實質盈餘管理與會計資訊價值攸關性之關係--機構投資者中介角色之檢測_

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

來源文獻資料
摘要
外文摘要
引文資料

題名：	實質盈餘管理與會計資訊價值攸關性之關係--機構投資者中介角色之檢測
書刊名：	商管科技季刊
作者：	陳慶隆／周儀芳／王翰屏
作者(外文)：	Chen, Ching-lung／Chou, Yi-fang／Wang, Hann-pyng
出版日期：	2014
卷期：	15:3
頁次：	頁279-317
主題關鍵詞：	實質盈餘管理；機構投資者；盈餘；權益帳面價值；價值攸關性；Real earnings management；Institutional investor；Earnings；Equity book value；Value-relevance
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:2 共同引用:47 點閱:97

會計文獻顯示公司策略性實質盈餘管理行為存在兩種動機：投機性操弄盈餘報導與最適規模的調整，兩種不同動機對會計資訊的價值攸關性有不同的影響。本研究以機構投資者持股比率作為中介變數，區辨實質盈餘管理的不同動機，採用Ohlson股價評價模式檢測公司的策略性實質盈餘管理行為對於盈餘與權益帳面價值相對價值攸關性的影響。預期機構投資者對公司的會計報導決策具有監督功能，將降低公司從事投機性實質盈餘報導的可能性，進而減緩（提高）實質盈餘管理對公司盈餘品質之負面（正面）影響。實證結果顯示：當公司實質盈餘管理越大時，盈餘變數的相對價值攸關性會降低，且因盈餘及權益帳面價值之間存在相互替代的關係，此時，權益帳面價值變數的相對價值攸關性則提高，此結果支持實質盈餘管理之投機性假說。在加入機構投資者持股比率變數後，發現當機構投資者持股比率高時，顯著減緩實質盈餘管理對於盈餘價值攸關性之負面影響，同時提升盈餘及權益帳面價值的相對價值攸關性。本研究進行若干敏感性測試發現實證結果具備相當穩定性。

以文找文

Prior studies suggest that there are two coexistent yet unlike to be mutually exclusive motives for managers' real earnings management: opportunistic earnings reporting hypothesis versus informative size-adjusting hypothesis. The former hypothesis suggests that strategic real activities manipulation deteriorates the earnings informativeness, in turn, decreases the value-relevance of earnings. Yet, the latter hypothesis argues that firms may seek to signal their future operating performance by way of real activities adjustment then increases the value-relevance of earnings. This study conjectures that the monitoring role of institutional investor can enhance the informative components of managerial real earnings management, then, improve the informativeness of accounting numbers. We thus use institutional investor's ownership as a mediating variable, then, examine the effect of real earnings management on the value-relevance of accounting numbers. The empirical results support the opportunistic earnings reporting hypothesis and reveal that the real earnings management is negatively (positively) associated with the value relevance of earnings (equity book value). Incorporating the role of institutional investors into consideration, it is found that higher institutional investor's ownership enhances both the value-relevance of earnings and the equity book value for firms with large magnitude of real earnings management. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.

