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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
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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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.
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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