盈餘管理與企業價值之關聯性： 來自家族企業形態證據

Earning Management and Firm Value: Evidence from the Family Firms

周冠良(GUAN-LIANG CHOU)

指導教授 ： 曹嘉玲

國立中正大學/管理學院/會計與資訊科技學系/碩士(2016年)

摘要

本文以美國上市櫃公司為樣本，探討不同家族企業形態之定義是否對於盈餘管理行為和企業價值間之關聯性有不同之影響。實證結果發現應計項目盈餘管理與實質盈餘管理間具有內生性且為替代之關係。此外本研究發現經理人會利用應計項目盈餘管理和實質盈餘管理來達到洗大澡與盈餘平穩化等盈餘管理之目標。此外，本研究也發現應計項目盈餘管理與企業價值之關聯性在家族企業與非家族企業間皆呈現正向關係；實質盈餘管理與企業價值之關聯性在家族企業與非家族企業間則皆呈現負向關係。另外研究結果也顯示非家族企業所進行的應計項目盈餘管理較家族企業所進行的應計項目盈餘管理與企業價值間較有正向關係；非家族企業所進行的實質盈餘管理較家族企業所進行的實質盈餘管理與企業價值間之負向關係更為顯著。為使上述家族企業形態對盈餘管理與企業價值關聯性之結果更具穩健性，本文以不同的變數定義和不同的樣本年度進行增額測試，亦獲得相同的結論。

關鍵字

應計項目盈餘管理 ； 實質盈餘管理 ； 企業價值 ； 家族企業形態

並列摘要

This paper is intended to investigate whether the relative association between the earnings management strategies and firm value differs between the family and non-family firms using a sample of U.S. listed firms. The emipical results indicate that accrual-based earnings management and real activities manipulation are endogenous and are partial substitutes for reaching the earnings targets, and that their magnitudes are determined simultaenously. Specifically, I find that managers tend to use the aforementioned earnings management tools to take a “big bath” and smoothing earnings. Moreover, this paper documents that discretionary accrulals (real activities manipulation) are positively (negatively) associated with firm value for both the family and non-family firms. The positive association betweeh accruals-based earnings management and firm value is more pronounced for the non-family firms relative to the family firms. On the other hand, the negative association between real activies manipulation and firm value is more severe for the non-family firms relative to their counterpart. These infereces are robust to alternative variable definitions and firm-year specifications.

並列關鍵字

accrual-based earnings management ； real activities manipulation ； firm value ； family ownership, control and management

參考文獻

Barton, J. (2001). Does the use of financial derivatives affect earnings management decisions?. The Accounting Review, 76(1), 1-26.

Gunny, K. A. (2005). What are the consequences of real earnings management?.

Achleitner, A. K., Günther, N., Kaserer, C., & Siciliano, G. (2014). Real earnings management and accrual-based earnings management in family firms.European Accounting Review, 23(3), 431-461.

Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of finance, 1301-1328.

Ali, A., Chen, T. Y., & Radhakrishnan, S. (2007). Corporate disclosures by family firms. Journal of Accounting and Economics, 44(1), 238-286.