Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18876
標題: 盈餘管理工具關聯性之研究:以交易目的衍生性金融商品與裁決性應計項目為例
The Relation of Earnings Management Instruments: The Case of Trading Derivatives and Discretionary Accruals
作者: 楊禮全
Yang, Li-Chiuan
關鍵字: Earnings management
盈餘管理
Trading Derivatives
Discretionary accruals
Simultaneous equations
Three Stage Least Square
交易目的衍生性金融商品
裁決性應計項目
聯立方程式
三階段最小平方法
出版社: 會計學研究所
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摘要: 管理當局可能在各種自利誘因的驅使下,運用各種盈餘管理工具來達到預定之目標。先前研究發現在管理當局平穩化盈餘策略下,避險目的衍生性金融商品與裁決性應計項目兩者間存在替代效果,然而公司承作衍生性金融商品並非只有避險目的,尚包括交易目的,因此本研究特別針對交易目的衍生性金融商品,探討管理當局在制定盈餘管理決策時,其與裁決性應計項目二者間之關聯性為何。 本研究以民國94年至96年間之上市公司為研究樣本,並運用聯立方程式與三階段最小平方法,來探討此二種盈餘管理工具之關聯性。實證結果顯示交易目的衍生性金融商品與裁決性應計項目間無一致之關聯性。此外,研究結果發現當公司成長機會愈低、公司規模愈大、本業獲利績效愈差、持有現金與約當現金之比率愈大、投資愈多公平價值變動列入損益之金融商品者,則愈可能承作交易目的之衍生性金融商品。當公司規模愈小、負債比率愈高、成長機會愈高者,則愈可能操作裁決性應計項目。
Under many self-interest incentives, management may use earnings management instruments to achieve objective. Previous studies found that there are the substitution effect between hedging derivatives and discretionary accruals under income smoothing strategy. However, enterprises use derivatives not only for hedging but also for trading. This study aims at the trading derivatives to explore the relationship between trading derivatives and discretionary accruals when management make earnings management strategy. This research select Taiwan listed companies during 2003 to 2005 as the sample. Using simultaneous equations and three stage least square to examine the relationship between trading derivatives and discretionary accruals. The evidences show that there are not the same association between trading derivatives and discretionary accruals. In addition, the evidences show that companies use more trading derivatives when the company with less growth opportunities, greater company size, worse self-industry profit, holding more cash and cash equivalents and invested more in financial commodities at fair value through income statement. When the company size is smaller, debt-to-asset ratio is larger and companies with higher growth opportunities use more discretionary accruals.
URI: http://hdl.handle.net/11455/18876
其他識別: U0005-1206200917475700
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-1206200917475700
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