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標題: 以企業生命週期觀點論析盈餘持續性
The Associations Between Business Life Cycle and Earnings Persistence
作者: 張竹淵
Chang, Chu-Yuan
關鍵字: Earnings persistence
Business life cycle
operating cash flow
Discretionary accrual
Non-discretionary accrual
出版社: 會計學研究所
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摘要: 盈餘持續性在國內先前研究仍未被廣泛探討,而本文主要藉由過去國外文獻發現會影響盈餘持續性之因子,並額外加入企業生命週期變數探討不同的企業生命週期階段是否會影響盈餘持續性。實證發現當企業處於成熟期和成長期公司的盈餘持續性顯著高於衰退期,但成長期與成熟期之間並無顯著之差異,此外,營業活動現金流量的盈餘持續性顯著高於應計項目之盈餘持續性,而將應計項目細分為裁量性和非裁量性後,非裁量性應計項目之盈餘持續性高於裁量性應計項目,且並將各淨資產群組按其可靠性進行分類後,發現可靠性越高之淨資產群組其盈餘持續性也越高,最後加入了系統性風險、超額盈餘和營業外損益後,發現系統性風險和營業外損益與盈餘持續性呈現顯著負相關,而超額盈餘與盈餘持續 性呈現顯著正相關。
Earnings persistence is not discussed extensively in Taiwan. This paper examines the factors of affecting earnings persistence through the prior foreign studies and additional factor which add the business life cycle. The result is that the earnings persistence of grow and mature companies are more persistence than stagnant companies, but the earnings persistence of mature companies are not significant greater than grow companies. Beside, my additional finding is earnings persistence of operating cash flow which is more persistence than total accrual. After discompose total accrual to discretionary and non-discretionary accrual, I find the persistence of non-discretionary accrual more persistence than discretionary accrual. I also use the level of reliability to classify different net asset groups. My finding is that the more reliable net asset group is more persistence. In addition, this paper also adds other three factors which is different from earnings systematic risk, abnormal earnings and other operating income (loss). The result is that the systematic risk and other operating income (loss) are significant negative relation with earnings persistence. Abnormal earning is significant positive relation with earnings persistence.
其他識別: U0005-1506201017583800
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