:::

詳目顯示

回上一頁
題名:營利與非營利機構之營運管理策略
作者:宋豪漳
作者(外文):Sung, Hao Chang
校院名稱:國立政治大學
系所名稱:金融研究所
指導教授:廖四郎
學位類別:博士
出版日期:2012
主題關鍵詞:盈餘目標R&D 投資實質盈餘管理資訊不對稱混和寡占模型非營利機構Asymmetric InformationEarnings TargetMixed OligopolyNot-for-profit OrganizationR& D ExpenditureReal Earnings Management
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:34
本論文為關於營利與非營利機構之營運管理策略之兩篇理論性質的文章。
第一篇文章旨在探討營利機構之實質盈餘管理策略。本研究檢驗在產品市場競爭下,公司如何透過實質盈餘管理策略來滿足盈餘目標之要求以及公司之實質盈餘管理動機會如何影響市場競爭對手之行為。本文考慮一個兩期非合作之R&D競爭寡占模型。本文假設存在資訊不對稱;具有私人資訊的廠商為追求獲利最大亦或追求盈餘目標達成兩種類型。本文透過完美貝氏均衡 (perfect Bayesian equilibrium) 解出分離均衡 (separating equilibrium) 與混和均衡 (hybrid equilibrium)。
本研究指出追求獲利最大類型之廠商可以藉由影響競爭對手之猜測來進一步左右追求盈餘目標達成類型之目標達成之可能性。在分離均衡中,當外在成本衝擊未超過預期時,追求獲利最大類型之廠商無誘因藉由R&D 投資水準之提升來規避負向成本衝擊以影響市場對手猜測並且進一步提升其產品市場競爭力。因此,追求盈餘目標達成類型之盈餘目標無法達成。
在混和均衡中,當外在成本衝擊超過預期時,追求獲利最大類型之廠商有誘因採取混合策略以誤導市場對手之猜測;該類型之廠商可以藉由部分模仿盈餘目標達成類型之R&D 投資策略以混淆競爭對手之信念並且提升其產品產出、獲利水準。在此,追求盈餘目標達成類型之盈餘目標能夠達成。本研究之結果有別於傳統R&D盈餘管理實證文獻中,公司內部當局有誘因透過R&D支出的減少用以滿足公司短期之盈餘目標 (Barber et. al., 1991; Bushee, 1998; Graham, 2005) 。本研究指出公司可以藉由R&D 投資水準之提升,以創造“cookie jar” 並且有助於公司獲利提升與盈餘目標之達成。此外,本研究與盈餘奇異現象之實證研究 (earnings kinky) 結論一致: 公司可以藉由盈餘管理策略來達成盈餘目標,但是盈餘目標之達成不盡然是透過盈餘管理策略 (Dechow, Richardson and Tuna, 2003)。
第二篇文章旨在探討非營利機構提供非獲利性質服務之策略性之影響。本研究指出非獲利性質服務之提供不僅有助於非營利機構於獲利性質服務之競爭優勢的提升,相對於營利機構。當所有權與經營權分離時,若市場需求彈性為不具彈性時,非獲利性質服務之提供對非營利機構之經理人而言,可以做為一個策略工具藉以促使該機構之所有人提供一個於獲利部分過分補償之薪酬水準。此外,隨著非獲利性質服務之外生價格的提升,當非營利性質服務之外生價格的提升對於非營利機構之所有人與經理人利益衝突影響之間接效果大於對獲利性質服務價格影響之直接效果時,非營利機構之所有人仍然會提供一個獲利部分過分補償之薪酬水準。這會有助於非營利機構於獲利性質服務之競爭優勢的提升。
This dissertation consists of two theoretical studies on the operation strategies of for-profit and non-profit firms.
Chapter 1 addresses how firms use real earnings management to meet or beat their earnings targets, and how this influences sequential product market competition. We study this issue in a two-period non-cooperative R&D competition with one-sided asymmetric information in which the informed firm could be either the maximizing type or the target-meeting type (or target-beating). We show that the maximizing type of the informed firm’s R&D investment level could influence rival firm’s conjecture about the informed firm’s type which in term affects the success of meeting or beating the target for the target-meeting type of the informed firm.
