:::

詳目顯示

回上一頁
題名:資訊透明度、分析師預測與盈餘管理關係之研究
作者:潘麗卿
作者(外文):Li-ching Pan
校院名稱:國立彰化師範大學
系所名稱:商業教育學系
指導教授:陳信憲
學位類別:博士
出版日期:2008
主題關鍵詞:資訊透明度分析師預測盈餘管理路徑分析information transpanrencyanalysts’forecastearnings managementpath analysis
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(0) 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:0
  • 共同引用共同引用:0
  • 點閱點閱:0
本研究主要目的在探討資訊透明度高低與分析師預測及盈餘管理之關係,並進ㄧ步剖析資訊透明度及分析師預測對管理者採取盈餘管理行為之影響。本研究相較於先前相關文獻之主要研究貢獻在於,同時探究資訊透明度、分析師盈餘預測與盈餘管理之關係,並且挑戰過去文獻中資訊透明度對盈餘管理影響關係之既有觀點。因此本研究試圖透過一個適切與嚴謹的研究設計來探究這個議題,本研究以我國上市櫃公司為研究對象,主要研究方法包括差異分析、多元迴歸分析及路徑係數分析方法。
本研究實證分析結果發現當公司資訊透明度愈高時,分析師盈餘預測愈一致,致使公司管理當局愈有高度動機採取盈餘管理行為來符合市場對公司盈餘的一致性預期。此結果與本研究主要動機相呼應,顯示資訊透明度、分析師預測一致性及公司盈餘管理間存在連結性的影響關係。更重要的是,基於本研究之結果發現,傳統思維中資訊透明度與盈餘管理為負向關係之見解並不盡然是唯一的,因為在本研究中,合理的推論及嚴謹的實證結果即證實資訊透明度與盈餘管理的關係亦可能是正向的。因此,本研究之發現相較於過去研究而言,最大的突破與貢獻不僅在於同時探討資訊透明度、分析師預測及盈餘管理之關係。並且對於資訊透明度對盈餘管理之影響關係有了突破性的發現。故本研究結果頗值得作為公司、分析師、投資人與主管機關在擬定相關決策,及未來相關研究之參考。
The purpose of this study is to investigate the relationship among information transparency, analysts’ earnings forecast and earnings management. Compared to the prior literature, the main contribution of this study is to explore the relations among the variables at the same time and to challenge the established viewpoint on the relationship between information transparency and earnings management of prior literature.
The empirical results of this study found when the higher the company information transparency, analysts’ earnings forecast more consistent, so management have a high degree of motivation to take more earnings management to act in line with the company expected earnings of consistency.
More importantly, based on the results of this study found traditional thinking in relations between earnings management and information transparency for the negative is not the only opinion. In this study, a reasonable inference and rigorous empirical results showed that the relationship between earnings management and information transparency may also be positive.
參考文獻
一、中文文獻:
