- 學位論文
台灣海外籌資企業會計資訊品質之分析-從公司治理與盈餘管理角度探討
An analysis of accounting quality of Taiwan cross-listed firms: evidence from corporate governance and earnings management
摘要
隨著世界經濟自由化、國際化的帶動下，國內企業籌資管道逐步朝向國際資本市場邁進。海外籌資儼然已成為公司尋求佈局全球與擴大資本來源的重要策略考量。此種彈性化的籌資管道，不僅能提昇國內企業於海外之知名度，也可以降低各種不確定因素對資金成本的影響。 本研究擬由台灣上市公司赴海外集資為情境，先以Logistic迴歸模型，驗證是否企業董事會獨立性愈強、盈餘管理之操縱愈少，愈有利其選擇赴海外進行集資。另再以Ordered Response 迴歸模型，進一步探討是否於不同海外籌資工具下，其所代表募資企業本身董事會結構愈獨立，及報表品質提昇程度愈佳。 本篇實證結果顯示就董事會組成可以發現 1.家族董監事比重與海外籌資行為呈顯著反向關係，顯示家族董監事比重愈高時，企業較傾向於國內籌資 2.外部董監事比重與海外籌資行為呈顯著正向關係，顯示外部董監事比重提高時，確有助赴海外籌資之意願 3.獨立董事比重與赴海外籌資行為成正向關係，惟並不顯著。就財務報表品質而言，裁決性應計數與海外籌資行為呈顯著反向變動，顯示企業若擬赴海外籌資者，將有助於報表品質之提升。
並列摘要
With the effect of economic liberalization and globalization, domestic companies are gradually advancing to international capital market for raising funds. Overseas financing now seems to be an important strategy consideration if a company plans to spread its operation into the world and expand its capital resources. Through the flexible manner, a domestic company can not only promote the reputation overseas, but also lower the uncertainties upon the cost of capital. In this study, we take some Taiwan listed companies that plans to raise money overseas as samples. Firstly, a logistic regression model is used to see whether a company will tend to raise funds abroad when the board is more independent and earnings management less affected. Thereafter, an ordered response model is used to find whether the structure of a board becomes more independent and the quality of financial reports is better when the company has various tools to raise funds overseas. The empirical results in this paper show that: On the part of the structure of the board, 1. The proportion of family members in a board is significantly negative associated with the company’s manner on cross-listings. That means the more the proportion of family members in a board is, the more likely the company tends to raise money from domestic market. 2. The proportion of outside directors in a board is significantly positive associated with the company’s manner on cross-listings. That means a company is more willing to raise money from abroad when the proportion of outside director in the board was enhanced. 3. The proportion of independent directors in a board is positive associated with the company’s manner on cross-listings, but not significantly. For the quality of financial reports, the discretionary accruals are significantly negative associated with the company’s manner on cross-listings. That means the quality of financial reports will be better when the company plans raise money from abroad.