Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18777
標題: 盈餘管理價值攸關性之實證研究
The Value-Relevance of Earnings Management
作者: 張哲嘉
Chang, Che-Chia
關鍵字: value-relevance;價值攸關性;earnings management;the performance measure hypothesis;the opportunistic management hypothesis;the noise hypothesis;discretionary accrual;盈餘管理;績效衡量假說;投機性的應計項目管理假說;雜訊假說;裁決性應計項目
出版社: 會計學研究所
摘要: 
自1996年以來,國內外資本市場陸續爆發公司財務報導不實及未預期宣告破產案件,投資人及債權人的損失難以估算。其主要原因在於公司管理當局惡意報導不實之財務資訊以欺騙投資大眾,因此財務報表所傳達之資訊內涵受到嚴重的質疑。為觀察資本市場對管理當局盈餘管理行為之評價態度,本文以美國資本市場作為研究對象,針對不同的盈餘管理動機,觀察短期及長期不同累積區間內,裁決性應計項目和股票報酬率間的關係,以進一步探討盈餘管理之價值攸關性。本文實證結果發現,隨著累積區間的增加,淨利對股票報酬率的解釋力也有所提升,而增加的程度在績效衡量假說下最低。另外,在績效衡量假說下,若非裁決性盈餘過度反應經濟的衝擊,則在較短的累積區間下,相對於裁決性流動應計項目,裁決性長期應計項目與股票報酬率的負相關程度較低。在投機性的應計項目管理假說及較短的累積區間內,相對於裁決性流動應計項目,裁決性長期應計項目對股票報酬率的負相關程度則較高。而裁決性流動應計項目與股票報酬率間的關係,在上述兩種盈餘管理假說下皆有隨累積區間的增加而逐漸下降之趨勢。總括而言,本文的實證結果建議,就美國資本市場而言,投資人對管理當局盈餘管理行為尚能合理評價,並能適切地反映到股票報酬率上。

From 1996 onward, a series of financial scandals have not only surprised local and international capital markets, but also have led to grave losses of investors and creditors. In order to observe whether the market responses to earnings management efficiently in the stock returns, this paper, based on the American stock market, explores the relationship between discretionary accruals and stock returns under three earnings management hypotheses in both short and long intervals. The empirical results suggest that, under the performance measure hypothesis, when nondiscretionary earnings over-reacting to economic shocks, the discretionary accruals are negatively correlated with stock returns. In short intervals, the coefficients for discretionary long-term accruals are substantially lower than that for discretionary current accruals. Whereas, under the opportunistic accrual management hypothesis, the discretionary accruals are negatively correlated with stock returns. In short interval, the coefficients for discretionary long-term accruals is substantially higher than that for discretionary current accruals. Finally, as the intervals expand, the relationship between stock returns and discretionary accruals reduces under both the performance measure hypothesis and the opportunistic accrual management hypothesis. This empirical result implies that, based on the data collected in this study, stock returns are able to reflect the impact of earnings management in the U.S. stock market, i.e., earnings management is value-relevant.
URI: http://hdl.handle.net/11455/18777
Appears in Collections:會計學系所

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