- 學位論文
台灣與大陸上市公司盈餘管理之比較
A Comparative Study in Earnings Management of Stock Exchange Markets in Taiwan and Mainland China
摘要
隨著經濟全球化的影響，台灣與大陸兩岸市場往來漸趨密切，由於大陸股市發展運作程度尚未成熟且相關法令限制引發盈餘管理的誘因，因此藉由比較台灣及大陸上市公司盈餘管理程度及影響因素，讓投資人瞭解台灣及大陸股市不同背景對盈餘管理的影響，提供到大陸股市進行投資更多攸關資訊。 影響公司盈餘管理的動機有很多，本研究首先針對台灣及大陸上市公司，探討公司是否為了避免盈餘虧損及盈餘減少，而進行盈餘管理。另外針對大陸股市，中國證券監督管理委員頒佈法令，規定現金增資前，公司股東權益報酬率需符合規定條件，始得進行增資，是否使大陸上市公司為了符合規定條件，有盈餘管理的情形。接著進一步比較台灣及大陸上市公司盈餘管理程度差異及探討比較影響盈餘管理的因素。因此本研究分別採Z與t-like統計量分析是否存在盈餘管理、以Logistic模型比較盈餘管理的程度、以回歸模型分析影響盈餘管理之因素，探討台灣及大陸上市公司盈餘管理之比較。 本研究以1998至2007年台灣及大陸一般產業為研究樣本，實證結果顯示，台灣及大陸上市公司為了避免公司盈餘虧損及減少、大陸上市公司為了符合現金增資條件，普遍存在盈餘管理的情形。以大陸上市公司盈餘管理程度高於台灣上市公司、上海股市上市公司盈餘管理程度高於深圳股市上市公司，大陸股市僅發行A股公司盈餘管理程度高於同時發行A股及B股公司。另外進步一發現，股權集中度越高之公司，盈餘管理程度越高。其次，我們也發現，獨立董事佔董事會比例越高，能有效降低盈餘管理程度。針對大陸市場股權結構分為未上市流通股及上市流通股，發現流通在外股數比例越高，盈餘管理程度越高。另外大陸上市公司大多數為國營企業改組上市，民營企業於大陸市場處於較為弱勢的地位，為了消除市場投資人疑慮，盈餘管理程度較高。
並列摘要
Economy activities between Taiwan and Mainland China have become more interactive over past years. Immature stock market and legal restrictions in china lead to company’s earnings management incentives. By comparison of the earnings management degrees and factors between Taiwan and Mainland China will offer more relevant information to investors in the Mainland China stock Market. There are many motivations induce earnings management. The first explore whether the Taiwan and Mainland China listed firms manage earnings in order to avoid earnings losses and decreases. And whether firms manipulate earnings if they are to have rights issues to meet minimal ROE requirements based on China Regulatory Committee. Second, we compare the extent of earnings management of the listed firms in Taiwan with in Mainland China. Finally, we examine the influence factors on earnings management By empirically testing data from 1998 to2007, the results of study show that the listed firms in Taiwan and Mainland China have earnings management. And we find the Mainland China listed firms are more likely than the Taiwan's listed firms to manage earnings, the Shanghai stock market listed firms manipulate earnings are higher than the Shenzhen stock market listed firms, and the only issued A-share firms are more manage earnings than the issued A-shares and B-share firms in the Mainland China stock market. In addition, company’s earnings management is impacted by stockholder ownership concentration, independent director, state-owned or private-owned enterprises, and outstanding shares proportion.