公司盈餘管理對其股票流動性之影響效果

The Effect of Earnings Management on Equity Liquidity

王若蓮(Juo-Lien Wang)

指導教授 ： 許和鈞

國立交通大學/管理學院/管理科學系所/博士(2009年)

https://doi.org/10.6842/NCTU.2009.00145

摘要

本研究旨在探討公司盈餘管理行為對其股票流動性之影響。盈餘管理在許多情況下會使公司內部人與外部人之間產生利益衝突，本研究假設盈餘管理程度較高的公司將導致較嚴重的資訊不對稱，市場上的流動性供給者因為預期將面對較高的逆選擇風險，而會加大買賣價差，及致流動性較低。本研究使用2001年美國爆發一連串會計醜聞及2002年美國通過沙賓法案(the Sarbanes-Oxley Act)為樣本期間，實證結果顯示，盈餘管理程度高的公司，其股票確有較高的買賣價差及較低的流動性。

關鍵字

股票流動性 ； 逆選擇成本 ； 盈餘管理

並列摘要

This study sets out to investigate the relationship between earnings management and equity liquidity, positing that as incentives arise for the misrepresentation of firm performance through earnings management, a higher degree of earnings management may signal greater adverse selection costs. If the manipulation of earnings reveals aggressive accounting practices, liquidity providers may tend to widen the bid-ask spreads so as to protect themselves. The empirical results, based upon stocks listed on the NYSE and the NASDAQ, indicate that companies with a high degree of earnings management incur higher trading costs.

並列關鍵字

Liquidity ； Adverse selection costs ； Earnings management

參考文獻

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