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題名：臺灣上市電子公司研究發展費用與強制性盈餘預測關聯性之實證研究
書刊名：管理學報
作者：金成隆 引用關係／林修葳 引用關係／林憶樺
作者(外文)：Chin, Chen-lung／Lin, William Hsiou-wei／Lin, Yi-hua
出版日期：2000
卷期：17:4
頁次：頁713-740
主題關鍵詞：強制性財務預測；研究發展費用；20%門檻限制；操控前財測誤差；帳面財測誤差；裁決性應計盈餘；Mandatory management forecast；R&D expenditure；20% hurdle rate；Pre-manipulation forecast error；Nominal forecast error
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(8) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:7
  • 共同引用共同引用:89
  • 點閱點閱:133
　　　　　本研究探討我國上市公司研究發展支出比重最高的電子業，其管理當局 是否會使用研發費用進行盈餘管理，以降低強制性財務預測誤差所衍生成本，以 及強制性財測20門檻規範的限制對於研究發展費用支出行為的影響。實證結果發 現:(1)需作強制性財務預測的公司普遍有降低研究發展費用現象:(2)企業操縱前 財務預測誤差與研究發展費用間呈負向關係，財務預測高(低)估的公司，會減少 (增加)研究發展費用:(3)就操縱後帳面誤差言，不論公司帳面誤差高或低，如果誤 差很接近但未超出20門檻限制時，所操縱的研究發展費用(向下調降)顯著大於超 出限制的公司:(4)除最接近但未超出門檻的公司，其餘未超過之各組的操控變 數，多大於超出門檻限制的公司;(5)最接近但未超過門檻這一組的操控幅度，大 於未超過門檻的其他各組。我們的分析結果顯示:強制性財務預測公司多為現金 增資、公司初次上市，普遍存在操控(調低)研發費用現象，而操控或改變支出的 情況在最接近但未超出20門檻限制的公司最為嚴重，而由於研究發展支出會提高 我公司未來經營績效，20門檻規範既會影響研發支出的情況。究竟它是否會在實 質上減少企業研發支出，值得重視。
　　　　　This study explores the extent mandatory management forecast errors affectthe reported R&D expenses of electronic firms listed on the Taiwan Stock Exchange. Ourempirical results are consistent with the notion of strategic manipulation. First, firms withoptimistic (pessimistic) management forecasts appear to have less (greater) R&Dexpenditures. Second, among all optimistic and pessimistic firms, the partition with forecasterrors closest to the 20 hurdle has significantly less R&D expenditures than either thepartition with forecast errors exceeding the hurdle or the partitions with forecast errors wellbelow the hurdle. The findings lend support to the significance of financial regulators'hurdle rate decision.
期刊論文
1.Imhoff, E. A. Jr.(1978)。The Representativeness of Management Earnings Forecasts。The Accounting Review，53(4)，836-850。  new window
2.Williams, P. A.(1996)。The relation between a prior earnings forecast by management andanalyst response to a current management forecast。The Accounting Review，71(1)，103-115。  new window
3.Lev, B.(1988)。Toward a theory of equitable and efficient accounting policy。The Accounting Review，63(1)，1-22。  new window
4.Dechow, P. M.、Sloan, R. G.、Sweeney, A. P.(1996)。Causes and Consequences of Earnings Management: An Analysis of Firms Subject to Enforcement Actions by the SEC。Contemporary Accounting Research，13(2)，1-36。  new window
5.Guay, W. R.、Kothari, S. P.、Watts, R. L.(1996)。A Market-Based Evaluation of Discretionary Accruals Models。Journal of Accounting Research，34(Suppl.)，83-105。  new window
6.Francis, J.、Philbrick, D.、Schipper, K.(1994)。Shareholder litigation and corporate disclosures。Journal of Accounting Research，32(2)，137-164。  new window
7.Baber, W. R.、Fairfield, P. M.、Haggard, J. A.(1991)。The effect of concern about reported income on discretionary spending decisions: The case of research and development。The Accounting Review，66(4)，818-829。  new window
8.Coffee, John C. Jr.(1984)。Market Failure and the Economic Case for a Mandatory Disclosure System。Virginia Law Review，70，717-753。  new window
9.Schipper, K.(1989)。Commentary on earning management。Accounting Horizons，3(4)，91-102。  new window
10.Holthausen, Robert W.、Larcker, David F.、Sloan, Richard G.(1995)。Annual bonus schemes and the manipulation of earnings。Journal of Accounting and Economics，19(1)，29-74。  new window
11.Skinner, Douglas J.(1994)。Why firms voluntarily disclose bad News?。Journal of Accounting Research，32(1)，38-60。  new window
12.Rangan, Srinivasan(1998)。Earnings Management and the Performance of Seasoned Equity Offerings。Journal of Financial Economics，50(1)，101-122。  new window
13.Ajinkya, Bipin B.、Gift, Michael J.(1984)。Corporate Managers' Earnings Forecasts and Symmetrical Adjustments of Market Expectations。Journal of Accounting Research，22(2)，425-444。  new window
14.Kasznik, Ron(1999)。On the association between voluntary disclosure and earnings management。Journal of Accounting Research，37(1)，57-82。  new window
15.Trueman, Brett(1986)。Why do managers voluntarily release earnings forecasts?。Journal of Accounting and Economics，8(1)，53-71。  new window
16.Teoh, Siew Hong、Welch, Ivo、Wong, T. J.(1998)。Earnings management and the underperformance of seasoned equity offerings。Journal of Financial Economics，50(1)，63-99。  new window
17.Jones, Jennifer J.(1991)。Earnings Management during Import Relief Investigations。Journal of Accounting Research，29(2)，193-228。  new window
