發行可轉換公司債對會計盈餘數字調整進位之影響

An Empirical Study of the Impacts on Rounding Up Adjustment of Accounting Earnings Number Caused by the Issuance of Convertible Bond

李錦樹(Jimmy Lee)

指導教授 ： 鄭漢鐔

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2006年)

摘要

近年來，台灣上市、上櫃公司因發行公司債爆發許多作假帳醜聞，這些股價一落千丈，令許多投資人投資血本無歸。根據上述，本文參考展望理論與代理理論，探討公司管理當局發行公司債前，是否會會利用稅後會計盈餘數字進位調整，進而美化財務報表。本研究樣本採用台灣上市、櫃公司樣本之稅後每股盈餘與稅後盈餘數字進行測試。實證結果發現：愈接近發行公司債日，稅前盈餘數字操縱愈顯著，尤其稅後每股盈餘甚為顯著。最後，本文根據實證結果提出實務上相關建議。

關鍵字

公司債 ； 展望理論 ； 代理理論 ； 盈餘操縱

並列摘要

In recent years, many companies issue Bonds, the financial statements that these companies cheat are found, exists in Taiwan Over-The-Counter (OTC) listed companies and Emerging Stock companies. These company stock prices just as falling to the valley bottom make many investors suffer heavy losses. This research according to Prospect Theory (1979) and Agency Theory (1976), discussing every issue bonds companies before Whether the After tax of accounting Earning figure will use round up adjustment to Earning Manipulation. The result showed that, Close to issuing Bond day, Manipulate the more significantly in after tax earning figure, the especially after tax earning per share is very significant. Finally, according to the results, the relevant suggestions on the practice are proposed.

並列關鍵字

Prospect Theory ； Agency Theory ； Earning Manipulation ； Bond

參考文獻

(一)Bamber. L. [1987]

(二)Baxter and Cragg [1970]

Baxter, Nevins D. and John G. Cragg, 1970,“Corporate choice among long- term financing instruments,” The Review of Economics and Statistics 52(3), August, 225-235。

(三)DeAngelo, [1988]

DeAngelo, L., 1988. “Managerial Competition, Information Costs, and Corporate Governance: The Use of Accounting Performance Measures in Proxy Contests.” Journal of Accounting and Economics (January 1988): 3-36.