We find that the privately informed firm can increase its R&D investment in the first period to meet or beat the earnings target. This can help the firm increase profits in a sequential product market competition. More precisely, once the cost uncertainty realized is realized to exceed expectations, the maximizing type of the informed firm could hide its identity by adopting a mixed strategy and setting its R&D investment and output level higher than in the separating equilibrium. Contrary to popular claims that meeting or beating short earnings targets induces an R&D investment reduction (Barber et. al., 1991; Bushee, 1998; Graham, 2005), we show that R&D overinvestment can give an opportunity to create some reserves, i.e., a cookie jar, to be used later to earn a higher profit and reach later targets. Our result is also supporting the observation of firms meeting or beating the earnings target, but not necessarily using earnings management (Dechow, Richardson and Tuna, 2003).
Chapter 2 shows that the provision of not-for profit service would not only give not-for-profit organizations a competitive advantage over for-profit organizations. Under the separation of control and ownership, we illustrate that once market demand is inelastic, the provision of not-for-profit service serves as a strategic device for the manager of a not-for-profit organization and thus induces the owner of a not-for-profit organization to overcompensate his manager regarding the margin of profit. Moreover, as the regulated price of not-for-profit service increases, a not-for-profit organization could still over-compensate his manager in regard to profit, when the indirect effect on increasing preference difference between the owner and manager of the not-for-profit organization dominates the direct effect on market price. Thus, a not-for-profit organization could charge more in for-profit service.
Ayers, B,C., C. Lefanowicz, and J. Robinson, 2002, “Do
Firms Purchase the Pooling Method?”, Review of
Accounting Studies 7(1), 5-32.
Bange, M.M. and W.F.M. De Bondt, 1998, “R&D Budgets and
Corporate Earnings Targets”, Journal of Corporate
Finance 4(2), 1998, 153-184.
Bagnoli, M. and S.G. Watts, 2010, “Oligopoly, Disclosure
and Earnings Management”, The Accounting Review 85(4),
1191-1214.
Baber, W.R., P.M., Fairfield and J.A. Haggard, 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.
Barros, F, 1995, “Incentive Schemes as Strategic
Variables: An Application to a Mixed Oligopoly",
International Journal of Industrial Organization 13(3),
373-386.
Bartov, Eli, 1993, “The Timing of Assets Sales and
Earnings Manipulation”, The Accounting Review 68(4), 840-
855.
Bens, D.A., V. Nagar, D.J., Skinner and M.H.F. Wong,
2003, “Employee Stock Options, EPS Dilution, and Stock
Repurchase”, Journal of Accounting and Economics 36(1-
3), 51-90.
Beyer A., D.A. Cohen, T.Z. Lys, and B.R. Walther,
2010, “The Financial Reporting Environment: Review of
the Recent Literature”, Journal of Accounting and
Economics 50, 296–343.
Brander, J.A., and T.R. Lewis, 1986, “Oligopoly and
Financial Structure: The Limited Liability Effect”, The
American Economic Review 76(5), 956-970.
Burgstahler, D. and I. Dichev, 1997, “Earnings Management
to Avoid Earnings Decreases and Losses”, Journal of
Accounting and Economics 249(1), 99-126.
Burgstahler, D. and M. Eames, 2003, “Earnings Management
to Avoid Losses and Earnings Decreases: Are Analysts
Fooled?”, Contemporary Accounting Research 20(2), 253-
294.
Bushee, B. J., 1998, “The Influence of Institutional
Investors on Myopic R&D Investment Behavior”, The
Accounting Review 73(3), 305-333.
Bushman, R.M., and A.J. Smith, 2001, “Financial Accounting
Information and Corporate Governance”, Journal of
Accounting and Economics 32(1-3), 237–333.
Carter, M., L. Lynch, and ˙I. Tuna, 2006, The Role of
Accounting in the Design of CEO Equity Compensation,
University of Pennsylvania and University of Virginia,
Working paper..
Chan, L. K. C., J., Lakonishok, and T., Sougiannis,
2001, “The Stock Market Valuation of Research and
Development Expenditures”, The Journal of Finance 56(6),
2431-2456
Chapman, C. J., 2009, The Effects of Real Earnings
Management on the Firm, Its Competitors and Subsequent
Reporting Periods, Northwestern University, Working paper.
