- 學位論文
成長機會、內部人交易行為與盈餘管理之關連性
The Association among Growth Opportunities , Insider Trading and Earnings Management.
摘要
內部人交易行為一向都是投資人及政府關注的焦點，過去文獻如Elitzur and Yaari（1995）檢驗管理階層的內部人股權交易如何影響盈餘管理，或Trueman（1990）發現當管理階層欲於未來期間賣出股權時，管理階層操弄當期盈餘藉以影響盈餘宣告後股價…等,已提供完善的理論基礎。但國內目前仍少有探討內部人交易行為和管理階層盈餘管理關連性的研究出現，而過去也鮮少以公司成長機會價值作為變數直接探討其對盈餘管理和內部人交易行為的影響效果，但研究發現，當公司成長機會愈高，將導致股東及管理階層之間的代理問題隨著增加，內部人可能會因獎酬動機，而產生盈餘操縱的現象。本研究主要目的係探討不同公司成長機會下，公司盈餘管理行為與內部人交易行為之關連性。以台灣證券市場1999至2004年間上市公司內部人交易行為為樣本。實証結果發現：（1）當內部人計畫在未來買入股權時，內部人在季盈餘宣告前會使用盈餘減少的裁決性應計項目的手段；（2）當內部人計畫在未來賣出股權時，內部人在季盈餘宣告前會使用盈餘增加的裁決性應計項目的手段；（3）當公司成長機會高，內部人傾向買入股權交易；當公司成長機會高，內部人傾向賣出股權交易；（4）當公司成長機會越高，內部人會從事調整盈餘增加的裁決性應計項目；當公司成長機會越低，內部人會從事調整盈餘減少的裁決性應計項目；（5）將成長機會分群後，其結果更能顯示支持成長機會、內部人交易行為與盈餘管理行為之關連性。
並列摘要
Insider trading is always the focus.Prior literature provides a theoretical basis to empirical studies of insider trading and earnings management (Elitzur and Yaari,1995; Trueman,1990).But in Taiwan,there is less study that examine the relationship between insider trading and earnings management.And there is also less study that use growth opportunity as an important variable. The purpose of this study is to examine the association among growth opportunities,insider trading and earnings management.We investigate into the insider trading of the companies in stock market between 1999 and 2004. Our empirical results are as follows.(1)In insider buying sample, we find that when the insider intend to buy their owenership,they would adjust DAs to decrease earnings;(2)In insider selling sample, we find that when the insider intend to sell their owenership,they would adjust DAs to increase earnings;(3) When the company is with high growth opportunity, the insider is tend to buy .To the contary, when the company is with low growth opportunity, the insider is tend to sell; (4)When the company is with high growth opportunity, the insider would adjust discretionary accruals (DAs) to increase earnings; to the contary, when the company is with low growth opportunity, the insider would adjust DAs to decrease earnings. (5)After controlling the growth opportunities,the empirical results support the association among growth opportunities,insider trading and earnings management more.