方俊儒(2006)。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。論文摘要。國立中山大學企管所,取自國立中山大學學位論文全文系統,網址:http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search-c/view_etd?URN=etd-1221106-141002。
王韶濱(2006)。公司治理、資訊透明度與分析師預測行為之研究。國科會計畫 NSC94-2416-H-005-020。
朱育進(2005)。資訊透明度、股權結構與盈餘管理之實證研究-以國內上市(櫃)IC設計產業為例。銘傳大學會計學系碩士班未出版碩士論文,台北。
沈維民(1997)。企業之盈餘管理:以會計方法選用和應計項目認列為例。管理評論,16(1),11-38。
吳郁萱(2006)。公司資訊透明度、分析師跟隨與公司績效之關聯性。政治大學會計研究所未出版碩士論文,台北。
周文賢(2004)。多變量統計分析-SAS/STAT使用方法。台北:智勝。
周建新、林宗得(2005)。資訊透明度對企業價值增額解釋能力之研究。會計與公司治理,2(2),25-46。
林佩慧(2006)。資訊揭露透明度對企業資訊內涵與盈餘管理之影響。南台科技大學會計資訊研究所未出版碩士論文,台南。
林宜勉、王曉雯(2004)。會計盈餘、分析師預測與代理成本對權益評價之影響。證券市場發展季刊,16(3),41-82。
林錦華(2007)。企業資訊透明度與盈餘管理相關性研究-以台灣上市公司為例。文化大學會計研究所未出版碩士論文,台北。
社團法人中華公司治理協會網站。CG6003上市上櫃公司治理制度評量簡介說明。2008年6月1日取自網址http://www.cga.org.tw/cdcfiles/cg6003wwdqvzq.doc。
徐俊明撰(2002)。企業盈餘操縱與公司治理。取自網址:http://www.fin.nchu.edu.tw/12_topic/doc/JunmingHsu_03.pdf。
許永聲、王泰昌(2005)。盈餘管理行為與會計資訊的評價能力。2005年台灣財務金融學會年會暨學術論文研討會,台灣財務金融學會與成功大學財務金融研究所聯合主辦。
許明曄(2005)。公司治理與財務分析師預測行為之相關性研究。中興大學會計研究所未出版碩士論文,台中。
許崇源、陳瑞斌、林政衛與翁慈青(2005)。公司治理架構與財務報告透明度之關聯性研究,2005第二屆財務金融及財金未來學術暨實務研討會,台北:淡江大學財務金融系。
陳佳惠(2003)。資訊透明化與盈餘操縱關係之研究。育達商業技術學院企業管理研究所未出版碩士論文,苗栗。
陳冠宙、陳育成、陳雪如(2005)。影響上市公司網站資訊透明度因子之實證。會計與公司治理,2(1),33-59。
陳育成、黃瓊瑤(2001)。台灣資本市場盈餘預測與盈餘管理關聯性之研究。證券市場發展季刊,13(2),97-121。
陳信憲、黃美賢、潘麗卿(2004)。影響共同基金績效因素之效果探討。企業管理學報,66,99-126。
陳瑞斌(2005)。公司治理結構與資訊透明度對資本市場之影響。政治大學會計研究所未出版博士論文,台北。
陳瑞斌、劉立倫、翁慈青(2006)。公司治理與分析師預測誤差/離散性關係之研究。台灣金融財務季刊,7(3),53-93。
陳瑞斌、許崇源(2007)。公司治理結構與資訊揭露之關聯性研究。交大管理學報,27(2),55-109。
陳曉佩,高儀慧(2004)。上市櫃公司資訊揭露評鑑系統之介紹與推動現況。證券暨期貨月刊,22(4),25-32。
張窈菱(2005)。年報揭露程度與分析師盈餘預測關係之研究。國立政治大學會計研究所未出版碩士論文,台北。
張瑞當、方俊儒(2006)。資訊揭露評鑑系統對企業盈餘管理行為之影響。會計評論,42,1-22。
張瑞當、方俊儒、朱正雄(2007)。代理成本對自願性盈餘預測揭露之影響。交大管理學報,27(2),29-53。
張瑞當、方俊儒、曾玉琦(2007)。核心代理問題與盈餘管理:董事會結構與外部監督機制之探討。管理學報,24(1),17-39。
程心瑤、蔡宜芬(2005)。分析師預測與管理者預測對於企業評價之相對有用性:發佈時機與先後順序。會計評論,42,81-107。
黃芳銘(2004)。結構方程模式理論與應用。台北:五南。
葉銀華、李存修、柯承恩(2002)。公司治理與評等系統。台北:商智文化。
廖益興(2004)。董監事獨立性、企業結構特徵與盈餘管理之關聯性研究。國立台北大學會計研究所未出版博士論文,台北。
廖益興、楊清溪(2007)。公司治理機制與財務報表品質之關聯性研究。財務金融學刊,15(3),67-111.
