Title

財務報表重編前後報酬與每股盈餘及現金流量之相關性研究

Translated Titles

The Association among Reterns ,Earning Per Share ,and Cash Flows Before and After Restatement

DOI

10.6840/CYCU.2011.00428、10.6840/cycu201100793

Authors

馬秀慧

Key Words

財務報表重編 ; 股票報酬 ; 現金流量 ; 盈餘 ; cash flows ; earning per share ; restatement ; returns

PublicationName

中原大學會計研究所學位論文

Volume or Term/Year and Month of Publication

2011年

Academic Degree Category

碩士

Advisor

張慧珊

Content Language

繁體中文

Chinese Abstract

隨著時代的進步,愈來愈多人會進行投資,並會評估投資公司之經營績效,作為投資決策時的參考依據。本研究主要在探討公司財務報表重編前後,股票報酬與盈餘及現金流量之間的關聯性,以及投資人面對財務報表重編公司,是否會改變其對於盈餘裡應計項目與現金流量因素之權重分配。本研究樣本期間為1991年至2010年,其中包含1994至2007年曾重編財務報表之公司,並取得重編財務報表前後三年之資料,以清楚比較財報重編前後所產生之影響,且將樣本區分為強制性與自願性樣本,以清楚比較投資人是否會因重編類型不同而改變投資權重之分配。結果顯示,在公司發生財務報表重編前,股票報酬與盈餘之關聯性較高,但是在公司發生財務報表重編後,股票與盈餘之關聯性明顯降低,反而是股票報酬與現金流量之關聯性顯著增加,表示投資人在公司財務報表重編後,會趨向仰賴現金流量作為衡量公司績效之參考依據。也發現公司財務報表重編後,投資人會分配較多權重予盈餘裡之現金流量因素,且由於強制性重編的舞弊可能性較高,所以投資人也會分配較多權重給現金流量因素。有趣的是,當投資人得知公司為自願性財務報表重編時,依然會相信其財務報表品質,認為公司較沒有舞弊或盈餘管理之情形,所以研究結果顯示,財報重編前後投資人之權重分配並不會有顯著之改變。從本篇研究可以得知,在公司發生財報重編後,投資人的確會較仰賴現金流量,且會因公司財務報表重編類型之不同,能分辨出公司是否有舞弊或盈餘管理之可能,而改變投資權重之分配。

English Abstract

One of the financial statement’s functions is to provide information of firms’ financial performance to investors for decision making. The main purpose of this study is to analyze about the association among returns, earning per share, and cash flows before and after restatement. The empirical research of this study shows that after restatement the association between returns and cash flows increases and the association between returns and earning per share decreases. The study finds, after restatement, investors place more weight on the cash flows component of earnings, as compared to the accrual component of earnings. In addition, the study divide sample into two group: voluntary restatements and mandatory restatements. Compared to voluntary restatements, mandatory restatements focus more on revenue recognition, related-party transactions and fraud, reasons concerned with higher motivations for earnings management. We find that investors place more weight on the cash flows component in the mandatory restatements. The empirical results suggest that investors rely less on earning per share and more on cash flows in company valuation after a restatement, which may be due to a lack of trust and confidence in the company’s financial accounting system.

Topic Category 商學院 > 會計研究所
社會科學 > 財金及會計學
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