台灣海外籌資企業會計資訊品質之分析 －從盈餘管理角度探討

An Analysis of Accounting Quality of Taiwan Cross-Listed Firms : Evidence form Earnings Management

廖晏鴻(Yen-Hung Liao)

指導教授 ： 廖益興

中原大學/商學院/會計研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600284

摘要

摘要

隨著各國金融環境之關係日趨密切與企業營運規模與日俱增，企業長期資金的需求不再以國內資本市場為主，逐漸以海外籌資的方式募集資金，其中以發行海外存託憑證與海外可轉換公司債為台灣企業最常見的海外籌資方式。

在之前的文獻曾指出，盈餘管理將會因投資人保護的增加而減少，因為在較強的投資人保護之下，將限制內部管理者輕易的獲得他們私人的利益，也減少了他們利用盈餘管理美化財務報表的動機。因此，本研究將以多種盈餘管理檢測方法以驗證海外籌資公司在進行海外籌資時，在面對較強的投資人保護之下，是否因此會減少盈餘管理以增加自身的財務報表品質。

我們以海外籌資的公司(CL)配對非海外籌資公司(NCL)以進行實證，配對標準係以同產業、同年度、同資產規模(NCL-1)或同成長狀況(NCL-2)。本研究發現，CL相較於NCL-2，在盈餘管理方面較為保守。在海外籌資後，CL明顯的減少自身盈餘管理的程度。在發行規模方面，可轉換公司債在較大的發行規模時，會減少盈餘管理的動機。但是，在其他的檢測方面，並沒有發現任何顯著的差異。

關鍵字

海外存託憑證 ； 盈餘管理 ； 海外可轉換公司債

並列摘要

ABSTRACT

The relationships of world nations, financial environment have become more and more closely related and enterprises operational scales have steadily increased. Sources of businesses’ financing demands shift from domestic to foreign capital markets. When raising funds in foreign capital markets, issuing global depository receipts (GDRs) and Euro convertible bonds (ECBs) are most popular financing ways.

The preceding analyses suggest that earnings management is expected to decrease in investor protection because strong protection limits insiders’ ability to acquire private control benefits, which reduces their incentives to mask firm performance. So, In this study, we analyze that if cross-listing firms have higher accounting information as measured by various earning management, because of cross-listing firms should be in more strong investor protection environment.

We construct our sample of Taiwan cross-listing firms(CL) by matching them with no-cross-listing firms(NCL).The match must be in the same industry group, year , size(NCL-1) or growth(NCL-2).We find that CL appear to be less aggressive in terms of earnings management than NCL-2. After listing, the CL would decrease the degree of earnings management. In the listing of size, the bigger size of ECBs appear to be less incentives to earnings management. In other measures, we did not find any signal difference.

並列關鍵字

Euro convertible bonds ； Earnings management. ； Depository receipts

參考文獻

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