盈餘管理與盈餘品質之跨國分析-以台灣及美國市場為例

Multinational Analysis of Earnings Management and Earnings Quality — Evidence from Taiwan and US Market

李宗諭(Tsung-Yu Lee)

指導教授 ： 林建榮

國立交通大學/管理學院/財務金融研究所/碩士(2009年)

https://doi.org/10.6842/NCTU.2009.00250

摘要

本文採用Ball and Shivakumar(2008)所提出的模型，衡量在不同市場之下，更高的盈餘品質要求對於公司盈餘管理動機所產生的抵銷效果。透過超額應計項目(Abnormal Accruals)來衡量盈餘管理程度，驗證在台灣及美國市場中初次公開發行(IPO)及現金增資(SEO)公司的盈餘管理現象，另外也以台灣發行海外存託憑證(GDR)公司為例，進一步區分在不同市場之下，由於市場規範程度差異所產生不一樣的結果。實證結果顯示在不同的發行種類及市場差異之下，盈餘管理程度受到盈餘品質提升而互相抵消，最終所呈現的結果也有所不同。

關鍵字

盈餘管理 ； 盈餘品質 ； 初次公開發行 ； 現金增資 ； 海外存託憑證

並列摘要

This thesis mainly uses the mode proposed by Ball and Shivakumar (2008) to assess the offsetting earnings management effect caused by higher request standard of earnings quality under different market conditions. We measure the extent of earnings management via abnormal accruals to examine whether this phenomenon exists before initial public offerings (IPO) or seasoned equity offerings (SEO) issued by companies in Taiwan and US market. Furthermore, we empirically test the global depositary receipts (GDR) in Taiwan. The empirical results show that the magnitude of earnings management, owing to the dissimilar offsetting effect by the elevated earnings quality, is distinct under different types of issues and markets.

並列關鍵字

Earnings Management ； Earnings Quality ； Initial Public Offerings ； Seasoned Equity Offering ； Global Depository Receipts

參考文獻

戚務君、廖益均、林嬋娟(2008)。我國企業盈餘穩健特性之研究。東吳會計學報 Nov 2008, pp.1-28.

Ball, R., S. P. Kothari and A. Robin, 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29 (1): 1-51 .

Ball, R., A. Robin and J. S. Wu, 2003. Incentive versus standards: properties of accounting income in four East Asian countries. Journal of Accounting and Economics 36 (1-3): 235-270.

Ball, R., and Shivakumar, L., 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics 39, 83–128.

Ball, R., and Shivakumar, L., 2008. Earnings quality at initial public offerings. Journal of Accounting and Economics 45, 324-349.