盈餘管理工具的選擇與機構投資者對實質盈餘管理的反應_

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題名：	盈餘管理工具的選擇與機構投資者對實質盈餘管理的反應
作者：	陳名揚
作者(外文)：	CHEN, MING-YANG
校院名稱：	國立雲林科技大學
系所名稱：	會計系
指導教授：	陳慶隆
學位類別：	博士
出版日期：	2018
主題關鍵詞：	實質盈餘管理；機構投資者；家族公司；以腳投票；後續經營績效；Real earnings management；Foreign institutional investors (FIIs)；Family-controlled firms；Vote with feet；Future performance.
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:0 點閱:0

本研究主要係探討公司之所有權持股型態對實質盈餘管理的反應與選擇。本文第一部份首先檢測國外機構投資者對實質盈餘管理的反應。在新興資本市場，國外機構投資者所扮演的角色係積極性的監督亦或是僅為追求自身利益而進行交易目的(vote with feet)投資，一直存在著爭議。本議題以1997年至2013年台灣上市櫃公司為樣本進行研究，實證結果顯示，國外機構投資者之持股變動量與非投機動機實質盈餘管理變動量成顯著正相關。然而，若實質盈餘管理具有投機性動機時，國外機構投資者顯著降低其持股。進一步測試發現該現象僅在非審計專家簽證的次樣本中具有顯著性。實證結果支持國外機構投資者在新興資本市場無明顯從事實質積極性監督的推論。本文在第二部分檢測家族公司對實質盈餘管理工具的選擇，進而探討其對後續經營績效的影響。在公司治理研究中，所有權與盈餘分配權偏離一直是代理理論所關注的議題，尤其家族公司同時具有大股東及經營者的身分，使用實質盈餘管理工具時係為了增加盈餘(掠奪性假說)或是降低盈餘(利益結合假說)，目前並無一致性的實證結果。本議題以1996年至2015年台灣上市櫃公司為樣本進行研究，在未考量實質盈餘管理動機的實證結果顯示，家族公司與增加盈餘的實質盈餘管理呈現顯著正向關係。然而，會計文獻對公司從事積極性實質盈餘管理存在操弄盈餘(opportunistic)及規模調整(size-adjust)兩種不同觀點，本研究經由觀察與檢測家族公司與非家族公司之後續經營績效，發現家族公司之積極性實質盈餘管理有顯著較高的後續經營績效，此實證果顯示，家族企業的積極性實質盈餘管理在某種程度支持規模調整的資訊。本研究進行若干敏感性測試，實證結果具穩健性。

以文找文

This paper examines the association between firms’ real earnings management and their ownership structure from foreign institutional investors and family-controlled characteristics. In the first part, we focus on examining the influence of real earnings management on foreign institutional investors (FIIs) ownership decision. The role of FIIs in corporate governance, active monitoring or focusing on trading purposes, has being debated in Taiwanese stocks market for a long time. Based on FIIs activity in Taiwan’s stock market from 1997 to 2013, this study examines whether FIIs “vote with their feet” in response to a firm’s RM. Empirical results reveal that the change in FIIs ownership is negatively associated with firms engaging in opportunistic RM, yet, is positively associated with firms engaging in non-opportunistic RM. The conclusions remain intact when we re-estimate the coefficients of using distinct subsamples and model specifications. It suggests that opportunistic (non-opportunistic) RM results in a decreased (increased) pattern of FII ownership. This finding sheds light on the distinctive consequences of RM on FII portfolio decisions. Additional analysis shows that the effect of abnormal firm operating decisions on the FII ownership is significantly mitigated by auditor expertise. This finding supports the need to consider detection mechanisms in financial reporting, as suggested by Jayaraman and Milbourn (2015).
In the second part, this study examines family-controlled firms’ real earnings management behaviors and its subsequently operating performance. This essay is motivated to investigate the competing views of real earnings management, i.e., incentives alignment and entrenchment hypotheses, in family-controlled firms in Taiwan. Using the data from 1996 to 2015, the results reveal that family-controlled firms are positively associated with aggressive real earnings management. Note that extant studies suggest both opportunistic perspective and size-adjusted perspective can explain a firm’s real earnings management behaviors. This study further examines whether opportunistic hypothesis or size-adjustment hypothesis can describe the aggressive earnings management of family-controlled firms. The further empirical results point out family-controlled firms’ aggressive real earnings management is positively associated with subsequently operating performance and supports the size-adjustment hypothesis. The major findings are robust in the diagnostic checks.

以文找文

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