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題名：公司治理對盈餘預測之影響
書刊名：財金論文叢刊
作者：張椿柏／王育偉／吳欣于／葉哲瑋
作者(外文)：Chang, Chun-po／Wang, Yu-wei／Wu, Hsin-yu／Yeh, Che-wei
出版日期：2017
卷期：27
頁次：頁19-33
主題關鍵詞：盈餘預測；公司治理；代理問題；Earnings forecasts；Corporate governance；Agency problem
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(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:370
  • 點閱點閱:12
本研究主要檢視公司治理與盈餘預測誤差之關聯，本研究採多元迴歸分析，以2005年至2015年所有台灣上市(櫃)公司為樣本，並將代理問題加以區分為權益代理問題與核心代理問題，探討公司股權結構，董事會特性對盈餘預測誤差之影響。實證結果如下：(1)管理者持股與盈餘預測誤差呈負向顯著關係，支持利益收斂假說。(2)控制權與現金流量請求權偏離程度愈大，盈餘預測誤差愈大。(3)盈餘預測誤差會隨董監持股比率、機構投資人持股比率及獨立董監事比率而減少，但會因董監事持股質押比率及董事長兼任總經理而增加。
The purpose of this paper is to examine the effect of corporate governance on earnings forecasts errors. The sample of the study consists of public companies in Taiwan for the period from 2005 to 2015. The main feature of this study is that we divide agency problem into core agency problem and equity agency problem, and we explore the relation between ownership structure, board characteristics and earnings forecasts errors. Overall, this paper expects to explain corporate governance can reduce agency problem and the efficient corporate governance can decrease earnings forecasts errors. The empirical results indicate as follows ： First, managerial ownership is negatively related to earnings forecasts errors and hence supports convergence-of-interest hypothesis. Second, as controlling right deviates from cash flow right, earnings forecasts errors is getting worse, that is, core agency problems become more serious in the firm. Finally, the shares of board directors, the shares of institutional investor and the proportion of independent directors have negative relationship with earnings forecasts errors, but the pledged share ratio of directors and chairman served CEO have positive relationship with earnings forecasts errors.
期刊論文
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10.高蘭芬、邱正仁(20021200)。董監事股權質押對會計盈餘與股票報酬相關性之影響。臺大管理論叢，13(1)，127-162。new window  延伸查詢new window
11.Haniffa, R. M.、Cooke, T. E.(2002)。Culture, corporate governance and disclosure in Malaysian corporations。Abacus，38(3)，317-349。  new window
12.王元章、張椿柏(20121200)。核心代理問題對盈餘管理之影響。會計審計論叢，2(2)，69-113。new window  延伸查詢new window
13.林維珩、陳昭蓉(20051000)。股票市場對強制性財務預測誤差預期之研究。管理學報，22(5)，585-606。new window  延伸查詢new window
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15.Cheng, Qiang、Warfield, Terry D.(2005)。Equity incentives and earnings management。The Accounting Review，80(2)，441-476。  new window
16.Cornett, M. M.、McNutt, J. J.、Tehranian, H.(2009)。Corporate Governance and Earnings Management at Large U. S. bank Holding Companies。Journal of Corporate Finance，15，412-430。  new window
17.Epps, R. W.、Cereola, S. J.(2008)。Do Institutional Shareholder Services Corporate Governance Ratings Reflect a Company's Operating Performance?。Critical Perspectives on Accounting，19(8)，1135-1148。  new window
18.Jelic, R.、Saadouni, B.、Briston, R.(1998)。The Accuracy of Earnings Forecast in IPO Prospectuses on the Kuala Lumpur Stock Exchange。Accounting and Business Research，29(1)，57-72。  new window
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20.Warfield, T. D.、Wild, J. J.、Wild, K. L.(1995)。Managerial Ownership, Accounting Choices, and Informativeness of Eamings。Journal of Accounting and Economics，20(1)，61-92。  new window
21.Klein, April(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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24.李春安、吳欽衫、葉麗玉(20030100)。所有權結構與公司非法行為關係之研究--以臺灣股票上市公司為例。證券市場發展季刊，14(4)=56，75-137。new window  延伸查詢new window
25.Jiambalvo, James、Rajgopal, Shivaram、Venkatachalam, Mohan(2002)。Institutional ownership and the extent to which stock prices reflect future earnings。Contemporary Accounting Research，19(1)，117-145。  new window
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27.Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics，20(1/2)，237-265。  new window
28.Ho, Simon S. M.、Wong, Kar Shun(2001)。A Study of the Relationship between Corporate Governance Structures and the Extent of Voluntary Disclosure。Journal of International Accounting, Auditing and Taxation，10(2)，139-156。  new window
29.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics，11(1-4)，5-50。  new window
30.Lang, Mark H.、Lundholm, Russell J.(1996)。Corporate Disclosure Policy and Analyst Behavior。The Accounting Review，71(4)，467-492。  new window
31.金成隆、紀信義、林裕凱(20051000)。強制性財務預測與法人說明會關聯性之研究。管理學報，22(5)，629-651。new window  延伸查詢new window
32.Chen, Shuping、Chen, Xia、Cheng, Qiang(2008)。Do Family Firms Provide More or Less Voluntary Disclosure?。Journal of Accounting Research，46(3)，499-536。  new window
33.Claessens, Stijn、Djankov, Simeon、Fan, Joseph P. H.、Lang, Larry H. P.(2002)。Disentangling the Incentive and Entrenchment Effects of Large Shareholdings。The Journal of Finance，57(6)，2741-2771。  new window
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36.周行一、陳錦村、陳坤宏(19960700)。家族企業、聯屬持股與公司價值之研究。中國財務學刊，4(1)，115-139。new window  延伸查詢new window
37.Beaver, William H.(2002)。Perspectives on Recent Capital Market Research。The Accounting Review，77(2)，453-474。  new window
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會議論文
1.許崇源、陳瑞斌(2005)。公司治理與權益資金成本之關聯性研究。第三屆管理思維與實務學術研討會，20-55。  延伸查詢new window
2.張椿柏、王育偉、林小雯(2015)。代理問題與盈餘管理：董事會監督機制之探討。第十七屆財金理論與實務研討會。  延伸查詢new window
學位論文
1.吳心儀(2002)。分析師預測誤差與公司特性的關聯性(碩士論文)。元智大學。  延伸查詢new window
圖書
1.葉銀華、李存修、柯承恩(20020000)。公司治理與評等系統。臺北：商智文化。new window  延伸查詢new window
2.Bacon, Jeremy(1973)。Corporate Directorship Practices: Membership and Committees of The Board。The Conference Board。  new window
 
 
 
 
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