請用此 Handle URI 來引用此文件: http://hdl.handle.net/11455/18849
標題: 新任執行長、分析師預測與盈餘管理
Hiring a New CEO, Analyst''s Forecast and Earnings Management.
作者: 孫敏健
Suen, Min-Jian
關鍵字: Hiring a new CEO
更換CEO
Earnings management
Analyst's forecast
Earnings components
Special items
盈餘管理
分析師預測
盈餘內項目
非常項目
出版社: 會計學研究所
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摘要: 公司執行長對於企業財務報表正確性之責任日漸加重,2002年沙氏法案認為企業高階主管應保證財務報表之正確性,證明財務報導已按規定編製,以提高財務報表之可信度,故知CEO對於公司財務報導結果有重大影響力。 過去文獻大多探討公司CEO與公司財務報表之關係,然而僅少數文獻探討公司更換CEO之行為對於企業財務報表上之影響。本文將近一步探討更換CEO之公司,相對於非更換CEO之公司,其新任CEO將採取盈餘管理工具操作盈餘,使本身利益最大化。而依此為基礎根據更深入分析,公司之新任CEO將利用盈餘管理工具,使公司盈餘達到分析師預測,使公司得以使本身權益價值最大化。本文利用損益表內項目錯誤分類之方法來衡量盈餘管理公司,並以美國資本市場2000年至2005年共計六年資料分析。實證結果顯示,其支持有更換CEO公司,相對於非更換CEO公司,將進行盈餘管理並達到分析師預測,其目地為獲取公司權益價值與公司高階經理人之自我利益最大化。
The responsibility of Chief Executive Officer for enterprise''s financial statement exactness of the company is aggravated day by day, Sarbanes-Oxley Act of 2002 thought that executive should guarantee the exactness of the financial statement, prove the financial report has already been worked out according to the regulation, in order to improve the credibility of the financial statement. Thus CEO reports about company''s financial affairs that there is great influence power. Prior research probed into the relation between company CEO and company''s financial statement, but only a few research probe into the behavior that the company change CEO to the influence on enterprise''s financial statement. This paper one is it change company of CEO to probe into nearly, as to unchanging the company of CEO. We examine the classification of items within the income statement as an earnings management tool. Managers opportunistically shifting expenses from core expenses (cost of goods sold and selling, general, and administrative expenses) to special items. In addition, it appears that managers use this earnings management tool to meet the analyst forecast earnings benchmark, as special items tend to be excluded from both pro forma and analyst. earnings definitions and add up to analysis for six years from 2000 to 2005 with the American capital market. The emperical results show that hiring a new CEO, as to unchanging CEO Company, managers use this earnings management tool to meet the analyst earnings forecast benchmark. Finally interests between value and company of managers maximize to add wealth.
URI: http://hdl.handle.net/11455/18849
其他識別: U0005-2706200713131400
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-2706200713131400
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