- 學位論文
企業融資約束、盈餘管理與投融資期限錯配
Financial Constraints, Earnings Management, and the Maturity Mismatch of Investment and Financing
摘要
由於銀行對於企業長期借款的審核較嚴謹，致使企業常會以短支長而造成融資約束。在此一狀況下，企業為緩解融資約束，則可能從事盈餘管理。然而，此一行為卻有可能又加深融資約束，導致企業投融資期限錯配。有鑑於此，本研究針對台灣上市公司，探討企業融資約束與投融資期限錯配之間是否存在顯著相關，以及盈餘管理對此一關係是否具有中介作用。實證結果顯示，融資約束與投融資期限錯配呈現顯著正相關，表示企業所受融資約束程度越高，越會加深投融資期限錯配程度，因此進一步探討企業從事盈餘管理行為後，是否能緩解融資約束，而降低投融資期限錯配的狀況。研究結果發現受融資約束之企業進行盈餘管理後，投融資期限錯配程度會因此下降。
並列摘要
This study aims to investigate whether there is a significant relationship between corporate financing constraints and investment and financing maturity mismatch, using Taiwanese-listed companies as the research sample. Additionally, the study examines whether earnings management plays a mediating role in this relationship. The empirical findings indicate a significant positive correlation between financing constraints and investment and financing maturity mismatch. This implies that companies facing higher financing constraints are more likely to experience deeper discrepancies in their investment and financing periods. However, implementing earnings management can help alleviate financing constraints and reduce the mismatch between investment and financing periods. In conclusion, the research findings suggest that companies with financing constraints used earnings management to effectively mitigate the degree of investment and financing maturity mismatch.