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標題: 不同企業生命週期下家族企業之盈餘管理的選擇行為
The Impact of Family Control on the Choice of Earnings Management Behaviors: A Test of the Life Cycle Hypothesis
作者: 熊婉君
Wan-Chun, Hsiung
關鍵字: Accruals-based earnings management
Real earnings management
Family control
Life cycle
出版社: 會計學研究所
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摘要: 本研究探討應計項目盈餘管理與實質盈餘管理間是否具有替代關係。並進一步分析分別加入家族企業與生命週期特性後,企業對盈餘管理選擇之影響。最後同時考慮家族企業及生命週期特性,探討在不同企業生命週期下,家族企業對應計項目盈餘管理與實質盈餘管理間替代關係之影響程度。以民國85年到民國99年國內上市櫃公司為樣本,並參考Anthony and Ramesh(1992)的方法,利用股利支付率、銷貨成長率、資本支出率、成立年數及綜合指標作為企業生命週期的分類因子。 實證結果顯示,應計項目盈餘管理與實質盈餘管理具有替代關係;相較於非家族企業,家族企業採用較多實質盈餘管理;相較於非家族企業,家族企業應計項目盈餘管理與實質盈餘管理間替代程度較低;企業處於成長期,從事實質盈餘管理的程度會顯著低於處於成熟期及衰退期之企業,且企業處於成熟期,從事實質盈餘管理的程度亦顯著低於處於衰退期之企業;相較於成長期及成熟期,企業在衰退期應計項目盈餘管理與實質盈餘管理間替代程度較低;相較於成熟期及衰退期,家族企業在成長期應計項目盈餘管理與實質盈餘管理間替代程度較低。
This study mainly examines whether or not the accrual based earnings management and the real earnings management are substitutes, and further discusses the alternatives among these two types of earnings managements after controlled the effect of the family control and firm's life cycle. Finally, this study investigates the relationship between family control and substitution between the two methods of earnings management for a differential stage in a firm's life cycle. The sample of our research includes all firm listed in Taiwan Stock Exchange from 1986 to 2010. According to the firm's life cycle of Anthony and Ramesh (1992), this study uses dividend payout rate (DP), sales growth rate (SG), capital expenditures rate (CEV), establishment years (AGE), and composite score as life cycle measurements. The empirical results show that accrual based earnings management and real earnings management have a alternative relationship. Family firm use more real earnings management than non-family firm. Family firm have less substitution between the two methods of earnings management than non-family firm. In the stage of growth, firm use less real earmings management than in the stage of mature and decline; in the stage of mature, firm ues less real earmings management than in the stage of decline. In the stage of decline, firm have less substitution between the two methods of earnings management than in the stage of growth and mature. In the stage of growth, family firm have less substitution between the two methods of earnings management than in the stage of mature and decline.
其他識別: U0005-2506201201555700
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