Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/25171
標題: 盈餘時效性不對稱與公司獲利能力關係之探討
The Effect of Asymmetric Timeliness of Earnings On Firm Profitability
作者: 陳語涵
Chen, Yu-Han
關鍵字: 盈餘時效性不對稱;Asymmetric timeliness of earnings;條件穩健;獲利能力;毛利率;營業活動現金流量;conditional conservatism;profitability;profit margin;cash flows from operation
出版社: 高階經理人碩士在職專班
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摘要: 
盈餘時效性不對稱之條件穩健為傳統的會計慣例,及時認列損失的條件穩健會計可以減少資訊不對稱,避免經理人從事淨現值為負的投資計劃,有助於公司取得低成本的外部資金,增加投資機會。投資活動是公司獲利成長的必備條件之一,及時認列損失的條件穩健會計可以提高公司的投資效率,進而公司改善財務績效。考量公司投資效率的改善並不容易具體衡量,本研究擬探討盈餘時效性不對稱性與公司投資後續年度獲利能力之關係,以間接檢測條件穩健對公司投資效率之影響。

本研究係以2005年至2008年臺灣上市公司為研究樣本,採用Basu (1997)盈餘時效性不對稱之模型來探討條件穩健與公司獲利能力之關係,有關獲利能力之衡量係採用毛利率及營業活動現金流量兩項績效指標。

本研究實證結果發現,盈餘時效性不對稱之條件穩健與公司投資後續三年度之毛利率與營業活動現金流量呈正相關,表示公司及時認列損失可以改善公司投資後續年度之獲利能力。本研究認為盈餘時效性不對稱之條件穩健可以改善公司投資效率,進而促使投資後續年度獲利能力提高。

Asymmetric timeliness of earnings, conditional conservatism, is a traditional accounting policy. Timely loss recognition can reduce information asymmetry, avoid managers from undertaking negative net present value projects, help firms obtain external funds at lower costs and increase investment opportunities. Conditional accounting conservatism can improve investment efficiency therefore improve firm’s future profitability. Because investment efficiency is not directly observable, this study examines the relation between timely loss recognition and future profitability to draw inferences about the impact of conditional conservatism on investment efficiency.

Using a sample of firms listed in Taiwan Stock Exchange over the 2005 to 2008 period, this study uses Basu’s (1997) asymmetric timeliness of earnings model to measure conditional conservatism. This study uses two proxies, profit margin and cash flows from operation, to measure firms’ profitability.

The empirical results show that asymmetric timeliness of earnings is positive association with profit margin and cash flows from operation subsequent to investment decisions. This study suggests that timely loss recognition can improve firms future profitability, which indirectly exhibits that conditional conservatism can improve investment efficiency.
URI: http://hdl.handle.net/11455/25171
其他識別: U0005-1708201310345500
Appears in Collections:高階經理人碩士在職專班

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