18.Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1995)。Detecting earnings management。The Accounting Review，70(2)，193-225。  new window
19.Subramanyam, K. R.(1996)。The pricing of discretionary accruals。Journal of Accounting and Economics，22(1-3)，249-281。  new window
20.Healy, Paul M.(1985)。The Effect of Bonus Schemes on Accounting Decisions。Journal of Accounting and Economics，7(1-3)，85-107。  new window
21.Dechow, Patricia M.、Sloan, Richard G.(1991)。Executive Incentives and the Horizon Problem: An Empirical Investigation。Journal of Accounting and Economics，14(1)，51-89。  new window
22.DeAngelo, Linda E.(1986)。Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders。The Accounting Review，61(3)，400-420。  new window
23.歐進士(19980600)。我國企業研究發展與經營績效關聯之實證研究。中山管理評論，6(2)，357-385。new window  延伸查詢new window
24.Lang, Mark H.、Lundholm, Russell J.(1996)。Corporate Disclosure Policy and Analyst Behavior。The Accounting Review，71(4)，467-492。  new window
25.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。  new window
26.Becker, Connie L.、DeFond, Mark L.、Jiambalvo, James、Subramanyam, K. R.(1998)。The Effect of Audit Quality on Earnings Management。Contemporary Accounting Research，15(1)，1-24。  new window
27.DeFond, Mark L.、Jiambalvo, James(1994)。Debt Covenant Violation and Manipulation of Accruals。Journal of Accounting and Economics，17(1/2)，145-176。  new window
28.Skinner, D.(1997)。Earnings Disclosure and Stockholder Lawsuits?。Journal of Accounting & Economics，23(November)，249-282。  new window
29.張漢傑(1999)。善用財務預測遞延性資訊推敲股價空間。會計研究月刊，159。  延伸查詢new window
30.Hakansson, N.(1977)。Interim Disclosure and Forecast: an Economic Analysis and a Framework for Choice。The Accounting Review，52(2)，396-416。  new window
31.Hirshleifer, J.(1971)。The Private and Social Value of Information and the Reward to Inventive Activity。The American Economic Review，61(4)，561-574。  new window
32.Berger, P. G.(1993)。Explicit and implicit tax effect of the R&D tax credit。Journal of Accounting Research，31，131-171。  new window
33.Hassell, J. M.、Jennings, R. H.、Lasser, D. J.(1988)。Management Earnings Forecasts: Their Usefulness as a Source of Firm-Specific Information to Security Analysis。Journal of Financial Economics，303-319。  new window
34.Imhoff, E. A.(1980)。A Closer Look at Management Forecasts。Management Accounting，18-23。  new window
35.Perry, S.、Grinaker, R.(1994)。Earnings expectations and discretionary research and development spending。Accounting Horizons，43-51。  new window
36.Sweeney, A. P.(1994)。Debt Covenant Violations and Managers' Responses。Journal of Accounting & Economics，17，281-308。  new window
會議論文
1.金成隆、林修葳、黃書楣(2000)。我國上市公司現金增資與盈餘管理之實證研究。第四屆中華名國台灣地區會計審計理論與實務研討會。  延伸查詢new window
研究報告
1.Richardson, V. J.(1997)。An empirical investigation of the relationship between information asymmetry and earnings management。University of Illinois。  new window
2.DeFond, M. L.、Subremanyam, K. R.(1997)。Restrictions to Accounting Choices: Evidence from Auditor Realignment。0。  new window
3.O'Brien, V. E.、Hodges, R. W.(1991)。A Study of Class Action Securities Fraud Cases。0。  new window
4.Johnson, M.、Kasznik, R.、Nelson, K. K.(1998)。The Impact of Securities Litigation Reform on the Disclosure of Forward-Looking Information by High Technology Firms。0。  new window
學位論文
1.胡永純(1997)。盈餘預測與盈餘管理之關聯性研究(碩士論文)。國立中興大學。  延伸查詢new window
2.李展南(1995)。臺灣企業上市審議制度與申請上市未通過原因之分析，0。  延伸查詢new window
3.李清添(1998)。公司上市前強制性財務與上市後營運績效關係之研究，0。  延伸查詢new window
4.周淑貞(1997)。管理當局盈餘預測與盈餘管理關係之實證研究，0。  延伸查詢new window
5.廖仲協(1995)。強制性盈餘預測、盈餘操縱及股票報酬之實證研究，0。  延伸查詢new window
6.官心怡(1994)。經理人員盈餘預測與盈餘操控之關連性，0。  延伸查詢new window
圖書
1.Horngren, C. T.、Foster, G.、Datar, S. M.(1997)。Cost Accounting: A Managerial Emphasis。Prentice-Hall International Limited。  new window
2.Lees, F. A.(1981)。Public Disclosure of Corporate Earnings Forecasts。NY：The Conference Board。  new window
3.Beaver, W. H.(1998)。Financial Reporting: An Accounting Revolution。Prentice Hall。  new window
4.Shefrin, H.、Statman, M.(1992)。Ethics, Fairs, Efficiency, and Financial Markets。Ethics, Fairs, Efficiency, and Financial Markets。Charlottesville, VA。  new window
其他
1.Reed, M. P.(1997)。Two empirical studies on the effects of earnings management objectives and tax incentives on advertising, research and development and capital expenditures，0。  new window
 
 
 
 
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