企業多角化與穩健會計

Corporate Diversification and Conditional Conservatism

張哲嘉(Che-Chia Chang)

指導教授 ： 林嬋娟

國立臺灣大學/管理學院/會計學研究所/博士(2011年)

https://doi.org/10.6342/NTU.2011.10292

摘要

無資料

關鍵字

企業多角化 ； 穩健會計 ； 財務會計準則第131號公報 ； 過度投資 ； 無效率交叉補貼 ； 價值減損

並列摘要

Diversified firms suffer from value discount due to overinvestment and inefficient cross-subsidization. This paper conjectures that conditional conservatism ex ante reduces manager proclivity for inefficient decision, and ex post facilitates investor monitoring. This paper shows that conditional conservatism mitigates overinvestment and inefficient cross-subsidization, thereby mitigating value discount in diversified firms. The FASB issued SFAS No. 131 to improve the quality and quantity of segment information. Under SFAS No. 131, managers have less ability to offset information, and fewer incentives to make inefficient decisions. This paper shows that conditional conservatism reveals a less pronounced mitigating effect on overinvestment and inefficient cross-subsidization after implementing SFAS No. 131.

並列關鍵字

corporate diversification ； conditional conservatism ； Statement of Financial Accounting Standards No. 131 ； overinvestment ； inefficient cross-subsidization ； value discount

參考文獻

Ahmed, A. S., B. K. Billings, R. M. Morton, and M. Stanford-Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77 (4):867-890.

Ahmed, A. S., and S. Duellman. 2007. Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics 43 (2-3):411-437.

Ahn, S., and D. J. Denis. 2004. Internal capital markets and investment policy: Evidence from corporate spinoffs. Journal of Financial Economics 71 (3):489-516.

Armstrong, C. S., W. R. Guay, and J. P. Weber. 2010. The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics 50 (2-3):179-234.

Ball, R. 2001. Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. Brookings-Wharton Papers on Financial Services:127-169.