集團內部所有權與分子企業盈餘管理：國際多角化與家族連結之影響

Inside Ownership of Business Group and Affiliated Firm Earnings Management: The Effects of International Diversification and Family Tie

陳俞如(Yu-Ju Chen) ； 謝存瑞(Tsun-Jui Hsieh)

《管理學報》 28卷1期 (2011/02) Pp. 65-80

https://doi.org/10.6504/JOM.2011.28.01.04

摘要

本文主要目的在於探討集團內部所有權與分子企業盈餘管理之間的關係，並且進一步瞭解分子企業國際多角化與家族連結的調節效果。本研究以2001年至2005年上市櫃集團企業為研究對象，使用裁量性應計數衡量公司的盈餘操縱程度，並且採用迴歸模式分析樣本資料，實證結果發現集團內部所有權愈低會使公司盈餘管理的情形愈高，當公司所屬集團的國際化程度愈高，加重公司代理問題，因而使集團內部所有權對公司盈餘管理的影響提高。此外，當分子企業家族連結程度較高時，內部監理機制較為薄弱，也會使集團內部所有權愈低導致盈餘管理的情形愈明顯。

關鍵字

集團企業 ； 公司治理 ； 內部所有權 ； 國際多角化 ； 盈餘管理

並列摘要

This paper aimed to investigate the relationship between inside ownership of business group and affiliated firm earnings management and further to examined the moderating effects of firm international diversification and family tie. Discretionary accruals were used to measure the degree of manipulated earnings and the sample was selected ranging from 2001 to 2005. We use regression models to test the hypotheses. The empirical findings suggested that lower inside ownership resulted in higher degree of earnings management and the degree of affiliated firm international diversification positively moderated this relationship. Moreover, the findings also suggested that, as the degree of family tie escalated, internal governance mechanism weakened, which strengthened the degree of earnings management with lower group inside ownership.

並列關鍵字

Business Group ； Corporate Governance ； Inside Ownership ； International Diversification ； Earnings Management

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