盈餘管理能否有效誘導投資提升公司價值

Can Earning Management Induce Investment Effectively to Enhance Corporation Value

游植琪(Chih-Chi Yu)

指導教授 ： 林文祥

義守大學/管理學院/管理碩博士班/碩士(2015年)

https://doi.org/10.6343/ISU.2015.00104

摘要

去文獻有許多關於裁決性盈餘管理之研究，但有關企業如何利用裁決性應計項目去操縱投資機會之文獻則付之闕如。理論上，一個財務資源受限的企業當它面臨有價值的投資機會時，該企業極有可能會選擇利用盈餘管理，釋放出正面的消息，告訴投資人有好的預測前景，以方便資金的募集而進行投資。本論文利用台灣上市公司為樣本，自2000年到2014年為樣本期間，分析是否財務資源受限的企業透過盈餘管理，改變籌資機會，進而投資在有價值的專案上，確實能有效提升公司價值。
本論文實證結果發現：財務資源受限制的企業，面對的投資機會較少；相較於資源是否受限，資源受限之企業較未受限之企業於面對好的投資機會時，進行盈餘管理，以傳遞好消息給投資大眾。

關鍵字

盈餘管理 ； 資源受限 ； 投資機會

並列摘要

There are many prior literatures discussed discretionary earning management, but the decision researches about how enterprises use accruals to manipulate the investment opportunities are rare. In theory, when a financial resources limited company faces valuable investment opportunities, the company will most likely choose to use earnings management to release positive news, and tell investors good prospects for rising the funding. We use Taiwan’s listing companies as samples, from 2000 to 2014 as sample period, to analyze whether the financial resources limited company through earnings management, change in the funding opportunity, and can effectively enhance the company's value .
The empirical results show:  The financial resources limited company faces valuable investment opportunities, which are relatively rare.  Compared to unlimited companies, the financial resources limited company faced valuable investment opportunities will use earning management to deliver good news to the investors.

並列關鍵字

earning management ； resources limited ； investment opportunities

參考文獻

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