Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92432
標題: 私募公司的盈餘管理與長期績效
Earnings Management and the Long-Run Performance of Private Placements of Equity
作者: Jhih-Wei Wu
巫志偉
關鍵字: 私募權益發行;盈餘管理;財務限制;違約風險;長期股價表現;Private Placements of Equity;Earnings Management;Financial Constraints;Distress Risk;Long-run stock performance
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摘要: 
本文探討企業在權益私募前進行盈餘管理的程度,並驗證盈餘管理是否會受到違約風險及財務限制之影響,然後分析這兩個因子所引發的盈餘管理是否對公司長期績效會造成影響。實證結果發現,多數公司傾向在私募前進行盈餘管理,其中高違約風險的公司在私募前的盈餘管理較嚴重,私募後的長期表現也相對較差;另一方面,具有財務限制公司在私募前較不會出現盈餘管理,但若進行積極的盈餘管理,則長期績效相對較佳。本文的結果隱含,私募公司進行盈餘管理的背後動機會影響長期績效,若是為了降低違約風險而從事的盈餘管理,並不會改善公司的營運與體質,長期股價因而下跌。

This paper discusses whether earnings management before private placement of equity issued will be affected by factors (e.g., financial constraints or distress risk).Then we validate the impact of earnings management resulting from different factors on the long-run performance of the company. We try to figure out the situation that earnings management did not lead downward long-run performance. However, the empirical results of this study show that issuers with high distress risk are more likely to manage earnings, but the long-run performance after issued will be relatively poor. Although the financial constraints will not statistically affect the earnings management of private company, the earnings management resulting from slight financial constrains may have better long-run performance and change the negative perception of the past literature on earnings management.
URI: http://hdl.handle.net/11455/92432
其他識別: U0005-1906201411002000
Rights: 同意授權瀏覽/列印電子全文服務,2017-06-26起公開。
Appears in Collections:財務金融學系所

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