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Earnings Management and the Long-Run Performance of Private Placements of Equity
|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||引用:||中文文獻 黃玉麗、沈中華，2009，盈餘管理對銀行債務資金成本之影響—信用評等觀點， 管理學報，第二十六卷第六期，599-623。 黃志仁、廖彩伶、陳于格，2009，現金增資之盈餘管理行為：裁決性應計項目與 業外損益之整合性決策，當代會計，第十卷第一期，63-98。 英文文獻 Altman, E. I., 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, Journal of Finance, 23, 589-609. Baker, M., and J. Wurgler, 2002, Market timing and capital structure, Journal of Finance, 57, 1-32. Beaver, W. H., 1966, Financial ratios as predictors of failure, Journal of Accounting Research, 4, 71-111. Black, F., and M. Scholes, 1973, The pricing of options and corporate liabilities, Journal of Political Economy, 81, 637-659. Blum, M., 1974, Failing company discriminant analysis, Journal of Accounting Research, 12, 1-25. Carhart, M. M., 1997, On persistence in mutual fund performance, Journal of Finance, 52, 57-82. Chen, A. S., L. Y. Cheng, K. F. 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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.
|Appears in Collections:||財務金融學系所|
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