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題名:集團企業盈餘管理之研究
作者:薛敏正 引用關係
作者(外文):Shiue Min-Jeng
校院名稱:國立臺灣大學
系所名稱:會計學研究所
指導教授:林嬋娟
劉啟群
學位類別:博士
出版日期:2001
主題關鍵詞:盈餘管理集團企業裁決性應計項目盈餘平穩化審計品質Earnings managementBusiness groupsDiscretionary accrualsIncome smoothingAudit quality
原始連結:連回原系統網址new window
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摘要
大多數盈餘管理的文獻在討論公司經理人操縱盈餘的動機與工具,少有研究針對與盈餘管理有關的其他因素進一步探討。本研究旨在探討國內集團企業之盈餘管理行為,其中主要研究內容包括盈餘平化、審計品質、以及集團特性(組織結構之複雜度)與盈餘管理的關聯性。本研究並提出五個可測試之研究假說,以驗證前述關聯。分析時採用三種不同的迴歸分析方法,包括普通最小平方法、兩段式迴歸分析,以及兩階段(與三階段)最小平方法。研究結果發現,集團企業操縱前盈餘與裁決性應計項目呈負相關,亦即盈餘平穩化假說獲得支持。同時研究中亦發現,集團企業之經理人傾向利用裁決性之流動應計項目操縱營收,反之利用裁決性之非流動應計項目操縱盈餘。其次,與審計品質有關的兩項假說在本研究中則均未獲支持。而集團的型態與集團成員中是否包括金融機構,則為集團組織特性中的兩項解釋裁決性應計項目或裁決性流動應計項目的重要因素。最後,比較裁決性流動應計項目與裁決性非流動應計項目的組成內容僅發現部分差異,換言之,該假說僅獲部分支持。
敏感性測試結果發現,改採操縱前營收的變動與操縱前淨利兩種不同的平穩化變數,以及額外考慮新上市公司與公司增資發行新股的影響後的結果與原先的發現差異不大。此外,亦進行選樣偏誤可能對研究結果影響的測試,分析結果顯示無法完全排除選樣偏誤的影響。
ABSTRACT
Although a considerable body of research has examined management’s incentives to manipulate earnings, relatively little work has examined factors that constrain earnings management. This paper examines the relations between earnings management and three of such factors — income smoothing, the quality of external auditors and group characteristics (the complexity of the organizational structure) in a specific area — business groups in Taiwan. Five hypotheses were derived to test the above connections. Three different regression approaches were employed to conduct our analyses: ordinary least square, two-step regressions, and two (and three)-stage regressions. Empirical evidence shows that there is a negative association between the change of pre-managed earnings and discretionary accruals of group members. Specifically, we find that group managers are more likely to use discretionary current accruals to smooth revenues and to use discretionary noncurrent accruals to smooth earnings. Audit quality hypotheses were not supported in this study. Group types and the number of financial companies in a group are two key factors of a group’s organizational structure that explain the extent of discretionary accruals or discretionary current accruals. The last hypothesis, determinants between discretionary current and noncurrent accruals, is also moderately supported. Only two of seven major determinants are different.
Sensitivity tests indicate that the results are robust with respect to different measures of smoothing variables and various potentially omitted correlated variables. In addition, we performed several tests to determine the sensitivity of our results to a potential selection bias in our research design. The results of this analysis are mixed. Therefore, we cannot rule out selection bias as a potential alternative explanation for our findings.
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