以文找文

期刊論文
1.	Hribar, Paul、Jenkins, Nicole Thorne、Bruce, Johnson, W.(2006)。Stock Repurchases as an Earnings Management Device。Journal of Accounting and Economics，41(1/2)，3-27。
2.	Edmans, Alex(2009)。Blockholder trading, market efficiency and managerial myopia。Journal of Finance，64(6)，2481-2513。
3.	Gupta, M.、Pevzner, M.、Seethamraju, C.(2010)。The implicationof absorption cosr accounting and production decisions for future firm performance and valuation。Contemporary Accounting Research，27(3)，889-922。
4.	Hadani, M.(2012)。Institutional ownership monitoring and corporate political activity: Governance implications。Journal of Business Research，65(7)，944-950。
5.	Ivashina, V.、Scharfstein, D.(2010)。Bank leading during the financial crisis of 2008。Journal of Financial Economics，97(3)，319-338。
6.	Kalelkar, Rachana、Nwaeze, Emeka T.(2011)。Sarbanes-Oxley act and the quality of earnings and accruals: Market-based evidence。Journal of Accounting and Public Policy，30(3)，275-294。
7.	Demski, Joe S.(1998)。Performance measure manipulation。Contemporary Accounting Research，15(3)，261-285。
8.	Demski, J.、Sappington, D. E. M.(1987)。Delegated Expertise。Journal of Accounting Researcht，25(1)，68-89。
9.	Matsunaga, S. R.、Park, C. W.(2001)。The Effect of Missing a Quarterly Earnings Benchmark on the CEO's Annual Bonus。The Accounting Review，76(3)，313-332。
10.	Ramalingegowda, S.、Yu, Yong(2012)。Institutional Ownership and Conservatism。Journal of Accounting and Economics，53(1/2)，98-114。
11.	Thomas, J. K.、Zhang, H.(2002)。Inventory Changes and Future Returns。Review of Accounting Studies，7，163-187。
12.	Black, Ervin L.、White, John J.(2003)。An International Comparison of Income Statement and Balance Sheet Information: Germany, Japan and the U.S.。European Accounting Review，12(1)，29-46。
13.	Shiller, R. J.、Pound, J.(1989)。Survey Evidence on Diffusion of Interest and Information among Investors。Journal of Economic Behavior and Organization，12(1)，44-66。
14.	Collins, D. W.、Maydew, E. L.、Weiss, I.(1997)。Changes in the Value-relevance of Earnings and Book Value over the past Forty Years。Journal of Accounting and Economics，24(1)，39-67。
15.	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。
16.	Bens, D.、Nagar, V.、Wong, F. M. H.(2002)。Real Investment Implications of Employee Stock Option Exercises。Journal of Accounting Research，40(2)，359-393。
17.	Nwaeze, Emeka T.(1998)。Regulation and the valuation relevance of book value and earnings: Evidence from the United States。Contemporary Accounting Research，15(4)，547-573。
18.	Ou, Jane A.、Sepe, James F.(2002)。Analysts Earnings Forecasts and the Roles of Earnings and Book Value in Equity Valuation。Journal of Business Finance & Accounting，29(3/4)，287-316。
19.	Beaver, William H.(1968)。The Information Content of Annual Earnings Announcement。Journal of Accounting Research，6(Suppl.)，67-92。
20.	Jiambalvo, J.、Rajgopal, S.、Venkatachalam, M.(2002)。Institutional ownership and the extent to which stock prices reflect future earnings。Contemporary Accounting Research，19(1)，117-145。
21.	張文瀞、周玲臺、林修葳(20030700)。內部人持股連續變動公司之盈餘管理行為特性。會計評論，37，53-83。延伸查詢
22.	Schipper, K.(1989)。Commentary on earning management。Accounting Horizons，3(4)，91-102。
23.	Sankar, Mandira Roy、Subramanyam, K. R.(2001)。Reporting discretion and private information communication through earnings。Journal of Accounting Research，39(2)，365-386。
24.	Ewert, Ralf、Wagenhofer, Alfred(2005)。Economic Effects of Tightening Accounting Standards to Restrict Earnings Management。The Accounting Review，80(4)，1101-1124。
25.	Marquardt, Carol A.、Wiedman, Christine I.(2004)。The effect of earnings management on the value relevance of accounting information。Journal of Business Finance & Accounting，31(3/4)，297-332。
26.	Chung, R.、Firth, M.、Kim, J. B.(2002)。Institutional Monitoring and Opportunistic Earnings Management。Journal of Corporate Finance，8(1)，29-48。
27.	Hand, J. R. M.(1990)。A test of the extended functional fixation hypothesis。The Accounting Review，65(4)，740-763。
28.	Guidry, F.、Leone, A. J.、Rock, S.(1999)。Earnings-based bonus plans and earnings management by business-unit managers。Journal of Accounting and Economics，26(1-3)，113-142。
29.	Bartov, Eli F.(1993)。The Timing of Asset Sales and Earnings Manipulation。The Accounting Review，68(4)，840-855。
30.	Francis, Jennifer、Schipper, Katherine(1999)。Have Financial Statements Lost Their Relevance?。Journal of Accounting Research，37(2)，319-352。
