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標題: How Family Firms Affect Earnings Attributes and Earnings Informativeness- Using Institutional Ownership as a Moderator
作者: 張瑞當
關鍵字: 基礎研究;Family firms;經濟學;家族企業;盈餘屬性;盈餘資訊品質;機構法人;Earnings attributes;Earnings informativeness;Institutionalinvestors
家族企業對公司盈餘屬性、盈餘資訊品質之影響—以機構法人監督為調節變數本研究從特殊代理結構 (控制股東與非控制股東核心代理問題) 為背景,試圖探討以家族控制為主的股權特徵,對於盈餘屬性與盈餘資訊品質的影響為何。所謂盈餘屬性包括裁決性應計數、盈餘持續性、盈餘可預測性、盈餘平穩化等四種會計基礎指標。本研究認為將四種指標一併探討,有助於瞭解相關研究議題之綜合影響力。除了探討家族企業對於會計基礎盈餘屬性之影響外,本文第二個研究主題將另從市場基礎的角度,探討家族企業與盈餘資訊品質之間的關聯性為何。基於前述二個研究主題所得之實證結果,本文第三個研究主題則考量機構法人之調節效果,剖析機構法人持股比例愈高時,是否有助於制衡家族企業對於盈餘屬性及盈餘資訊品質的影響。最後,本文將研究觸角延伸至中國大陸,試圖瞭解同樣是以家族企業為主導的華人市場,是否會得到相同的研究結論。台灣與大陸均屬新興市場,然而兩者分屬不同的發展階段,兩者的比較可以增進吾人對於新興市場的瞭解。本研究擬選取2002 年至2008 年所有台灣上市公司以及中國大陸上海、深圳、香港上市公司為實證對象,實證所需資料主要來自於台灣經濟新報社 (Taiwan EconomicJournal, TEJ) 資料庫。本研究將運用迴歸模型進行檢測,研究結果可協助補足國內學術界在這方面研究之不足,同時在實務上也可提供主管機關、投資者、公司之決策參考依據。

How Family Firms Affect Earnings Attributes and EarningsInformativeness—Using Institutional Ownership as a ModeratorIn the context of distinctive structure where agency problems arising from the conflictbetween controlling and non-controlling shareholders, this study attempts to investigatewhether family firms have impacts on earnings attributes and informativeness. Earningsattributes here comprise of four accounting-based measures: discretionary accruals, earningspersistence, earnings predictability and earnings smoothness. It is the belief of the study thattaking into consideration the four measures together is instrumental to our understanding ofthe related issues. In addition, this study adopts the market-based perspective and explores therelationship between family firms and earnings informativeness. On the basis of the empiricalresults above, the study further examines the moderating role institutional ownership plays.Specifically, this study intends to identify whether institutional ownership mitigates thenegative influences of family firms on earnings attributes and informativeness. Moreover, thestudy will extend its focus to the Chinese market which is also dominated by family firms.Taiwan and China both belong to the emerging market but are in different stages ofdevelopment. Comparing these two markets can certainly contribute to our understanding ofthe emerging market.This study will consider all firms listed on the Taiwan, Shanghai, Shenzhen and HongKong Stock Exchanges over the period of 2002-2008. Empirical data will be obtained fromthe Taiwan Economic Journal (TEJ) database. By employing the ordinary least squares (OLS)regression models, findings of the study will help us better understand the related issues andhave implications for regulators, investors and companies.
其他識別: NSC99-2410-H005-015-MY2
Appears in Collections:會計學系所

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