以企業生命週期論析盈餘及其組成持續性

The Impact of Business Life Cycle on the Persistence of Earnings and Earnings Components

劉政淮(Cheng-Hwai Liou) ； 陳俊合(Chun-Ho Chen) ； 張竹淵(Chu-Yuan Chang)

《台灣管理學刊》 12卷2期 (2012/08) Pp. 205-225

https://doi.org/10.6295/TAMJ.2012.1202.05

摘要

本文探討公司處在不同的企業生命週期階段是否會影響其盈餘及其組成持續性。本文結果發現當企業處於成熟期和成長期，公司的盈餘持續性均顯著高於衰退期，但成長期與成熟期間並無顯著之差異。本文亦發現，成熟期與成長期營業活動現金流量的盈餘持續性高於衰退期，而成熟期總應計項目的盈餘持續性高於成長期和衰退期。最後，本文發現成長期和成熟期的非裁決性應計項目的盈餘持續性均高於衰退期，而成熟期裁決性應計項目的盈餘持續性均高於成長期和衰退期。總而言之，本文結果發現盈餘持續性及其組成的盈餘持續性在不同企業生命週期階段會有所明顯差異，而成熟期之盈餘及其組成的盈餘持續性大多高於成長期與衰退期。

關鍵字

盈餘持續性 ； 企業生命週期 ； 營業活動現金流量 ； 應計項目 ； 裁決性應計項目

並列摘要

This paper examines whether the persistence of earnings and earnings components are affected by business life cycle. Our results show that the mature stage firms and growth stage firms has greater earnings persistence than stagnant stage firms. But, there is no significant difference on earnings persistence between mature stage firms and growth stage firms. We also find that mature stage firms and growth stage firms has greater persistence of operating cash flow than stagnant stage firms. Mature stage firms has greater persistence of total accruals than growth stage firms and stagnant stage firms. Finally, we also find that mature stage firms and growth stage firms has greater persistence of non-discretional accruals than stagnant stage firms. Mature stage firms have greater persistence of discretional accruals than growth stage firms and stagnant stage firms. In summary, our findings indicate that there is significant difference in the persistence of earnings and its components under different business life cycle stage. Our findings also indicate that the mature stage firms have greater persistence of earnings and earnings components than growth stage firms and stagnant stage firms generally.

並列關鍵字

earnings persistence ； business life cycle ； operating cash flow ； accruals ； discretionary accruals

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