31.	Easton, Peter D.、Zmijewski, Mark E.(1989)。Cross-Sectional Variation in the Stock Market Response to Accounting Earnings Announcements。Journal of Accounting and Economics，11(2/3)，117-141。
32.	Collins, Daniel W.、Pincus, Morton、Xie, Hong(1999)。Equity Valuation and Negative Earnings: The Role of Book Value of Equity。The Accounting Review，74(1)，29-61。
33.	Burgstahler, David C.、Dichev, Ilia D.(1997)。Earnings, Adaptation and Equity Value。The Accounting Review，72(2)，187-215。
34.	Feltham, Gerald A.、Ohlson, James A.(1995)。Valuation and clean surplus accounting for operating and financial activities。Contemporary Accounting Research，11(2)，689-731。
35.	Lev, Baruch、Thiagarajan, S. Ramu(1993)。Fundamental Information Analysis。Journal of Accounting Research，31(2)，190-215。
36.	范宏書、陳慶隆、廖英任(20080100)。盈餘管理對會計資訊的相對價值攸關性之影響。管理與系統，15(1)，93-136。延伸查詢
37.	Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research，6(2)，159-178。
38.	Velury, Uma、Jenkins, David S.(2006)。Institutional ownership and the quality of earnings。Journal of Business Research，59(9)，1043-1051。
39.	Bushee, Brian J.(1998)。The influence of institutional investors on myopic R&D investment behavior。The Accounting Review，73(3)，305-333。
40.	Roychowdhury, Sugata(2006)。Earnings Management through Real Activities Manipulation。Journal of Accounting and Economics，42(3)，335-370。
41.	Bartov, Eli、Gul, Ferdinand A.、Tsui, Judy S. L.(2000)。Discretionary-accruals Models and Audit Qualifications。Journal of Accounting and Economics，30(3)，421-452。
42.	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。
43.	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。
44.	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。
45.	Hunt, Alister、Moyer, Susan E.、Shevlin, Teriy(1996)。Managing Interacting Accounting Measures to Meet Multiple Objectives: A Study of LIFO Firms。Journal of Accounting and Economics，21(3)，339-374。
46.	Pincus, M.、Rajgopal, S.(2002)。The Interaction Between Accrual Management and Hedging: Evidence from Oil and Gas Firms。The Accounting Review，77(1)，127-160。
47.	Subramanyam, K. R.(1996)。The pricing of discretionary accruals。Journal of Accounting and Economics，22(1-3)，249-281。
48.	Barth, Mary E.、Beaver, William H.、Landsman, Wayne R.(1998)。Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health。Journal of Accounting and Economics，25(1)，1-34。
49.	Healy, Paul M.、Wahlen, James M.(1999)。A review of the earnings management literature and its implications for standard setting。Accounting Horizons，13(4)，365-383。
50.	Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research，11(2)，661-687。
51.	Abarbanell, Jeffery S.、Bushee, Brian J.(1997)。Fundamental Analysis, Future Earnings, and Stock Prices。Journal of Accounting Research，35(1)，1-24。
52.	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。
53.	Burgstahler, David C.、Dichev, Ilia D.(1997)。Earnings management to avoid earnings decreases and losses。Journal of Accounting and Economics，24(1)，99-126。
54.	DeFond, Mark L.、Park, Chul W.(1997)。Smoothing income in anticipation of future earnings。Journal of Accounting and Economics，23(2)，115-139。
55.	范宏書、林彥廷、陳慶隆(20150900)。實質盈餘管理對會計資訊價值攸關性之影響。臺大管理論叢，25(3)，163-196。延伸查詢
56.	Kinney, William R. Jr.、Martin, Roger D.(1994)。Does auditing reduce bias in financial reporting? A review of audit-related adjustment studies。Auditing: A Journal of Practice and Theory，13(1)，149-156。
57.	Dechow, Patricia M.、Skinner, Douglas J.(2000)。Earnings management: Reconciling the views of accounting academics, practitioners, and regulators。Accounting Horizons，14(2)，235-250。
58.	Guay, Wayne R.、Kothari, S. P.、Watts, Ross L.(1996)。A Market-Based Evaluation of Discretionary Accrual Models。Journal of Accounting Research，34(Supplement)，83-105。
59.	Beaver, William H.、Clarke, Roger、Wright, William F.(1979)。The Association between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors。Journal of Accounting Research，17(2)，316-340。
60.	Zang, Amy Y.(2012)。Evidence on the Trade-Off between Real Activities Manipulation and Accrual-Based Earnings Management。The Accounting Review，87(2)，675-703。
61.	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。
62.	Kothari, S. P.(2000)。Discussion of the Relation between Analysts' Forecasts of Long-term Earnings Growth and Stock Price Performance Following Equity Officering。Contemporary Accounting Research，17(1)，33-39。

