近年來新興市場的併購活動愈來愈活躍且備受關注,但新興市場併購活動的實證研究相對於已開發國家併購活動的實證研究仍佔少數,因此本論文以2009至2013年間24個新興市場的併購資料,針對主併公司併購活動期間的盈餘管理行為進行探討,並延伸分析應計項目盈餘管理行為及實質盈餘管理行為之間的關聯。 實證結果發現:1)主併公司在併購宣告前傾向,透過裁決性應計項目之盈餘管理,達到平滑財務報表盈餘之目的,並透過實質活動之盈餘管理行為,達到拉升盈餘之目的; 2)公司市值以及財務槓桿比例與併購前的可裁決性應計項目之盈餘管理行為有顯著的正關聯,而併購交易總額的大小與可裁決性應計項目之盈餘管理行為有顯著的負關聯; 3)國家的法律規範制度對可裁決性應計項目之盈餘管理行為有抑制的作用,顯示當國家法律約束愈嚴格,公司愈不會使用無實質經濟活動下的財務報表盈餘管理行為; 4)公司特性變數、交易特性變數及國家的法律規範制度變數對透過實質活動之盈餘管理行為皆無顯著影響。 此外,由於公司可能同使採用兩種不同的盈餘管理行為,因而探討關於應計項目之盈餘管理以及實質活動之盈餘管理行為關係,發現以下兩個結果:1)當主併公司之實質盈餘管理受到限制時,主併公司傾向使用應計項目之盈餘管理來減少盈餘的認列達到平滑盈餘之目的; 2)而當控制了國家法律因素後,主併公司便會傾向用應計項目之盈餘管理來拉升財務報表上的盈餘;3)反之,當主併公司之應計項目盈餘管理受到限制時,主併公司傾向操作實際活動的盈餘管理達到拉升盈餘的目的; 4)而當控制了國家法律因素後,只有服務業類別的主併公司仍會透過實質活動的盈餘管理拉升盈餘。
The active mergers and acquisitions activities in emerging market become a central issue but empirical studies focusing on this market, compared with developed country, are relatively scarce. This thesis provides the evidence on the acquirers’ two earnings management channel (accrual-based earnings management and real-based earnings management) around mergers and acquisitions by using 6,870 deals from 24 emerging countries during year 2009 to year 2013. Moreover, we explore the relationship between this two earnings management measures. The results confirm that 1) acquiring firms tend to do earnings management before the announcement of transaction. And acquiring firm would choose do downward accrual-based earnings management and upward real-based earnings management; 2) firm size and leverage ratio have positive influence on the degree of accrual-based earnings management, and transaction amount decrease the level of accrual-based earnings management; 3) country legal systems have significantly negative impacts on accrual-based earnings management. This result supports the hypotheses that better country-specific legal systems constrain the accrual-based earnings management channel; 4) The effects of firm-specific attributes, deal-specific term and country legal system on the degree of real-based earnings management are not significant. Furthermore, results regarding to the relationship between this two earnings management channels are: 1) when real-based earnings management is constrained, the acquirers tend to do downward accrual-based earnings management; 2) after controlling legal factors, the acquirers tend to do upward accrual-based earnings management; 3) when accrual-based earnings management is constrained, the acquirers tend to do upward real-based earnings management; 4) after controlling legal factors, only the acquirer in service industry tend to do upward real-based earnings management.
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