- 學位論文
管理能力對於價值攸關性之影響
The Impact of Managerial Ability on the Value-relevance of accounting information
摘要
隨著盈餘價值攸關性逐年降低，本研究旨在探討投資人在進行投資判斷時，是否會依投資企業之管理能力，決定對於盈餘之依重程度。本研究以2009 年至 2014年間臺灣上市(除F-股及存託憑證)作為研究對象，總計有4386筆觀察值。在管理能力方面，本研究沿用Peter Demerjian et al.(2012)觀念，以資料包絡分析法算出效率值並配合Tobit迴歸剔除公司效果後之殘值視為管理能力。本研究另外探討投資人是否視家族企業為監督力量並因此增進企業之管理能力，以及機構投資人是否會依企業管理能力而修正對盈餘的依重程度，而將上述之家族企業及機構投資人持股作為調節變數探討其是否影響管理能力對盈餘之價值攸關性。實證模式則選用Ohlson (1995)模式。經實證顯示，管理能力較優之企業，確實會增加盈餘之價值攸關性。另外，家族企業及機構投資人之持股，亦會影響管理能力對於盈餘價值攸關性。
並列摘要
Along with value-relevance of earnings decline year by year.This study is aimed at exploring whether investors who make investment judgements will consider investees’s managerial ability and affect reliances of using earnings information. The firms, listed on TSE 2009~2014 are selected as sample firms(exempt F-stocks and depository shares). The final sample of this study consists of 4386 firm-year observations.About measuring Managerial ability, this studying following Peter Demerjian et al. (2012) concept, using Data Envelopment Analysis to analysis the efficient of company and match up with the tools of tobit regression to exclude the firm effect, the residual consider as managerial ability. Otherwise, we use family and institutional investor’s share as moderator variables to explore whether affect the relation between earnings and Managerial ability. The empirical model of this study is Ohlson (1995) model. The empirical results show that earnings will have grater value-relevance of listed firms when the firms also have a grater of Managerial ability. Otherwise, family firm or number of institutional investors share will also affect the relation between earnings and managerial ability.
參考文獻
延伸閱讀
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