Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18839
標題: 企業風險因子與盈餘管理行為之關聯性實證研究
An Empirical Study on the Relationship between Industrial Risk Factors and Earnings Management
作者: 張越翔
Chang, Yueh-Hsiang
關鍵字: Earnings Management
盈餘管理
Growth Opportunities
Market Risk Factor
Operational Risk Factor
成長機會
市場面經營風險因子
營運面經營風險因子
出版社: 會計學研究所
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摘要: 企業的盈餘水準不只代表著獲利能力的表現,值得探討的是,這樣的訊息往往更進一步地透露層層不同的資訊內涵。亦即,年度盈餘資訊的呈現僅是該年度管理階層經營績效的展示,然而投資人必須了解的是造就此項績效背後真正的主因為何,才是其作成投資決策的重要依據。因此,投資人對於其所獲得及分析的相關資料所產生的預期心理造就了公司股價的變動。也正因為公司的管理階層深知盈餘水準資訊對於公司股價所產生的影響,不管是維持公司資金的持續需求抑或是追求自身利益的極大化,皆在無形之中對其產生了管理盈餘的誘因;如此的盈餘資訊無法真實反映公司之經營狀況,而對投資人帶來莫大的隱憂。是故,本研究以對於企業經營有重要影響的三項要素:成長機會以及市場面與營運面之不同經營風險因子等,以期檢視當盈餘水準可能直接或間接受到影響時,是否使管理階層產生誘因而進行盈餘管理之行為。 實證結果顯示,成長機會水準或營運面經營風險程度與盈餘管理行為間皆呈現正向且顯著的關聯性,並且前述兩者的交互影響與盈餘管理行為間亦存在相同之關聯性;然而市場面之經營風險程度以及其與成長機會水準的交互影響,因為市場面風險因子之代理變數,亦即所謂之貝他變數,是否能代表市場風險的爭議性持續存在,進而造成與盈餘管理行為之間所產生的關聯性在實證結果中未能符合預期;因此,含有市場因素影響的營運面經營風險因子能夠更有效捕捉公司管理階層之盈餘管理行為與不同風險程度間之關聯性。
The earnings level of a company not only shows the ability of gaining a profit, but implies further different information content. That is, the presentation of annual earning information of a company apparently shows the performance of the management; however, for investors to figure out the reason why the management has this kind of performance is the main basis of making an investment decision. Therefore, fluctuations of stock prices arise from anticipations made by investors with analyzed information. Being aware that the information of earning has a certain effect on the stock price, the management has incentives either to continue supporting the demand of funds or to maximize its own interests. In this case, the earning information just can't state the exact status of operation of a company, and this situation is really against investors. Hence this study examines whether management has incentives to conduct earnings management when the earnings level may be affected by growth opportunities, market risk and operational risk, which play important roles in corporate administration. The empirical results suggest that both growth opportunities and operational risk factor have a positive and significant relationship with earning management and so does the interaction between growth opportunities and operational risk factor; nevertheless, because of the existing controversy over if beta risk, so-called systematic risk, captures the characteristic of market risk factor, neither market risk factor nor the interaction between growth opportunities and market risk factor has a positive and significant relationship with earning management. The result doesn't correspond to what this study anticipates; therefore, the operational risk factor is able to capture more effectively the relationship between earnings management of corporate executives and various risk levels.
URI: http://hdl.handle.net/11455/18839
其他識別: U0005-2206200716104400
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-2206200716104400
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