股價回升公司盈餘管理之研究─以低於面額上市公司為例

A Study on Earnings Management of Stock Price Rebound

蔡美娟(Tsai-Mei Chuan)

指導教授 ： 劉立倫

中原大學/商學院/會計研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500160

摘要

論文摘要

本研究主要在探討民國90年至民國93年期間股價回升的上市公司，於股價回升時是否有進行盈餘管理予以研究，並進一步探討解股價跌幅程度與股價跌幅期間是否會影響股價回升公司進行盈餘管理方式的差異性。

實證結果指出：
一、股價回升公司的經常利益於股價回升前一年與回升當年均顯著增加，而其盈餘管理的時間點也落在股價回升前一年與回升當年。其中股價回升前一年利用裁決性應計項目的方式以增加盈餘，股價回升當年則以營業外收入的方式提高盈餘。
二、股價回升公司進行盈餘管理時所運用之工具包括應收帳款、存貨、預付款項、應付帳款、預收款項與出售投資及資產利得。另外，管理當局亦會使用關係人交易如關係人銷貨、關係人進貨、應收帳款─關係人與應付帳款─關係人進行盈餘管理。其中以存貨、應付帳款與預收款項為最常使用之盈餘管理工具。
三、將樣本依股價跌幅程度進行兩組差異比較，股價的跌幅程度只影響股價回升公司營業外收入的盈餘管理時點，並未影響利用裁決性應計項目的盈餘管理時點。兩組樣本雖在裁決應計項目與營業外收入並沒有明顯差異，但其個別盈餘管理工具如存貨、預收款項與應付帳款─關係人則有顯著差異。
四、將樣本依股價跌幅的期間進行兩組差異比較，股價的跌幅期間同時影響股價回升公司利用裁決性應計項目與營業外收入的盈餘管理時點。兩組樣本在裁決應計項目與營業外收入是有明顯差異的。在個別盈餘管理工具的差異方面，以存貨、預收款項、出售資產利得、出售投資利得、應付帳款─關係人與關係人進貨有明顯不同。相較於股價跌幅程度，股價跌幅期間對股價回升公司的盈餘管理造成的差異較多。

關鍵字

盈餘管理 ； 股價回升

並列摘要

II
Abstract
The main concern of this study focuses on investigating whether between 2001
and 2004 the public listed companies in Taiwan Stock Exchange managed earnings
during periods of rebounding price. Furthermore, this paper examines whether the
depths and periods of falling price have any impacts on the differences of earnings
management policies of price rebound firms.
The conclusions are as follows:
1. Regular (recurring) income of stock price rebound increases significantly one year
prior to rebound and the event year. The periods of earnings management fall in the
same years. The empirical results indicate that price rebound companies use
discretionary accruals in year –1 and non-operating revenue in year 0 to raise
earnings.
2. The management prefers to employ the tools of managing earnings, including
accounts receivable, inventory, prepaid expense, accounts payable, revenue received
in advance and gain on disposition of assets and investments. Additionally, the
management uses also related party transactions to manipulate earnings, such as
related party receivables, related party payables, related party sales and related
purchase. In particular, inventory, accounts payable and revenue received in advance
are often used to manage earnings by the management.
3. When the samples are divided into two groups by depth of falling price, the falling
depth only changes the timing stock price rebound firms use non-operating revenue
to manage earnings but does not change the timing for discretionary accruals. There
is no significant difference in non-operating revenue and discretionary accruals
between the two groups. But there is an obvious effect on respective tools of
managing earnings, including inventory, revenue received in advance and related
party payables.
4.When the samples are divided into two groups by periods of falling price, the falling
periods changes both the timings stock price rebound use non-operating revenue and
discretionary accruals to manage earnings. The periods of falling price has a
significant impact on non-operating revenue and discretionary accruals between the
two groups. There is an obvious difference on respective tools of managing earnings,
including inventory, revenue received in advance, gain on disposition of assets and
investments, related party payables and related party purchases.

並列關鍵字

earnings management ； stock price rebound

參考文獻

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