摘要
本研究依據利益掠奪假說推論，當企業股權集中於經營者時易導 致其為了自我利益透過持有現金來操弄盈餘品質使得股東會權益受 損，進而產生代理問題。另外，在台灣上市(櫃)公司中，家族企業佔 有相當重要的地位。故本研究希望透過家族企業與現金持有之角度， 檢視其對公司盈餘品質之影響。實證結果發現家族企業對盈餘品質影 響呈現正向相關，顯示當公司為家族企業時，較不會進行盈餘品質 之操弄。但是，當家族企業持有較高之現金時，會加深對盈餘品質的 負向相關，表示當家族企業持有過多現金時較易產生盈餘品質的操 弄。 另外，本研究進一步將全產業分類為電子產業以及非電子產業對 盈餘品質造成影響，實證結果發現在電子產業中家族企業對盈餘品質 的影並不顯著，而在非電子產業中的家族企業，對盈餘品質呈現顯著 正相關，表示在非電子產業的家族企業不會對盈餘品質進行操弄，但 非電子產業中的家族企業、現金持有對盈餘品質的影響呈現顯著負相 關，表示在非電子產業中的家族企業有可能會因持有過多的現金而進 行盈餘的操弄。
並列摘要
According to the conflict of interest hypothesis, family firm shares concentrated on the managers is likely to manipulate earnings quality with cash holdings for their own interests and damaging the equity, then causing agency theory. This study investigates family firm’s earnings quality through the effects of family firm, because of family firm have significant effect on the listed firms in TWSE. In the study we find the results that family firm is positively related to earnings quality, so family firms is less correspondence with earnings quality. However, family firm with higher cash is more negatively related to earnings quality .It means family firm is more likely to manipulate earnings quality with more cash available. Additionally, this study also investigate the impact of electronic and non-electronic industries in all industries on earnings quality. we find the results that family firm of electronic industries have no significant effect on earnings quality. And the family firm of non-electronic industries is positively related to earnings quality. It means family firm of non-electronic industry wouldn’t manipulate earnings quality. But the impact of non-electronic family firm industry is negatively to earnings quality. It means family firm of non-electronic industry may manipulate earnings quality with more cash available.
參考文獻
延伸閱讀
- 湯麗芬（2010）。家族企業特質與盈餘品質之關聯性。當代會計，11(S)，371-410。https://doi.org/10.6675/JCA.2010.11.S.04
- 周冠良（2016）。盈餘管理與企業價值之關聯性： 來自家族企業形態證據〔碩士論文，國立中正大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0033-2110201614063775
- 陳振宇、張千雲、楊媚靜、周建新（2014）。家族企業是否會影響企業現金持有所創造之績效表現？。企業管理學報，(101)，27-48。https://www.airitilibrary.com/Article/Detail?DocID=10259627-201406-201407160016-201407160016-27-48
- 羅慧萍（2016）。研發支出與家族企業對盈餘品質之影響〔碩士論文，長榮大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0015-1307201617041500
- 吳雅萱（2013）。Earnings Quality, Cash Holdings, and Firms’ Market Value〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU.2013.03105