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題名：代理問題與盈餘穩健性
書刊名：會計評論
作者：高蘭芬 引用關係／陳怡凱／陳美蓮
作者(外文)：Kao, Lanfeng／Chen, Yi-kai／Chen, Mei-lian
出版日期：2011
卷期：52
頁次：頁103-136
主題關鍵詞：穩健會計；代理問題；公司治理；Accounting conservatism；Agency problems；Corporate governance
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(14) 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:14
  • 共同引用共同引用:22
  • 點閱點閱:114
Watts (2003a, 2003b)指出穩健會計乃是為了解決公司契約各方面當事人間因資訊不對稱、報酬不對稱、有限期間與有限責任所導致的道德危機，所發展出的一種有效率的契約機制。本研究針對此論點，探討盈餘穩健性可以降低哪些企業利害關係人之間的代理問題，提高契約效率性，包括傳統股東與經理人之間因資訊不對稱造成的道德危機、控制股東對小股東剝奪的代理問題，以及債務契約相關的代理問題。 實證結果發現，經理人更換越頻繁、現金股利率愈低、控制股東控制權與盈餘分配權偏離程度愈大，以及長期負債比率愈高的企業，會計盈餘穩健性愈高，反映這些代理衝突引發外部投資人對盈餘品質的需求因而提高企業的盈餘穩健性。然而，當董監酬勞佔會計盈餘的比率愈高、自由現金流量愈高，以及董監事股權質押愈高時，企業的盈餘穩健性並未顯著提高，顯示穩健性也受到公司治理環境與經理人誘因影響。
This paper investigates the effectiveness of conservatism in mitigating the agency problems among stakeholders. The empirical results indicate that conservative accounting reduces moral hazard caused by managers' limited horizons and limited liability, and agency problems due to deviation between control and cash flow rights and agency conflicts between bondholders and shareholders. However, conservative accounting cannot mitigate interest conflicts induced by free cash flows and directors' shares collateralization. Our results also show that firms tend to use less conservative accounting when there are other governance mechanisms in the firms to reduce agency conflicts, such as high cash dividend payout ratio.
期刊論文
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3.Gibson, M. S.(2003)。Is Corporate Governance Ineffective in Emerging Markets?。Journal of Financial and Quantitative Analysis，38(1)，231-250。  new window
4.高蘭芬、陳振遠、李焮慈(2006)。資訊透明度及席次控制權與現金流量權偏離對公司績效之影響--以臺灣電子業為例。臺灣管理學刊，6(2)，81-104。  延伸查詢new window
5.Tsai, W. H., Hung, J. H., Kuo, Y. C., Kuo, L.(2006)。“CEO Tenure in Taiwanese Family and Nonfamily Firms: An Agency Theory Perspective”。Family Business Review，vol.19，11-28。  new window
6.Shackelford, Douglas A.、Shevlin, Terry(2001)。Empirical tax research in accounting。Journal of Accounting and Economics，31(1-3)，321-387。  new window
7.Pae, J.、Thornton, D. B.、Welker, M.(2005)。The link between earnings conservatism and the price-to-book ratio。Contemporary Accounting Research，22，693-717。  new window
8.高蘭芬、陳安琳(20070400)。Directors' Share Collateralization, Earnings Management and Firm Performance。中華會計學刊，6(2)，153-172。new window  延伸查詢new window
9.姜家訓、葉鴻銘(20070400)。The Effects of Debt Monitoring, Corporate Governance, and Auditor Fee Dependence on Earnings Conservatism。中華會計學刊，6(2)，173-208。new window  new window
10.Klein, A.(2002)。Audit committee, board of director characteristics, and earnings management。Journal of Accounting and Economics，33(3)，375-400。  new window
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13.Ahmed, Anwer S.、Billings, Bruce K.、Morton, Richard M.、Stanford-Harris, Mary(2002)。The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs。The Accounting Review，77(4)，867-890。  new window
14.Ball, Ray、Kothari, Sagar P.、Robin, Ashok(2000)。The effect of international institutional factors on properties of accounting earnings。Journal of Accounting and Economics，29(1)，1-51。  new window
15.Beekes, Wendy、Pope, Peter F.、Young, Steven(2004)。The Link between Earnings Timeliness, Earnings Conservatism and Board Composition: Evidence from the UK。Corporate Governance: An International Review，12(1)，47-59。  new window
16.Bushman, Robert M.、Chen, Qi、Engel, Ellen、Smith, Abbie(2004)。Financial Accounting Information, Organizational Complexity and Corporate Governance Systems。Journal of Accounting and Economics，37(2)，167-201。  new window
17.LaFond, Ryan、Roychowdhury, Sugata(2008)。Managerial Ownership and Accounting Conservatism。Journal of Accounting Research，46(1)，101-135。  new window
18.Watts, Ross L.(2003)。Conservatism in Accounting Part 2: Evidence and Research Opportunities。Accounting Horizons，17(4)，287-301。  new window
19.Engel, Ellen、Hayes, Rachel M.、Wang, Xue(2003)。CEO Turnover and Properties of Accounting Information。Journal of Accounting and Economics，36(1-3)，197-226。  new window
20.Ahmed, A. S.、Duellman, S.(2007)。Accounting Conservatism and Board of Director Characteristics: An Empirical Analysis。Journal of Accounting and Economics，43(2/3)，411-437。  new window
21.許文馨、詹凌菁(20081200)。會計盈餘反應訊息時效性之不對稱與董監酬勞關係。中山管理評論，16(4)，851-883。new window  延伸查詢new window
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23.Khan, Mozaffar、Watts, Ross L.(2009)。Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism。Journal of Accounting and Economics，48(2/3)，132-150。  new window
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28.Bushman, Robert M.、Smith, Abbie J.(2001)。Financial accounting information and corporate governance。Journal of Accounting and Economics，32(1-3)，237-333。  new window
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33.Basu, Sudipta(1997)。The conservatism principle and the asymmetric timeliness of earnings。Journal of Accounting and Economics，24(1)，3-37。  new window
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學位論文
1.鍾志杰(2007)。董監酬勞與會計資訊品質--從盈餘管理與資訊揭露的角度探討(碩士論文)。中原大學。  延伸查詢new window
圖書
1.Copeland, T.、Koller, T.、Murrin, J.(2000)。Valuation - Measuring and Managing the Values of Companies。McKinsey & Company, Inc。  new window
2.Watts, Ross L.、Zimmerman, Jerold L.(1986)。Positive Accounting Theory。Prentice-Hall, Inc.。  new window
 
 
 
 
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