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題名:法人說明會、會計穩健性及價值攸關性:考慮企業生命週期
作者:李子文 引用關係
作者(外文):Lee, Tzu-wen
校院名稱:逢甲大學
系所名稱:商學博士學位學程
指導教授:林哲彥
林宜勉
學位類別:博士
出版日期:2018
主題關鍵詞:企業生命週期法人說明會會計穩健性價值攸關性Firm life cycleConference callsAccounting conservatismValue-relevance
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  在不同企業生命週期的階段,企業面臨不同的挑戰與機會,而有不同的決策與行動策略。過去的文獻指出,自願性揭露與穩健會計是降低資訊不對稱的手段。本文檢驗在考慮企業生命週期下,若公司以法人說明會做為與投資人溝通的管道時,成長期公司與成熟期公司舉行法人說明會的頻率是否會對其會計穩健性造成影響。
  本文以我國2009年至2016年上市櫃公司為研究對象,參考Anthony and Ramesh (1992) 衡量生命週期指標的四個變數,並依照Black (1998) 區分年的方式,將公司分為成長期、成熟期和衰退期。為探討自願性揭露的頻率與盈餘穩健性的關聯性,本文採用Khan and Watts (2009)修正Basu盈餘不對稱時效性模型後的模型做為穩健性的衡量方法。研究結果發現:(1) 公司在不同的生命週期階段,雖然面臨不同的成長機會和獲利能力,但一旦選擇了法人說明會做為對外溝通的工具,隨著溝通頻率的增加,可以降低未來盈餘的不確定,促使盈餘持續性提高,會降低會計穩健性。(2) 當公司治理的機制越強,公司治理的品質愈佳,對管理階層監督的力量也越強,越要求企業採用穩健會計政策。(3) 成長期公司自願性揭露愈頻繁,將可降低會計資訊不對稱的情形,有助於盈餘價值攸關性的提高。
  At different stages of firm's life cycle, there are different decision-making and action strategies when facing different challenges and opportunities for firm. Prior literature shows that voluntary disclosure and conservative accounting are the means to reduce information asymmetry. This paper examines whether the frequency of conference calls will have influences on the accounting conservatism under different stages of firm's life cycle.
  We adopt the measure of conservatism used in Khan and Watts (2009). Firms are classified into life cycle stages using procedures proposed by Anthony and Ramesh (1992). We find that: (1) The firm faces different opportunities for growth and profitability at different stages of its life cycle, but once it has selected the conference calls as a tool for communication, the more conference calls, the higher earnings persistence and lower accounting conservatism. (2) Firms with stronger corporate governance mechanism will exhibit a higher degree of accounting conservatism. (3) When firms in the growth stage, higher frequency of voluntary disclosures facilitates the value relevance of earnings.
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