研究報告
1.	Gunny, Katherine Ann(2005)。What are the Consequences of Real Earnings Management?。University of Colorado at Boulder。
2.	Whelan, Catherine J.、McNamara, Raymond P.(2004)。The Impact of Earnings Management on the Value-relevance of Financial Statement Information。Georgia College and State University。
3.	Rajgopal, S.、Venkatachalam, M.(1997)。The Role of Institutional Investors in Corporate Governance: An Empirical Investigation。Graduate School of Business, Stanford University。
4.	Leggett, D. M.、Parsons, L. M.、Reitenga, A. L.(2009)。Real Earnings Management and Subsequent Operating Performance。University of Alabama。

圖書
1.	Scott, W. R.(2009)。Financial accounting theory。New Jersey, NJ：Pearson Prentice Hall。

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

1.	關鍵查核事項揭露與審計品質及審計報告時效性之關聯
2.	董監事責任保險暨經理人過度自信對實質盈餘管理之影響
3.	醫療財團法人的會計資訊品質特性
4.	董監事暨重要職員責任保險與會計資訊價值攸關性
5.	新式查核報告、審計品質與會計資訊價值攸關性
6.	當期所得稅費用估計誤差與公司價值之關聯
7.	企業生命週期與實質盈餘管理的關聯性
8.	集團企業營業活動外關係人交易對盈餘持續性之影響：委託同一會計師事務所查核財務報表之效果
9.	企業導入ERP系統對盈餘管理及會計資訊價值攸關性影響之研究
10.	財稅差異與會計資訊價值攸關性
11.	實質盈餘管理、資訊競爭與盈餘資訊性
12.	機構投資者、盈餘平穩化與會計資訊價值攸關性
13.	兩岸公司盈餘管理、內部人持股與公司股價之關聯性研究
14.	Real Earnings Management and Subsequent Accounting Performance: The Moderating Role of Corporate Governance
15.	我國企業盈餘管理程度變化之探討

1.	盈餘管理工具的選擇與機構投資者對實質盈餘管理的反應
2.	應用分量迴歸於營運績效及財務危機與盈餘管理關係之探討–以上市企業為例
3.	資訊揭露評鑑系統對投資者未來盈餘評價能力、分析師盈餘預測與會計師查核意見型態之影響
4.	Tobin'sQ與內部人持股關係研究-以台灣電子業為例

無相關書籍

無相關著作

無相關點閱

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