劉尹玉(2004)。企業自願性非盈餘資訊揭露對分析師預測行為之影響。私立淡江大學會計學系未出版碩士論文,台北。
蔡佳君、賴靜惠、陳育成(2006)。分析師盈餘預測誤差與時點對盈餘管理之影響,文大商管學報,10(2),85-106。
蔡坤哲(2003)。資訊揭露程度與盈餘管理關係之探討-以上市電子類股為例,國立東華大學企業管理學系碩士論文,花蓮。
蔡昇峰(2003)。盈餘管理與公司治理關係之研究-以十三國新興市場為例,國立台北大學合作經濟研究所未出版碩士論文,台北。
鄭丁旺(2002)。談財務資訊透明化。會計研究月刊,200,12。
薛健宏(2008)。董監事持股、盈餘平穩化與企業風險之關連性研究。會計評論,46,107-130。
謝欣蕙(2005)。資訊揭露程度與盈餘管理之關聯性研究:以我國上市電子業為例。政治大學會計研究所未出版論文,台北。
顏信輝,吳晉誠(2005)。法人說明會與公司治理變數對分析師盈餘預測影響之研究。當前會計理論與實務研討會。中華會計教育學會及銘傳大學會計學系主辦。
證券交易所與櫃檯買賣中心(2003)。上市上櫃企業公司治理實務守則。
證券暨期貨市場發展基金會(證基會)。第一屆至四屆資訊揭露評鑑系統評鑑結果。證基會網站http://www.sfi.org.tw。
二、英文文獻:
Abarbanell, J., & Lehavy, R. (2003). Can stock recommendations predict earnings management and analysys’ earnings forecast errors? Journal of Accounting Research, 41(1), 1-31.
Agrawal, A., & Mandelker, G. N. (1990). Large shareholders and the monitoring of managers: The case of anti-takeover charter amendments. Journal of Financial and Quantitative Analysis, 25, 143-161.
Akerlof, G. A. (1970). The market for 'Lemons': Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, MIT Press, 84(3), 488-500.
Ahn, J. (2002). Beyond single equation regression analysis: Path analysis and multi-stage regression analysis. American Journal of Pharmaceutical Education, 66, 37-42.
Ang, J. S., & Ciccone, S. J. (2001). International differences in analyst forecast properties. SSRN Working Paper.
Ashbaugh, H., LaFond, R., & Mayhew, B. W. (2003). Do nonaudit services compromise auditor independence? Further evidence. The Accounting Review, 78(3). 611-639.
Bartov, E., Givoly, D., & Hayn, C. (2002). The rewards for meeting-or-beating earnings expectations. Journal of Accounting and Economics, 33, 173-204.
Basu, S., Hwang, L., & Jan, C. (1998). International variation in accounting measurement rules and analysts' earnings forecast errors. Journal of Business Finance and Accounting, 25(9-10), 1207-1247.
Berle, A., & Means, G. (1932). The modern corporation and private property. MacMillan, New York, N. Y.
Brown, L. D. (2001). A temporal analysis of earnings surprises: Profits versus losses. Journal of Accounting Research, 39(2), 221–241.
Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting Economics, 24, 99-126.
Burgstahler, D., & Eames, M. (2001). Management of earnings and analyst forecasts to achieve zero earnings surprise. Working paper, University of Washington and Santa Clara University.
Burgstahler, D., & Eames, M. (2003). Earnings management to avoid losses and earnings decreases. Are analysts fooled? Contemporary Accounting Research, 20(2), 253-294.
Burgstahler, D., & Eames, M. (2006). Management of earnings and analyst forecasts to achieve zero earnings surprise. Journal of Business Finance & Accounting, 33(5/6), 633-652.
Bushee, B. J., & Noe, C. F. (2000). Corporate disclosure practices, institutional investors and stock return volatility, Journal of Accounting Research, 38, 171-201.
Bhushan, R. M. (1989). Firm characteristics and analyst following. Journal of Accounting and Economics, 11(2-3), 255-274.
Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32, 181-235.
Bushman, R. M., & Smith, A. J. (2003). Transparency, financial accounting information, and corporate governance. Economic Policy Review, 9, 65-87.
Bushman, R. M., Piotroski, J., & Smith, A. J. (2004). What determines corporate transparency ? Journal of Accounting Research, 42, 207-252.
Chang, J. J., Khanna, T., & Palepu, K. G. (2000). Analyst activity around the world. SSRN Working Paper.
Ching, K. M. L., Firth, M., & Rui, O. M. (2002). Earnings management, corporate governance and the market performance of seasoned equity offerings. Working paper, Hong Kong Polytechnic University.
Cho, J. Y., & Harter, C. (1995). The relation between predisclosure information and the dispersion of financial analysts’ forecasts of earnings. Journal of Business Finance & Accounting, 22(6), 855-865.
Ciccone, S. J. (2000). Two essays on financial transparency: (1) Information quality and stock returns and (2) International differences in financial transparency. Doctoral Dissertation of the Florida State University.
