博碩士論文 etd-1225106-105438 詳細資訊


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姓名 湯惠雯(Hui-wen Tang) 電子郵件信箱 E-mail 資料不公開
畢業系所 企業管理學系研究所(Business Management)
畢業學位 博士(Ph.D.) 畢業時期 95學年第1學期
論文名稱(中) 如何以公司治理抑制盈餘管理的濫用--從公司績效觀點
論文名稱(英) How Corporate Governance Mitigates the Abuse of Earnings Management:The Perspective of Firm Performance
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    摘要(中) 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。
    摘要(英) 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.
    關鍵字(中)
  • 公司治理
  • 盈餘管理
  • 公司績效
  • 會計裁量權
  • 會計應計
  • 關鍵字(英)
  • Earnings management
  • Firm performance
  • Accounting discretion
  • Accounting accruals
  • Corporate governance
  • 論文目次 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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    口試委員
  • 李文智 - 召集委員
  • 周建新 - 委員
  • 江明憲 - 委員
  • 高蘭芬 - 委員
  • 陳安琳 - 指導教授
  • 口試日期 2006-12-22 繳交日期 2006-12-25

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