股東常會時間、財務績效和裁決性應計數關係之探討

The Relationship Among Performance, Discretionary Accruals and Annual General Meetings

侯啟娉(Chi-Ping Hou) ； 林翠蓉(Tsui-Jung Lin) ； 張力(Li Chang) ； 羅巧倩(Chiao-Chien Lo)

《會計評論》 62期 (2016/01) Pp. 75-110

https://doi.org/10.6552/JOAR.2016.62.3

摘要

年度股東會為股東評估企業財務績效以及行使股東權利的重要場所，股東常會時間是影響股東出席的重要因素。為了解公司是否會因財務績效差而刻意影響股東出席股東會，本文探討公司股東會常會時間與公司財務績效、裁決性應計數間之關係。此外，本文亦分析家族控制型態、控制權與現金流量權偏離程度對股東常會時間的影響。實證結果顯示，公司財務績效越好時，越早召開股東常會；其次，不論股權是否有偏離，家族公司及家族經理人公司績效好時，亦傾向較早召開股東常會。最後，公司財務績效越好的公司，股東會召開日期集中度越小；然而受到盈餘品質調節效果影響，公司財務績效好但盈餘品質差的公司，股東會召開日期集中度高。

關鍵字

裁決性應計數 ； 股東常會 ； 財務績效

並列摘要

The annual shareholder meeting (AGM) provides an important forum where shareholders can evaluate the firm's financial performance, and also exercise their rights as shareholders. The timing of the AGM is an important factor that determines their attendance. To investigate our thesis that firms with poorer performance have incentives to deter shareholders from attending AGMs, we examine whether the timing of the AGM is associated with the firm's financial performance and earnings quality. We also assess whether the type of family control and the deviation between control rights and cash flow rights affect AGM timing. Our results show that companies with good performance conduct AGMs earlier. Furthermore, firms that are family-owned or have family business managers with good performance hold AGMs earlier, regardless of whether these firms have a higher or lower degree of deviation between control rights and cash flow rights. Finally, we find that firms with good performance tend to hold their meetings on days when there is a low concentration of other AGMs. However, this effect is moderated by earnings quality-firms with good performance but lower earnings quality hold their AGMs on days when there is a high concentration of other AGMs.

並列關鍵字

Discretionary accruals ； Annual general meeting ； Financial performance

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