虧損公司董監自肥與盈餘持續性

The Relationship of Self-Interested Board of Directors in Loss Companies and Earnings Persistence

蔡美淑(Mei-Shu Tsai)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500574

摘要

本研究樣本取自台灣經濟新報及公開資訊觀測站，以台灣上市櫃公司為研究對象，研究期間為2006年至2012年，總樣本數為9,088個觀察值，採用最小平方法(OLS)來分析，將企業規模、負債淨值比、營運現金流量、繼續營業部門稅前純益、市值淨值比及公司治理(董事長兼任總經理、持股比率、董事席次)等相關變數納入模型進行分析，藉以探討虧損公司董監自肥的企業盈餘持續性是否較低。實證結果顯示，當公司被界定為肥貓時，其公司不但呈虧損狀態，且董監事酬勞不減反增，及當企業之公司治理不佳，公司財務報表之可信度降低，故盈餘持續性程度也降低。

關鍵字

虧損公司 ； 肥貓 ； 盈餘持續性

並列摘要

The samples that were used in this research were taken from TEJ (Taiwan Economic Journal) and MOPS (Market Observation Post System). The research objects were listed and OTC companies. The study observed the objects’ performance between year 2006 and 2012. The total number of research objects are 9,088. This research used the method of ordinary least squares to analyse the data. The model included relevant variables, such as enterprise scale, net worth to debts ratio, operating cash flow, net operating profit before tax, the rate of market value and net value, and the corporate governance (Chairman concurrently general manager, ratio of holding stock, and board seats), etc. The research was expected to draw a conclusion on whether the loss companies who raise the salary of their directors and supervisors have a relatively low earnings persistence.
By analysing these data, the research result shows: when a company is defined as fat cat enterprises, it shows losses in profit and increases in salary of its directors and supervisors. Investors regard this company is un-well governed, which results in reducing credibility of this company’s financial statement, and then leads to reducing in earnings persistence.

並列關鍵字

loss companies ； fat cat ； earnings persistence

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