Ciccone, S. J. (2001). Analyst forecast properties, financial distress, and business risk. SSRN Working Paper.
Ciccone, S. J. (2002). Improvement in the forecasting ability of analysts. SSRN Working Paper.
Coase, R. (1937). The nature of the firm. Economica, New Series, 4, 386-405.
Cooke, T. E. (1989). Disclosure in the corporate annual reports of Swedish companies. Accounting and Business Research, 19, 113-124.
Cooke, T. E. (1991). An assessment of voluntary disclosure in the annual reports of Japanese corporations. The International Journal of Accounting, 26, 174-189.
Cooke, T. E. (1992). The impact of size, stock market listing and industry type on disclosure in the annual reports of Japanese listed corporations. Accounting and Business Research, 22, 229-237.
Core, J., Guay, W., & Rusticus, T. (2004). Does weak governance cause weak stock returns? An examination of firm operating performance and analysts’ expectations. SSRN Working Paper.
Dechow, P. M. (1994). Accounting earnings and cash flows as measures of firm performance. Journal of Accounting and Economics, 18, 3-42
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70, 193-225.
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, 1-36.
Defond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17, 145-176.
Defond, M. L., & Park, C. W. (1997). Smoothing income in anticipation of future earnings. Journal of Accounting and Economics, 23, 115-139.
Defond, M. L., & Park, C. W. (2001). The reversal of abnormal accruals and the market valuation of earnings surprises. The Accounting Review, 76(3), 375-404.
Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings management to exceed thresholds. Journal of Business, University of Chicago Press, 72(1), 1-33.
El-Gazzar, S. M. (1998). Predisclosure information and institutional ownership: A cross-sectional examination of market revaluations during earnings announcement periods. The Accounting Review, 73, 119-129.
Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22, 325-345.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88, 288-307.
Forker, J. J. (1992). Corporate governance and disclosure quality. Accounting and Business Research, 22, 111-124.
Guay, W. R., Kothari, S. P., & Watts, R. L. (1996). A marketed-based evaluation of discretionary accrual models. Journal of Accounting Research, 34(supplement), 83-105.
Garcia-Meca, E., & Sanchez-Ballesta, J. P. (2006). Influences on financial analyst forecast errors: A meta-analysis. International Business Review, 15, 29-52.
Han, B., & Manry, D. (2000). The implications of dispersion in analysts’ earnings forecasts for future ROE and future returns. Journal of Business Finance and Accounting, 27(1/2), 99-125.
Haniffa, R. M., & Cooke, T. E. (2002). Culture, corporate governance and disclosure in Malaysian corporations. Abacus, 38(3), 317-349.
Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7, 85-107.
Healy, P. M., & Palepu, K. G. (1993). The effect of firm’s financial disclosure strategies on stock prices. Accounting Horizons, 7, 1-11.
Healy, P. M., A. P. Hutton & Palepu, K. G. (1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research, 16(3), 485-520.
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and itsimplications for standard setting. Accounting Horizons, 13, 365-383.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31, 405–440.
Hirst, D. E., & Hopkins, P. E. (1998). Comprehensive income reporting and analysts' valuation judgments. Journal of Accounting Research, Studies on Enhancing the Financial Reporting Model, 36, 47-75.
Hirst, D.E., & Hopkins, P. E., & Wahlen, J. M. (2004). Fair values, income measurement, and bank analysts’ risk and valuation judgments. The Accounting Review, 79(2). 455-472.
Ho, S. S. M., & Wong, K. S. (2001). A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation, 10, 139-156.
Hope, O. K. (2003a). Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research, 20(2), 295-321.
Hope, O. K. (2003b). Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy:An international study. Journal of Accounting Research, 41(2), 235-271.
Hunton, J., Libby, R., & Mazza, C. (2006). Financial reporting transparency and earnings management. The Accounting Review, 81(1), 135-157.
Jaggi, B., & Low, P. Y. (2000). Impact of culture, market forces, and legal system on financial disclosures. The International Journal of Accounting, 35, 495-519.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3, 305-360.
Jensen, M. C. (1993). The modern industrial revolution, exit and the failure of internal control system. Journal of Finance, 48, 831-880.
