本研究係在探討肥貓企業的會計盈餘是否具有穩健性與時效性,以上市、上櫃公司為研究對象,資料期間為2008年至2013年,共計7,767筆樣本,資料來源取自台灣經濟新報(TEJ)財務、股價及公司治理資料庫。依據 Basu (1997)提出的盈餘時效性不對稱模型,利用股票報酬率的正負來替代衡量市場上公開可獲得好消息及壞消息,以檢測企業的會計穩健性,實證結果指出被公告為肥貓企業較不具會計穩健性,亦即相較其他企業,稅後虧損且有董監事薪酬發放不合理情形之企業,其會計穩健性較低。
This paper aims at discussing whether the accounting earning of fat-cat enterprise has conservatism principle and timeliness, using the listed companies and OTC companies as research subjects which have 7,767 samples from 2008 to 2013. The information sources of financial reports, stocks price and corporate governance come from Taiwan Economic Journal (TEJ) database. According to the model of earning timeliness asymmetry presented by Basu (1997), the research use the rate of return on stock to measure good news (positive rate of return on stock )and bad news (negative rate of return on stock ) in open market to test the accounting conservatism of the company. The result shows that the fat cat enterprises on the list have lower accounting conservatism. In other word, the companies with deficit after tax and the unusual compensation for directors and supervisors have lower accounting conservatism than other companies.