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題名：盈餘管理與我國上市櫃公司股票購回後之營運績效
書刊名：企業管理學報
作者：王祝三 引用關係／黃介良 引用關係／墨家靜
作者(外文)：Wang, Edward C.／Huang, Chai-liang／Mo, Chia-jin
出版日期：2009
卷期：81
頁次：頁1-42
主題關鍵詞：盈餘管理；可裁決應計項目；分析師盈餘預測；Earnings management；Discretionary accruals；Analysts forecasts
原始連結：連回原系統網址new window
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  • 共同引用共同引用:28
  • 點閱點閱:21
國內外研究一致指出，市場投資人對股票購回宣告存在正向反應。國外文獻且證實企業在宣告股票購回後，營運表現會隨之轉佳。然而國內相關文獻卻發現，我國股票購回公司在購回宣告後，營運績效反而有衰退之情形。為探討我國股票購回公司之宣告後績效並未有所改善的成因為何，本文提出盈餘管理假說作為可能之解釋。實證結果顯示，股票購回公司會在購回宣告前藉提高可裁決性應計項目進行正向盈餘管理，但購回宣告後，因可裁決性應計項目回轉而造成營運績效衰退之現象。因此，本文證實了盈餘管理的確是我國股票購回公司宣告後績效不彰之可能原因。此外，本文尚發現我國分析師可察覺股票購回公司在宣告前的盈餘管理行為，並在購回宣告前後調降盈餘預測。
Prior studies report that investors react positively on the announcements of open-market share repurchases. The U.S. evidence further reveals that share-repurchasing firms enjoy improvement in operating performance after the announcements. The evidence from the Taiwan market, however, reports post-announcement underperformance instead. To investigate the possible explanation for the distinct difference between the two markets, this paper studies share repurchase events in Taiwan and proposes the earnings management hypothesis. The results show that share-repurchasing firms inflate their earnings before the repurchase announcements by adjusting discretionary accruals upwards. After the announcements, the reversion of discretionary accruals results in the underperformance. Therefore, the earnings management hypothesis is strongly supported. In addition, this paper finds that analysts can detect the earnings management of repurchasing firms and lower the earnings forecasts correspondingly.
期刊論文
1.Lie, Erik(2005)。Operating Performance Following Open Market Share Repurchase Announcements。Journal of Accounting and Economics，39(3)，411-436。  new window
2.Louis, Henock(2004)。Earnings Management and The Market Performance of Acquiring Firms。Journal of Financial Economics，74(1)，121-148。  new window
3.Ikenberry, D.、Lakonishok, J.、Vermaelen, T.(1995)。Market Underreaction to Open Market Share Repurchases。Journal of Financial Economics，39(2)，181-208。  new window
4.Dann, Larry Y.、Masulis, Ronald W.、Mayers, David(1991)。Repurchase tender offers and earnings information。Journal of Accounting and Economics，14(3)，217-251。  new window
5.Denis, Diane K.、McConnell, John J.(2003)。International corporate governance。Journal of Financial and Quantitative Analysis，38(1)，1-36。  new window
6.陳嘉惠、劉玉珍、林炯垚(20031000)。公開市場股票購回影響因素分析。證券市場發展季刊，15(3)=59，27-61。new window  延伸查詢new window
7.Jagannathan, Murali、Stephens, Clifford P.、Weisbach, Michael S.(2000)。Financial Flexibility and the Choice between Dividends and Stock Repurchases。Journal of Financial Economics，57(3)，355-384。  new window
8.Vermaelen, Theo(1981)。Common stock repurchases and market signaling: An empirical study。Journal of Financial Economics，9(2)，139-183。  new window
9.王祝三(20081200)。臺灣企業股票購回之訊號發射效能--庫藏股與子公司買回之比較。財務金融學刊，16(4)，1-60。new window  延伸查詢new window
10.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
11.Kothari, Sagar P.、Leone, Andrew J.、Wasley, Charles E.(2005)。Performance matched discretionary accrual measures。Journal of Accounting and Economics，39(1)，163-197。  new window
學位論文
1.高寶勝(2003)。股票購回動機與訊號假說之驗證(碩士論文)。國立中山大學。  延伸查詢new window
2.趙正宇(2004)。實施庫藏股對企業經營績效之影響--以台灣電子資訊廠商為例(碩士論文)。國立交通大學。  延伸查詢new window
其他
1.Bartov, E.(1991)。Open-market stock repurchases as signals for earnings and risk change。  new window
2.Brous, Peter A(1992)。Common stock offerings and earnings expectations: A test of the release on unfavorable information。  new window
3.Brous, Peter A. and Omesh Kini(1993)。A reexamination of analysts’ earning forecasts for takeover targets。  new window
4.Burgstahler, David C. and Michael J. Eames,(2003)。Earnings management to avoid losses and earnings decreases: Are analysts fooled?。  new window
5.Chan, Konan, David L. Ikenberry, Inmoo Lee, and Yanzhi Wang,(2006)。Share repurchases as a tool to mislead investors: Evidence from earnings quality and stock performance。  new window
6.Chen, Chao and Min-Ming Wen(2004)。The credibility of stock repurchase signals。  new window
7.Chou, De-wai, J. R. Philip Lin, and C. Edward Wang,(2008)。All that glitters is not gold: False signals from open-market share repurchases。  new window
8.Comment, R., and G. A Jarrell,(1991)。The relative signaling power of Dutch-auction and fixed-price self-tender offer and open-market share repurchase。  new window
9.Dann, Larry Y(1981)。Common stock repurchases: an analysis of returns to bondholder and stockholder。  new window
10.Ederington, Louis H. and Jeremy C. Goh,(2001)。Is convertible bond call really bad news?。  new window
11.Gong, Guojin, Henock Louis, and Amy X. Sun,(2008)。Earnings management and firm performance following open-market repurchase。  new window
12.Hribar, Paul, Nicole T. Jenkins, and W. Bruce Johnson,(2006)。Stock repurchase as an earnings management device。  new window
13.O’Berien, Patricia C.(1988)。Analysts’ forecasts as earnings expectation。  new window
14.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson,(1999)。The determinants and implication of corporate cash holdings。  new window
15.Pound, John(1988)。The information effects of takeover bids and resistance。  new window
16.Wang, C. E.(2007)。Undervaluation followed by overvaluation。  new window
 
 
 
 
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