台灣上市公司現金增資與盈餘管理行為 相關性之實證研究

The Study of the Correlation of Additional Issuance of Capital by Cash and Earnings Management in Taiwan

陳貞臻(Chen-Chen Chen)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100429

摘要

論文摘要

本研究係探討國內上市公司是否為了要順利通過現金增資案而於現金增資前後使用裁決性應計項目以操縱盈餘的現象，或控制營業外淨利以增加淨利之行為；其次，探討公司在增資前後淨利之變動狀況，以了解其年度營運績效的變化情況。本研究並檢定盈餘、可裁決性應計項目與股價報酬率彼此之間的關係；再進一步探討資產報酬率之高低是否影響其盈餘管理行為。

本研究結果如下：
1. 本研究發現有關可裁決性應計項目於現金增資前一年，企業確實有顯著操縱盈餘現象；就連在增資前二年亦有增加應計項目的現象，但並非顯著。有關淨利方面，大多數企業在現金增資前二年及前一年皆有顯著增加之行為，但在增資後一年及後兩年皆有逐漸衰退現象，但並不顯著。至於營業外收益之變動，則無論增資前、後皆無操縱現象發生，且各變數在增資後之年度亦產生迴轉現象。
2. 本研究亦發現在現金增資前，可裁決性應計項目及淨利與股價報酬率有顯著正向關係，但現金增資前之淨利與增資後之股價報酬率並未呈現負向關係。
3. 本研究再經由資產報酬率的高低以測試其對盈餘管理影響，發現資產報酬率之高低對操縱盈餘有顯著影響。且在營業外淨利、淨利及總應計項目各方面皆獲得支持。

關鍵字

現金增資 ； 裁決性應計項目 ； 資產報酬率 ； 盈餘管理

並列摘要

Abstracts

This study attempts to investigate that whether the public listed company will manipulate discretionary accruals, before and after the additional issuance of listed capital by cash, in order to raising adequate funds, and the relation between issuance of additional capital by cash and earnings management in Taiwan. Additionally, this work also explores the variation of net income before and after additional issuance of capital by cash. Furthermore, this investigation examines the relation between net income, discretionary accruals and the rate of return on stock. Finally, this study investigates whether the rate of return have a major impact on the earnings management policy.

The conclusions are as follows:
1. This study finds that there are earnings manipulations existed one year before the additional issuance of capital by cash in terms of the discretionary accruals. Regarding the net income item, the earnings manipulation policy significantly increases both one year and two years before the additional issuance. However, the other revenue items do not change before or after the additional issuance.
2. This work also finds that both discretionary accruals and net income have a positive relation with rate of return on stock before additional issuance of listed capital by cash.
3. This study also finds that the rate of return on assets has a significant impact on earnings management. The result also shows that the rate of return on assets has a significant impact on earnings manipulation, which is confirmed by examining the items of impact on other revenue, net income, and the discretionary accruals.

並列關鍵字

Additional Issuance of Capital by Cash ； Earnings Management ； Discretionary Accruals ； Rate of Return on Assets

參考文獻

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