中國現金增資之裁決性應計項目與實質盈餘管理行為

Accrual-Based and Real Earnings Management Behavior around Seasoned Equity Offerings in China

林雅慧(Ya-Huei Lin)

指導教授 ： 謝孟芬

國立臺中科技大學/商學院/財務金融系碩士班/碩士(2014年)

摘要

本研究的目的是探討中國辦理現金增資的企業，是否操縱裁決性應計項目的盈餘管理或透過實質盈餘管理方式來美化財務報表。本研究以2001年至2009年在上海證券交易所及深圳證券交易所上市且辦理現金增資之上市公司為研究對象，且採用Defond and Jiambalv (1994)所發展的橫斷面模型及Jones (1991)的兩階段迴歸式來估算裁決性應計項目。關於實質盈餘管理的衡量變數，以Roychowdhury (2006)的模型估算之異常現金流量、異常生產成本及異常裁決性費用指標。根據結果得知在現金增資後其績效惡化的現象越來越嚴重，亦反映當時盈餘管理決策的後果。

關鍵字

現金增資 ； 裁決性應計項目 ； 實質盈餘管理

並列摘要

We discussed on Accrual-based and real earnings management behavior around seasoned equity offerings in China. Our SEOs samples are from Shanghai Stock Exchange and ShenZhen Stock Exchange offers over the 2001 to 2009 period; we used cross-sectional model by Defond and Jiambalv (1994) and Jones (1991) two-stage regression to estimate discretionary accruals. About real earnings management variables measure, we estimated abnormal operating cash flow, abnormal production costs, and abnormal discretionary expenses by Roychowdhury (2006). We found firm’s performance on the post-SEO have deteriorated, that reflected earnings management decisions.

並列關鍵字

seasoned equity offerings ； discretionary accruals ； real earnings management

參考文獻

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