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題名：實質活動操縱的盈餘管理對股價的衝擊
書刊名：風險管理學報
作者：李永全 引用關係／歐仁和 引用關係／林雅慧
作者(外文)：Lee, Yung-chuan／Ou, Jen-ho／Lin, Ya-hui
出版日期：2013
卷期：15:1
頁次：頁3-29
主題關鍵詞：實質盈餘管理；銷貨操縱；過度生產；裁決性費用操縱；Real earnings management；Sales manipulation；Overproduction；Discretionary expenditure manipulation
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(2) 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:2
  • 共同引用共同引用:3
  • 點閱點閱:9
本研究的目的在驗證實質盈餘管理是否會影響未來股價，為求結果穩健性同時採用買入且持有的超額報酬和歷年投資組合迴歸兩種模型來計算與比較在不同的實質盈餘管理程度下的投資組合超額報酬。實證結果發現：當採用銷貨操縱或過度生產來提升短期盈餘時，在財報資訊公告後買入持有4-6個月後會有顯著負的超額報酬，而採用降低裁決性支出的手段則會有正的超額報酬產生，但這些異常的超額報酬在持續2-3個月後即消失，意謂著實質盈餘管理對股票錯誤定價是短暫的影響。
This paper aims to examine the impact of real earnings management on subsequent stock price. The buy-and-hold model and calendar-time portfolio regression model are employed to calculate portfolio abnormal return and compare the two models at different level of real earnings management. The results demonstrate that adopting sales manipulation or overproduction to raise short-term earnings, a significant negative abnormal returns show after buying-and-holding stocks for 4 to 6 months after announcement of annual financial statements. But using the decrease discretionary expenditures would show a positive abnormal returns. However, these abnormal returns would disappearance after 2 to 3 months; it means that stocks mis-pricing causes by the real earnings management is impermanent.
期刊論文
1.李永全、馬黛(20071000)。盈餘管理是否會造成股票錯誤定價？。管理與系統，14(4)，545-572。new window  延伸查詢new window
2.Kang, Sun-A.、Kim, Yong-Shik(2012)。Effect of corporate governance on real activity-based earnings management: Evidence from Korea。Journal of Business Economics and Management，13(1)，29-52。  new window
3.Kao, L.(2007)。Investors’ Sophistication Affect Persistence and Pricing of Discretionary Accruals?。Review of Pacific Basin Financial Markets and Policies，10，1-33。  new window
4.Li, X.(2011)。Behavioral Theories and the Pricing of IPOs, Discretionary Current Accruals。Review of Quantitative Finance and Accountings，37，87-104。  new window
5.Sari, R.、C. S. Warsono、Sri. Suryaningsum(2010)。Does Investor Protection Affect the Choice of Earnings Management Methods through Real Activity Manipulation and Accrual Manipulation Asian Comparison。Journal of Modern Accounting and Auditing，6(6)，1-13。  new window
6.Taylor, G. K.、R. Z. Xu(2010)。Consequences of Real Earnings Management on Subsequent Operating Performance。Research in Accounting Regulation，22，128-132。  new window
7.Visvanathan, G.(2008)。Corporate Governance and Real Earnings Management。Academy of Accounting and Financial Studies Journal，12(1)，9-22。  new window
8.Bayus, B. L.、Erickson, G.、Jacobson, R.(2003)。The financial rewards of new product introductions in the personal computer industry。Management Science，49(2)，197-210。  new window
9.Matsuura, S.(2008)。On the relation between real earnings management and accounting earnings management: Income smoothing。Journal of International Business Research，7(3)，63-77。  new window
10.Beneish, M. D.(1997)。Detecting GAAP violation: implications for assessing earnings management among firms with extreme financial performance。Journal of Accounting and Public Policy，16(3)，271-309。  new window
11.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
12.Xie, H.(2001)。The Mispricing of Abnormal Accruals。The Accounting Review，76(3)，357-373。  new window
13.Louis, H.、Robinson, D.(2005)。Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits。Journal of Accounting and Economics，39(2/3)，361-380。  new window
14.Schipper, K.(1989)。Commentary on earning management。Accounting Horizons，3(4)，91-102。  new window
15.Krishnan, G. V.(2003)。Audit Quality and the Pricing of Discretionary Accruals。Auditing: A Journal of Practice & Theory，22(1)，109-126。  new window
16.Desai, H.、Rajgopal, S.、Venkatachalam, M.(2004)。Value-glamour and accrual mispricing: One anomaly or two?。The Accounting Review，79(2)，355-385。  new window
17.Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns of stocks and bonds。Journal of Financial Economics，33(1)，3-56。  new window
18.Mitchell, Mark L.、Stafford, Erik(2000)。Managerial Decisions and Long-Term Stock Price Performance。Journal of Business，73(3)，287-329。  new window
19.Dechow, P. M.、Sloan, R. G.、Sweeney, A. P.(1996)。Cause and consequence of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC。Contemporary Accounting Research，13(1)，1-36。  new window
20.DuCharme, Larry L.、Malatesta, Paul H.、Sefcik, Stephan E.(2004)。Earnings management, stock issues, and shareholder lawsuits。Journal of Financial Economics，71(1)，27-49。  new window
21.Bushee, Brian J.(1998)。The influence of institutional investors on myopic R&D investment behavior。The Accounting Review，73(3)，305-333。  new window
22.Roychowdhury, Sugata(2006)。Earnings Management through Real Activities Manipulation。Journal of Accounting and Economics，42(3)，335-370。  new window
23.Cohen, Daniel A.、Zarowin, Paul(2010)。Accrual-based and real earnings management activities around seasoned equity offerings。Journal of Accounting and Economics，50(1)，2-19。  new window
24.Graham, John R.、Harvey, Campbell R.、Rajgopal, Shiva(2005)。The economic implications of corporate financial reporting。Journal of Accounting and Economics，40(1-3)，3-73。  new window
25.Gunny, Katherine A.(2010)。The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance: Evidence from Meeting Earnings Benchmarks。Contemporary Accounting Research，27(3)，855-888。  new window
26.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
27.Scholes, Myron、Williams, Joseph T.(1977)。Estimating Betas from Nonsynchronous Data。Journal of Financial Economics，5(3)，309-327。  new window
28.Fama, Eugene F.、French, Kenneth R.(1992)。The Cross-Section of Expected Stock Returns。The Journal of Finance，47(2)，427-465。  new window
29.Sloan, Richard Geoffrey(1996)。Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?。The Accounting Review，71(3)，289-315。  new window
30.Cohen, Daniel A.、Dey, Aiyesha、Lys, Thomas Z.(2008)。Real and Accrual-based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods。The Accounting Review，83(3)，757-787。  new window
研究報告
1.Francis, J.、LaFond, R.、Olsson, P.、Schipper, K.(2003)。Accounting Anomalies and Information Uncertainty。Duke University。  new window
2.Liu, Q.、Qi, R.(2004)。Information and Accruals Strategy: When Does the Market Mis-price Accruals?。Hong Kong：University of Hong Kong。  new window
圖書
1.Jacobs, M. T.、Mullins, D.(1991)。Short-Term America: The Causes and Cures of our Business Myopia。Boston, MA：Harvard Business School Press。  new window
 
 
 
 
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