abuse of Earnings Management:The Perspective of Firm Performance
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
111
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2006-12-22
繳交日期
Date of Submission
2006-12-25
關鍵字
Keywords
公司治理、盈餘管理、公司績效、會計裁量權、會計應計
Earnings management, Firm performance, Accounting discretion, Accounting accruals, Corporate governance
統計
Statistics
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中文摘要
依據效率契約的觀點,為因經濟環境變化之需要,經理人可藉由盈餘管理以提昇公司績效;然而,投機行為觀點則認為盈餘管理的濫用,也可能戕害公司的績效。因此,投資人實難以窺知經理人從事盈餘管理的真正意圖,尤其在公司治理普遍較差的台灣,更有可能發生盈餘管理的濫用。雖然過去許多文獻曾探討經理人進行盈餘管理的目的,以及盈餘管理對公司績效的影響,但對於解析公司治理、盈餘管理及公司績效三者間的關係,未見學者多所著墨。
本研究旨在探索經理人對盈餘管理的意圖,以釐清公司治理能否抑制盈餘管理的濫用,進而提昇公司績效。本研究實證結果顯示,若未考慮公司治理對經理人從事盈餘管理的影響時,盈餘管理與公司績效間呈負向關係,其隱含經理人較有可能濫用盈餘管理的裁量權,藉此誤導投資人以獲取不當利益。本研究進而檢視盈餘管理與股權結構及董事會結構等公司治理特性的關係,結果顯示良好的公司治理確實能有效抑制盈餘管理的操弄;本研究更進一步證實,在適當的公司治理監督下之盈餘管理,甚至將有助於公司績效。
Abstract
Earnings management can be used to respond to a variable economics environment to improve firm performance under efficient contracting perspective but earnings management can also be abused to hurt a firm’s performance under opportunistic behavioral perspective. Investors, therefore, have difficulty to understand and know about the purpose of earnings management, especially for firms in Taiwan that are very likely to engage in earnings management due to poor governance. Although numerous literatures have shed light on managers’ incentives on earnings management and the effects of earnings management on firm performance, little attention has been devoted to disentangle the relation among corporate governance, earnings management and firm performance.
The purpose of this dissertation is to unravel manager’s intension on earnings management and to clarify whether proper governance can alleviate the abuse of earnings management and, therefore, enhance firm performance. Without distilling the effect of corporate governance on earnings management, the empirical results indicate that there is an inverse relation between earnings management and firm performance, implying that managers are more likely to exploit the latitude of earnings management to mislead investors and gain opportunistic profit. This dissertation further examines the relation between earnings management and the features of corporate governance including ownership structure and board characteristics. These results show that stronger corporate governance can effectively reduce the abuse of earnings management. Furthermore, this dissertation provides the evidence that the relation between earnings management and firm performance is improved when the use of earnings management is monitored under proper governance.
目次 Table of Contents
Table of Content
Acknowledgment i
Abstract ii
Table of Content iv
Lists of Figure and Tables vi
Chapter 1 Introduction 1
1.1 Background 1
1.2 Rationale 4
1.3 Structure 9
Chapter 2 Literature Review 10
2.1 Earnings Management Incentives 10
2.2 Earnings Management and Performance 18
2.3 Corporate Governance and Earnings Management 20
2.4 Remarks 31
Chapter 3 Data and Methodology 33
3.1 Data and Sample Selection 33
3.2 Variable Measurement 33
3.3 Data Description and Correlation Analysis 42
3.4 Research Design 45
Chapter 4 Earnings Management and Firm Performance 48
4.1 The Models 48
4.2 Empirical Results 52
4.3 Additional Test 53
Chapter 5 Corporate Governance and Earnings Management 55
5.1 The Model 55
5.2 Empirical Results 58
5.3 Additional Test 61
Chapter 6 Earnings Management under Governance and Firm Performance 62
6.1 The Models 62
6.2 Empirical Results 66
6.3 Additional Test 67
Chapter 7 Conclusions and Suggestions 72
7.1 Conclusions 72
7.2 Limitation of Research 74
7.3 Suggestion for Further Research 75
Reference 76
Figure and Tables 85

List of Figure and Tables
Figure 3-1 The Framework of Methodology 85
Table 3-1 Sample Selection process 86
Table 3-2 Variable Definitions 87
Table 3-3 Descriptive Statistics for Earnings Management, Governance Variables, Economics Determinants, and Performance Measures 88
Table 3-4 Descriptive Statistics for Earnings Management and Earnings Management under Governance 90
Table 3-5 Spearman Correlation for Abnormal Accrual, Governance Variables and Economics Variables 91
Table 4-1 Relation between Accounting Performance and Earnings Management 93
Table 4-2 Relation between Stock Performance and Earnings Management 94
Table 4-3 Association between Earnings Management and Subsequent Accounting Performance 95
Table 4-4 Association between Earnings Management and Subsequent Stock Performance 96
Table 5-1 Relation between Corporate Governance and Earnings Management 97
Table 6-1 Relation between Accounting Performance and Earnings Management under Governance 99
Table 6-2 Relation between Stock Performance and Earnings Management under Corporate Governance 100
Table 6-3 Association between Earnings Management under Governance and Subsequent Accounting Performance 101
Table 6-4 Association between Earnings Management under Governance and Subsequent Stock Performance 102
Table 6-5 Relation between Earnings Management under Governance and Abnormal Returns under Governance on Firm Performance 103
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