- 學位論文
企業經營績效和盈餘屬性的關聯是否因國民營企業而有所差異：以中國市場為例
The relation between earnings performance and earnings attributes in china
摘要
受到金融風暴的發生，部分的企業出現經營困難及破產的危機，紛紛請求政府援助，使得一些民營企業因而變成國營企業，但國營企業一直以來都給人效率不佳、制度不完善等問題，因此本研究欲了解國營企業之經營績效是否與民營企業存在差異。綜觀全球，存在國營企業最多的國家為中國大陸。因此，本研究探討國有企業之盈餘品質對經營績效的影響是否會比民營企業更好，唯少有研究探討此議題。 本研究利用1999 年至2008 年的上市公司為樣本，使用Tobin’s Q 及ROA 作為經營績效衡量指標，而盈餘屬性根據Francis et al. (2004) 之定義，採用裁決性應計項目、盈餘平穩化、盈餘持續性、盈餘可預測性及盈餘時效性作為盈餘品質衡量指標，探討企業經營績效與盈餘品質是否會因國民營企業而有所差異。 基於本研究之目的，實證結果彙總如下：(1)使用裁決性應計項目或 (盈餘平穩化) 從事盈餘管理，與企業經營績效呈現正相關但未達顯著水準 (顯著負相關) ；盈餘持續性、盈餘可預測性與企業經營績效呈現顯著正相關；盈餘時效性與企業經營績效呈現顯著負相關。(2)國有企業之經營績效確實比民營企業差。(3)國有企業使用裁決性應計項目及盈餘平穩化從事盈餘管理程度比民營企業低，與企業經營績效呈現顯著正相關；在盈餘持續性方面，國民營企業沒有顯著差異；在盈餘可預測性方面，國有企業之盈餘可預測程度比民營企業低，與企業經營績效呈現顯著負相關；在盈餘時效性方面，國有企業之盈餘時效性比民營企業慢，與企業經營績效呈現顯著負相關。
並列摘要
By the financial turmoil, some companies are experiencing business difficulties and bankruptcy, have asked the Government to assist in making a number of private enterprises to become a state-owned enterprises, but state-owned enterprises have been giving poor efficiency of the system imperfect, so for this study, the operating performance of state-owned enterprises and private enterprises are different. Look at the world, there is the largest state owned enterprises in China. Therefore, this study was to investigate the quality of earnings of state enterprises whether the impact on performance than private enterprises better, the only few studies have investigated this issue. In this study, from 1999 to 2008 listed companies as the sample, Tobin's Q and ROA as performance measure, while the surplus of attributes according to Francis et al. (2004) definition, using discretionary accruals, earnings smoothing, earnings persistence, earnings predictability and timeliness of earnings as a measure of earnings quality, performance and earnings of whether the quality will vary from country to country differences in private enterprises. The purpose of this study was based on empirical results are summarized as follows: (1) the use of discretionary accruals, or (income smoothing) are engaged in earnings management, and performance is positive, but no significant level (significant negative correlation); in earnings persistence and earnings predictability and performance is significantly positive correlation; in timeliness and performance is significantly negative correlation. (2)performance of state-owned enterprises do worse than private enterprises. (3) state-owned enterprises to use discretionary accruals and earnings smoothing the extent of earnings management than private enterprises, and performance is significantly positively correlation; in earnings persistence is no significant difference between state-owned enterprise and private enterprises; in earnings predictability, state-owned enterprises predictable level of earnings lower than private enterprises, and performance is significant negative correlation; in the timeliness of earnings, the state-owned enterprises timeliness of earnings slower than private enterprises, and performance is significantly negative correlation.