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題名：獎酬契約與盈餘管理
書刊名：輔仁管理評論
作者：李啟華 引用關係／郭翠菱 引用關係
作者(外文)：Li, Chi-hua／Kuo, Tsui-lin
出版日期：2014
卷期：21:3
頁次：頁23-47
主題關鍵詞：裁決性應計數；實質交易盈餘管理；權益獎酬；Discretionary accrual；Real earnings management；Stock-based compensation
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:1
  • 共同引用共同引用:0
  • 點閱點閱:1
經理人工作內容專業性高，且觀察經理人行為的成本過高，公司無法藉由觀察經理人的行為給予適當的獎勵，只能依據公司績效設計獎酬契約。當奬酬契約激勵效果過強時，會增強經理人進行盈餘管理的動機。本研究探討權益獎酬占總獎酬的比重，是否影響經理人以裁決性應計數及實質交易盈餘管理操縱盈餘的選擇。研究結果指出，當公司權益獎酬占總獎酬的比重較高時，公司裁決性應計數及實質交易盈餘管理幅度皆較大，因而增加公司訴訟風險及損害長期的公司價值。
Because management positions require a substantial amount of expert knowledge and the cost of monitoring managerial behavior is too high, a firm cannot provide managers with a proper incentive based on managerial effort. Therefore, most firms use performance measures to design compensation contracts. When the incentive in a compensation contract is high, managers have increased motivation to manipulate earnings. This study investigated whether the proportion of stock-based compensation to the total compensation scheme influences managers' choice between discretionary accrual and real earnings management. The results indicated that a firm that has a high proportion of stock-based compensation also has a large absolute value of discretionary accrual, which increases a firm's litigation risk and has a large amount of real earnings management, thereby reducing the value of a firm in the long term.
期刊論文
1.Lewellen, Wilbur G.、Loderer, Claudio、Martin, Kenneth(1987)。Executive Compensation and Executive Incentive Problems: An Empirical Analysis。Journal of Accounting and Economics，9(3)，287-310。  new window
2.Brown, S.、Lo, K.、Lys, T.(1999)。Use of R2in Accounting Research: Measuring Changes in Value Relevance over the Last Four Decades。Journal of Accounting and Economics，28(2)，83-115。  new window
3.Chauvin, K. W.、Shenoy, C.(2001)。Stock Price Decreases Prior to Executive Stock Option Grants。Journal of Corporate Finance，7(1)，53-76。  new window
4.Givoly, D.、Hayn, C. K.、Katz, S. P.(2010)。Does Public Ownership of Equity Improve Earnings Quality?。The Accounting Review，85(1)，195-225。  new window
5.Matolcsy, Z.、Wright, A.(2011)。CEO Compensation Structure and Firm Performance。Accounting & Finance，51(3)，745-763。  new window
6.Sovey, A. J.、Green, D. P.(2011)。Instrumental Variables Estimation in Political Science: A Readers' Guide。American Journal of Political Science，55(1)，188-200。  new window
7.Xu, R. Z.、Taylor, G. K.、Dugan, M. T.(2007)。Review of Real Earnings Management Literature。Journal of Accounting Literature，26，195-228。  new window
8.Baker, Terry、Collins, Denton、Reitenga, Austin(2003)。Stock Option Compensation and Earnings Management Incentives。Journal of Accounting, Auditing and Finance，18(4)，557-582。  new window
9.Chi, J.、Gupta, M.(2009)。Overvaluation and earnings management。Journal of Banking and Finance，33(9)，1652-1663。  new window
10.Hanlon, Michelle、Rajgopal, Shivaram、Shevlin, Terry(2003)。Are Executive Stock Options Associated with Future Earnings?。Journal of Accounting and Economics，36(3)，3-43。  new window
11.Jensen, M. C.(2005)。Agency Costs of Overvalued Equity。Financial Management，34(1)，5-19。  new window
12.Yermack, David(1997)。Good Timing: CEO Stock Option Awards and Company News Announcements。Journal of Finance，52(2)，449-479。  new window
13.Gaver, Jennifer J.、Paterson, Jeffrey S.(1999)。Managing Insurance Company Financial Statements to Meet Regulatory and Tax Reporting Goals。Contemporary Accounting Research，16(2)，207-241。  new window
14.Gaver, Jennifer J.、Gaver, Kenneth M.、Austin, Jeffrey R.(1995)。Additional Evidence on Bonus Plans and Income Management。Journal of Accounting and Economics，19(1)，3-28。  new window
15.Core, J. E.、Guay, W.(1999)。The use of equity grants to manage optimal equity incentive levels。Journal of Accounting and Economics，28(2)，151-184。  new window
16.Hribar, Paul、Collins, Daniel W.(2002)。Errors in estimating accruals: Implications for empirical research。Journal of Accounting Research，40(1)，105-134。  new window
17.Holthausen, Robert W.、Larcker, David F.、Sloan, Richard G.(1995)。Annual bonus schemes and the manipulation of earnings。Journal of Accounting and Economics，19(1)，29-74。  new window
18.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
19.Fields, T. D.、Lys, T. Z.、Vincent, L.(2001)。Empirical research on accounting choice。Journal of Accounting and Economics，31(1-3)，255-307。  new window
20.Bergstresser, Daniel、Philippon, Thomas(2006)。CEO incentives and earnings management。Journal of Financial Economics，80(3)，511-529。  new window
21.Balsam, Steven(1998)。Discretionary Accounting Choices and CEO Compensation。Contemporary Accounting Research，15(3)，229-252。  new window
22.Aboody, David、Kasznik, Ron(2000)。CEO stock option awards and the timing of corporate voluntary disclosures。Journal of Accounting and Economics，29(1)，73-100。  new window
23.Cheng, Qiang、Warfield, Terry D.(2005)。Equity incentives and earnings management。The Accounting Review，80(2)，441-476。  new window
24.Roychowdhury, Sugata(2006)。Earnings Management through Real Activities Manipulation。Journal of Accounting and Economics，42(3)，335-370。  new window
25.Jones, Jennifer J.(1991)。Earnings Management during Import Relief Investigations。Journal of Accounting Research，29(2)，193-228。  new window
26.Barton, Jan(2001)。Does the use of financial derivatives affect earnings management decisions?。The Accounting Review，76(1)，1-26。  new window
27.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
28.Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1995)。Detecting earnings management。The Accounting Review，70(2)，193-225。  new window
29.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
30.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
31.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。  new window
32.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
33.Healy, Paul M.(1985)。The Effect of Bonus Schemes on Accounting Decisions。Journal of Accounting and Economics，7(1-3)，85-107。  new window
34.Nagar, V.、Nanda, D.、Wysocki, P.(2003)。Discretionary Disclosure and Stock-Based Incentives。Journal of Accounting and Economics，34(1-3)，283-309。  new window
35.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
36.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
37.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。  new window
38.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
39.Phillips, John D.、Pincus, Morton、Rego, Sonja O.(2003)。Earnings management: new evidence based on deferred tax expense。The Accounting Review，78(2)，491-521。  new window
學位論文
1.范玉梅(2009)。高階經理人認股權獎酬與盈餘管理之關聯性(碩士論文)。輔仁大學。  延伸查詢new window
圖書
1.Wooldridge, J. M.(2003)。Introduction Econometrics。Mason, OH：South-Western。  new window
2.Maddala, G. S.、Lahiri, K.(2009)。Introduction to Econometrics。Chichester：John Wiley & Sons。  new window
 
 
 
 
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