Kasznik, R., & McNichols, M. F. (2002). Does meeting earnings expectations matter? Evidence from analyst forecast revisions and share prices. Journal of Accounting Research, 40, 727-759.
Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance, 11, 189-205.
Kinney, W., Burgstahler, D., & Martin, R. (2002). Earnings surprise “Materiality” as measured by stock returns. Journal of Accounting Research, 40(5), 1297-1329.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Ecionomics, 33, 375-400.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39, 163-197.
Lang, M. H., & Lundholm, R. J. (1993). Cross-sectional determinants of analysts ratings of corporate disclosure. Journal of Accounting Research, 31(2), 246-271.
Lang, M. H., & Lundholm, R. J. (1996). Corporate disclosure policy and analyst behavior. The Accounting Review, 71(4), 467-492.
Lang, M. H., Lins, K. V. & Miller, D. P. (2003). ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm’s information environment and increase market value. Journal of Accounting Research, 41, 317-345.
Leland, H. E., & Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation. The Journal of Finance, 32(2), 371-387.
Libby, R., & Kinney, W. R. (2000). Does mandated audit communication reduce opportunistic corrections to manage earnings to forecasts? The Accounting Review, 75(4), 383-404.
Liu, Q., & Lu, Z. (2002). Earning management to tunnel: Evidence from China’s listed companies. Working paper, University of Hong Kong.
Lobo, G. J., & Zhou, J. (2001). Disclosure quality and earnings management. Asia-Pacific Journal of Accounting & Economics, 8(1), 1-20.
Lopez, T., & Rees, L. (2001). The effect of meeting analyst forecasts and systematic positive forecast errors on the information content of unexpected earnings. SSRN Working Paper.
Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crsis. Journal of Financial Economics, 64, 215-241.
Nelson, M. W., Elliott, J. A., & Tarpley, R. L. (2003). How are earnings managed? Examples from auditors. Accounting Horizons, 17(s-1), 17-35.
Organization for Economic Co-operation and Development. 1999. OECD principles of corporate governance.
Organization for Economic Co-operation and Development. (2004). OECD principles of corporate governance: Draft revised text.
Parkash, M., Dhaliwal, D. S., & Salatka, W. K. (1995). How certain firm-specific characteristics affect the accuracy and dispersion of analysts’ forecasts:A latent variables approach. Journal of Business Research, 34(3), 161-169.
Payne, J. L., & Robb, S. W. G. (2000). Earnings management: The effect of ex ante earnings expectations. Journal of Accounting, Auditing and Finance, 15(4), 371-392.
Peasnell, K. V., Pope, P. F., & Young, S. (2001). Board monitoring and earnings management: Do outside directors influence abnormal accruals? Working paper, Lancaster University.
Poitevin, M. (1990). Strategic financial signaling. Internal Journal of Industrial Organization, 8(4), 499- 518.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 20, 237-265.
Richardson, S. A., Teoh, S. H., & Wysocki, P. D. (1999). Tracking analysts' forecasts over the annual earnings horizon: Are analysts' forecasts optimistic or pessimistic? Social Science Research Network (SSRN).
Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organization and Society, 26, 597-616.
Robb, S. W. G. (1998). The effect of analysts’ forecasts on earnings management in financial institution. The Journal of Financial Research, 21(3), 315-331
Ross, S. (1977). The determinants of financial structure: The incentive signalling approach. Bell Journal of Economics, 8(1), 23-40.
Ruland, W., Tung, S., & George, N. E. (1990). Factors associated with the disclosure of managers’ forecasts. Accounting Review, 65, 710-721.
Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91-102.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52, 737-783.
Skinner, D. (1994). Why firms voluntarily disclose bad news? Journal of Accounting Research, 32, 38-60.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.
Vishwanath, T., & Kaufmann, D. (1999). Towards transparency in finance and governance. SSRN Working Paper.
Warfield, T., J. Wild, & Wild, K. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 20, 61-91
Watts, R. L., & Zimmerman, J. L. (1978). Towards a positive theory of the determination of accounting standards. The Accounting Review, 53, 112-134.
Watts, R. L., & Zimmerman, J. L. (1986). Positive Accounting Theory. Prentice-Hall, New York.
Welker, M. (1995). Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research, 11(2), 801-827.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE