公司生命週期、盈餘管理與獨特風險

Firm Life Cycle, Earnings Management and Idiosyncratic Risk

解純惠(Chwen-Huey Jiee)

《全球管理與經濟》 11卷2期 (2015/12) Pp. 71-98

https://doi.org/10.6565/JGME.2015.11(2).5

摘要

本文旨在探討公司生命週期不同階段之下，盈餘管理方法差異是否導致獨特風險、系統風險與總風險差異。公司生命週期區分成長期、成熟期與衰退期；盈餘管理方法（投機目的衍生性金融商品、避險目的衍生性金融商品、裁決性應計數與實質盈餘管理）；公司風險區分：總風險、市場風險與獨特風險。實證結果主要發現如下：（1）.「公司生命週期不同階段之下，在成長期盈餘管理程度較高」，使用較高避險衍生性金融商品、裁決性應計數與實質盈餘管理。（2）盈餘管理程度隨著成長期、成熟期、衰退期呈遞減趨勢。避險衍生性金融商品與實質之盈餘管理，在成長期與衰退期有顯著差異。實質盈餘管理中之異常現金流量在不同階段有顯著差異，而異常生產成本在成長期與衰退期顯著差異。（3）在公司生命週期不同階段之下，盈餘管理程度隨著成長期、成熟期、衰退期呈遞減趨勢，其總風險、市場風險、獨特風險遞減趨勢」

關鍵字

盈餘管理 ； 獨特風險 ； 公司生命週期 ； GJR-GARCH模型 ； Exponential GARCH模型

並列摘要

This paper examine the life cycle stages under different stage, earnings management result in differences idiosyncratic risks, systemic risk and the overall risk . Distinguish growth, maturity and decline stage; earnings management (derivatives for speculative purposes, derivatives hedging purposes, the accruals and earnings management in real terms); Risk Classification: total risk, market risk and idiosyncratic risk. The main findings are as follows: ＂Under different life cycle stages, in growing higher earnings management＂ (1) the establishment of a higher hedging derivatives, the accruals and real earnings management. (2) the degree of earnings management with the growth, maturity, decline showed a decreasing trend. There are significant differences in hedging derivatives in growing and recession, but significant differences in real earnings management. Where there is a significant difference between cash flow abnormalities in the growth, maturity and decline period; abnormal production costs in growing and significant differences recession. (3) under the different stages of the life cycle of the company, earnings management as growth, maturity, decline showed a decreasing trend, the total risk, market risk, unique risk decreasing trend＂.

並列關鍵字

Earnings Management ； Idiosyncratic Risk ； Firm Life Cycle ； GJR-GARCH Model ； Exponential GARCH Model