機構投資人持股穩定性對台灣上市櫃公司盈餘管理的影響

The Impact of Institutional Ownership Stability on Earnings Management in Taiwan Listed Firms

張維鉅(Wei-Chu Chang)

指導教授 ： 鄭佳綺

元智大學/管理學院/商學碩士班(會計學程)/碩士(2012年)

摘要

本論文在探討機構投資人持股穩定性與盈餘管理的關係。過去的研究已經證實機構投資人持股會影響盈餘管理，但那些研究著重在機構投資人持股比例，而這篇文章用機構投資人持股穩定性取代持股比例來做探討。此研究將持股穩定性分為持股波動性及持股持續性，用多元回歸分析的方式探討機構投資人持股穩定性與盈餘管理的關係。實證結果發現機構投資人持股穩定性確實會影響盈餘管理。當機構投資人持股擁有高程度的波動性及低持續性的特性時，經理人較有可能發生操控盈餘的行為。這篇文章也發現公司績效的表現會影響機構投資人持股期間的長短。

關鍵字

機構投資人持股 ； 盈餘管理 ； 裁決性應計數

並列摘要

The focus of this study is the association between institutional ownership stability and earnings management. Previous studies have verified institutional investors’ shareholding will affect earnings management, but those studies aim at the proportion of the institutional ownership, instead of the shareholding time of the institutional investors. Therefore, by multiple regression analysis, the study distributes the stability of institutional ownership into volatility and persistence to examine the relationship between institutional ownership stability and earnings management. The empirical results find that the institutional ownership stability does affect earnings management. If institution ownership has a high degree of volatility or the character of non-persistence, managers are most likely to manipulate earnings. This paper also finds that corporate performance is one of the consideration factors when institutional investors decide the investment policy for regarding the length of time of the shareholding.

並列關鍵字

institutional ownership ； earnings management ； Absolute discretionary accruals

參考文獻

Ahn, H. B., and G. J. Kwon, 2009, Governance-Owner Structure and Earnings Management: Evidence from Korea, Asian Social Science (Vol.5, NO. 10).

Agrawal, A., and G. N. Mandelker., 1990, Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments, Journals of Financial and Quantitative Analysis (25): 143-161.

Ajinkya, B., S. Bhojraj, and P. Sengupta, 1999, The effect of corporate governance on disclosure, Working paper, University of Florida.

Bushee, B. J., 2001, Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value?, Contemporary Accounting Research (Vo1. 18, No. 2): 207-246.

Chen, K. Y., and J. L. Liu, 2010, EARNINGS MANAGEMENT, CEO DOMINATION, AND GROWTH OPPORTUNITIES-EVIDENCE FROM TAIWAN, International Journal of Public Information Systems (vol. 1): 43-69.