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題名：淨值門檻管制會誘發盈餘管理嗎？
書刊名：會計評論
作者：許書偉 引用關係／李建然 引用關係
作者(外文)：Hsu, Shu-wei／Lee, Jan-zan
出版日期：2013
卷期：57
頁次：頁73-103
主題關鍵詞：淨值門檻；盈餘管理；事件研究；Thresholds of equity per share；Earnings management；Event study
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 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:0
  • 共同引用共同引用:148
  • 點閱點閱:150
自1998年起，我國證券主管機關以每股淨值低於10元（5元）作為上市（櫃）公司暫停其股票信用交易（變更交易方法）之審查依據。此舉可能使管理當局產生以淨值門檻作為標的進行盈餘管理的誘因，以避免公司股票被暫停信用交易或變更交易方法而造成公司股價的下跌。本文旨在探討當市場知道公司淨值低於面值及面值的50％時，是否有顯著的負異常報酬，並進一步探討管理當局是否因此一門檻管制，而誘發管理當局進行盈餘管理。實證結果發現，投資者視每股淨值低於門檻為壞消息，並對股價報酬產生負面影響，尤以跌破5元門檻較10元門檻反應更為強烈。此外，由每股淨值之分配及裁決性應計數均可以發現，管理當局將淨值門檻視為標的並以增加流動裁決性應計數或現金流量的方式進行盈餘管理，避免每股淨值跌破門檻所引發之股價下跌。
The securities authority in Taiwan mandated specific standards for determining the eligibility of securities for margin purchase and short sale transactions in year 1998. Generally, if the equity per share is under NT$ 10, the purchase of securities on margin and short selling would be suspended. Further, if the equity per share falls below NT$ 5, the security would then be placed under an altered trading method. These rules may give managers incentives to manipulate earnings to prevent the adverse effects on firm value due to such regulatory special treatments. Given this background, this study investigates how investors and managers respond to these thresholds. The results show that the market reacts negatively if the equity per share does not meet the thresholds and that this negative reaction is more pronounced for firms missing the NT$ 5 threshold than the NT$ 10 threshold. In addition, we find that managers are likely to manipulate discretionary accruals or operating cash flows upward in order to achieve these thresholds, which could in turn avoid the special treatments from regulators and the subsequent negative perceptions from users of financial reports.
期刊論文
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18.Kahneman, D.、Tversky, A.(1979)。Prospect theory: An analysis of decision under risk。Econometrica，47(2)，263-291。  new window
19.Beatty, Anne、Chamberlain, Sandra L.、Magliolo, Joseph(1995)。Managing financial reports of commercial banks: The influence of taxes, regulatory capital, and earnings。Journal of Accounting Research，33(2)，231-261。  new window
20.Collins, Julie H.、Shackelford, Douglas A.、Wahlen, James M.(1995)。Bank differences in the coordination of regulatory capital, earnings, and taxes。Journal of Accounting Research，33(2)，263-291。  new window
21.Moyer, S. E.(1988)。Capital Adequacy Ratio Regulations and Accounting Choices in Commercial Banks。Journal of Accounting and Economics，13(2)，123-154。  new window
22.Jacob, J.、Jorgensen, B.(2007)。Earnings management and accounting income aggregation。Journal of Accounting and Economics，43(2/3)，369-390。  new window
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24.廖秀梅、洪筱雯(20101100)。非審計服務、會計師任期與審計品質。當代會計，11(2)，151-178。new window  延伸查詢new window
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研究報告
1.Koch, A. S.(2002)。Financial distress and the credibility of management earnings forecasts。Carnegie Mellon University。  new window
學位論文
1.林道榕(1991)。上市股票公告暫停信用交易對股價的影響(碩士論文)。淡江大學。  延伸查詢new window
2.陳玉婷(2005)。盈餘門檻、盈餘管理工具與行為之關連性(碩士論文)。國防管理學院。  延伸查詢new window
3.葉東煇(1996)。股票類別變更與盈餘管理關係之研究(碩士論文)。國立政治大學。  延伸查詢new window
4.賴明陽(1991)。全額交割股股價行為之研究(碩士論文)。國立臺灣工業技術學院。  延伸查詢new window
5.蘇俊誠(1995)。全額交割股盈餘與股價關聯性之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
6.林裕雄(1996)。列入全額交割股上市公司盈餘管理之實證研究(碩士論文)。國立中央大學。  延伸查詢new window
7.施明志(2002)。季盈餘管理行為與門檻心理之探討(碩士論文)。國立臺灣大學。  延伸查詢new window
8.林君怡(2002)。門檻心理下之盈餘管理(碩士論文)。國立臺灣大學。  延伸查詢new window
圖書
1.Palepu, K. G.、P. Healy、V. L. Bernard、E. Peek.(2010)。Business Analysis & Valuation (Text and Cases)。IFRS。Mason, Ohio：South -Western。  new window
2.Scott, D. W.(1992)。Multivariate Density Estimation: Theory, Practice, and Visualization。NY：John Wiley and Son。  new window
3.Silverman, B. W.(1986)。Density Estimation for Statistics and Data Analysis。Chapman and Hall。  new window
 
 
 
 
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