Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18925
標題: 財務報表穩健與公司獲利能力之關係
The Association between Conservative Reporting and Firm Profitability
作者: 吳佩蓁
Wu, Pei-Jhen
關鍵字: 非條件穩健;unconditional conservatism;條件穩健;獲利能力;毛利率;營運現金流量;conditional conservatism;profitability;gross profit margin;operating cash flows
出版社: 會計學研究所
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摘要: 
穩健會計為會計政策與財務報表特性之一,穩健會計可以避免資產、收入高估,負債、費用低估。穩健會計可以減少資訊不對稱,有助於公司以較低之成本取得外部資金,增加投資機會,且穩健會計可以避免經理人從事淨現值為負的計劃,因而使公司投資更有效率。由於投資是公司成長的必要條件,穩健會計可以提升公司的投資效率,而公司投資效率的提升應會具體反應在財務績效的改善。考量穩健會計對投資效率的改善並不容易具體衡量,本研究擬探討穩健會計是否改善公司投資後獲利狀況,以間接檢測穩健會計對投資效率之影響。

本研究係以2005年至2008年我國上市公司為樣本,探討穩健會計對公司投資後續年度獲利能力之關係,採追蹤資料之固定效果模型,以控制不同年度及不同公司中之異質性,並控制獲利能力波動性、公司規模、槓桿程度、公司上市年數、權益之市值與帳面價值比、訴訟風險、銷貨收入波動性及現金流量波動性等變數。本研究將穩健會計區分為非條件穩健與條件穩健,非條件穩健係參考Givoly and Hayn(2000)提出之應計基礎觀點及Beaver and Ryan(2000)提出之市場基礎觀點衡量;條件穩健則參考Basu (1997)盈餘時效性不對稱與Ahmed and Duellman (2011)之模型衡量;公司投資後續年度獲利能力則是以毛利率及營運現金流量衡量之。

實證結果發現,非條件穩健與公司投資後續三年之毛利率及營運現金流量未有顯著正向關係,顯示非條件穩健可能並未顯著改善公司投資後續年度的獲利能力。本研究進一步發現,盈餘時效性不對稱之條件穩健與公司投資後續三年之毛利率與營運現金流量呈正相關,表示公司及時認列損失可以改善公司投資後續年度獲利能力。由於公司在非條件穩健下,其盈餘之報導呈現系統性地保守,致使縱使非條件穩健可能有助投資效率的改善,然穩健的盈餘報導使得無法觀察到投資後續年度獲利能力的顯著改善。惟公司若能及時認列損失則可以使投資後續年度獲利能力提升,意謂著條件穩健能改善投資效率,致使反應在投資後續年度獲利能力的提升。
URI: http://hdl.handle.net/11455/18925
其他識別: U0005-1207201300565200
Appears in Collections:會計學系所

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