建材營建類股之企業在奢侈稅實施後之盈餘管理與企業評價分析

The Analysis of Earnings Management and Business Valuation on the Building Material and Construction Industry after the Implementation of the Specifically Selected Goods and Services Tax Act

宋依芸(YI-YUN SUNG)

指導教授 ： 單騰笙

中原大學/商學院/會計研究所/碩士(2014年)

https://doi.org/10.6840/cycu201400670

摘要

為符合社會期待及改善貧富差距擴大問題，「特種貨物與勞務稅條例」於2011年6月1日生效。主要是防止投資客在短期(兩年內)利用炒房，來賺取暴利的不合理現象。本文以2008-2011年之我國上市上櫃公司為研究對象，來探討建材營建類股之企業是否會因其獲利水準受衝擊而有進行盈餘管理行為的動機，及因課徵奢侈稅對其產生的負面效應，而影響投資人對其企業評價。
本文透過Kothari et al. Model(2005)及Ohlson Model，以檢測建材營建類股之企業其盈餘管理行為及企業評價分析。實證結果指出，在奢侈稅實施後，相較於其他企業，建材營建類股之企業在獲利水準受衝擊下，會進行向上調整盈餘之盈餘管理行為，且其企業評價有下降的現象。在敏感性測試中，針對盈餘管理模型的部分，採用Modified Jones Model及CDA-Kothari衡量盈餘管理；針對企業評價模型的部分，將每年度最後一次分析師預測更改為每年度第一次分析師預測及排除其他資訊衡量股價並進行檢測，實證結果皆支持本文假說。

關鍵字

盈餘管理 ； 企業評價 ； 特種貨物與勞務稅條例 ； 奢侈稅

並列摘要

In order to conform with social expectations and improve widening poverty gap problem, ″The Specifically Selected Goods and Services Tax Act″ came into force on June 1, 2011. It is mainly to prevent investors from using estate to earn abnormal profits in short-term (within two years). This study uses listed companies from 2008 to 2011 in our country to examine two phenomena: whether companies in the building material and construction industry had the motivation to conduct earnings management because their profit level had been impacted, and whether negative effects of the luxury tax affected investors’ business valuation.
This study examines the impact of ″The Specifically Selected Goods and Services Tax Act″ on earnings management and business valuation for companies in the building material and construction industry by Kothari et al. Model(2005) and Ohlson Model. The empirical results indicate that after the implementation of the luxury tax, compared to companies in other industries, companies in the building material and construction industry had upward earnings management behavior and downward business valuation because the profit level had been impacted. In additional analyses, the researchers used Modified Jones Model and CDA-Kothari to measure earnings management model. For the part of business valuation model, the researchers first used the first annual analysts′ forecasts to replace the last annual analysts′ forecasts, and then excluded other information in the model to measure the stock price. The results also supported both hypotheses.

並列關鍵字

Business Valuation ； The Specifically Selected Goods and Services Tax Act、Luxury Tax ； Earnings Management

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