Cheng, S., 2004, “R&D Expenditure and CEO Compensation,”
The Accounting Review, 79 (2), 305-328.
Choi, J., 1993, “Cooperative R&D with Product Market
Competition”, International Journal of Industrial
Organization 11, 553-571.
Cohen D. A., and P. Zarowin, 2010, “Accrual-based and Real
Earnings Management Activities around Seasoned Equity
Offerings”, Journal of Accounting and Economics 50(1), 2-
19.
Comiskey, Eugene, E. and Charles W. Mulford,
1986, “Investment Decisions and the Equity Accounting
Standards”, The Accounting Review 61(3), 519-525.
d’Aspremont, C. and A., Jacquemin, 1988, “Cooperative and
Noncooperative R&D in Duopoly with Spillovers”, The
American Economic Review 78(5), 1133-1137.
Dechow, P.M., and R.G. Sloan, 1991, “Executive Incentive
and the Horizon Problem: An Empirical Investigation”,
Journal of Accounting and Economics 14(1), 51-89.
Dechow, P.M., S.A., Richardson and I.,Tuna, 2003, “Why Are
Earnings Kinky?” Review of Accounting Studies 8, 355-384.
Donelson, D.C., J.M., McInnis, and R.D. Mergenthaler,
2012, “Discontinuities and Earnings Management: Evidence
from Restatements Related to Securities Litigation”,
Contemporary Accounting Research 2012, forthcoming.
Dranove, D. and W. D. White, 1998, “Medicaid-dependent
Hospitals and Their Patients: How Have They Fared?”
Health Services Research 33(2 Pt 1), 163-185.
Duggan, M. G., 2000, “Hospital Ownership and Public
Medical Spending”, Quarterly Journal of Economics 115
(4), 1343-1373.
Duncan, J., 2001, Twenty Pressures to Manage Earnings’,
CPA Journal (July).
Durtschi, C., and P. Easton, 2005, “Earnings Management?
The Shapes of the Frequency Distributions of Earnings
Metrics are not Evidence Ipso Facto”, Journal of
Accounting Research 43(4), 557-592.
Durtschi, C., and P. Easton, 2009, “Earnings Management?
Erroneous Inferences Based on Earnings Frequency
Distributions”, Journal of Accounting Research 47(5),
1249-1281.
Dye Ronald, A., 2002, “Classifications Manipulation and
Nash Accounting Standards”, Journal of Accounting
Research 40(4), 1125-1162.
Einhorn, E., 2007, “Voluntary Disclosure under Uncertainty
about the Reporting Objective”, Journal of Accounting &
Economics 43(2-3), 245-274.
Elliot, J., R., Gordon, T. Dyckman, and D. Roland,
1984, “The Impact of SFAS No. 2 on Firm Expenditures on
Research and Development: Replications and Extensions”,
Journal ofAccounting Research 22(1), 85-102.
Evans, J.H. III, K. Kim, and N.J. Nagarajan,
2006, “Uncertainty, Legal Liability, and Incentive
Contracts”, The Accounting Review 81(5), 1045-1071.
Ewert, R. and A. Wangenhofer, 2005, “Economic Effects of
Tightening Accounting Standards to Restrict Earnings
Management”, The Accounting Review 80(4), 1101-1124.
Fershtman C. and K. L. Judd, 1987, “Equilibrium Incentives
in Oligopoly”, American Economic Review 77(5), 927-940.
Frank, R. G. and D. S. Salkever, 1991, “The Supply of
Charity Services by Nonprofit Hospitals: Motives and
Market Structure”, RAND Journal of Economics 22(3), 30-
445.
Gaynor, M. and W. B. Vogt, 2003, “Competition among
Hospitals”, Rand Journal of Economics 34(4), 764-785.
Gibbons, R., A Primer in Game Theory, Harvester
Wheatsheaf, 1992.
Goering, G.E., 2007, “The Strategic Use of Managerial
Incentives in a Not-for-profit Firm Mixed Duopoly,”
Managerial and Decision Economics 28(2), 83-91.
Graham, J. R., C. R. Harvey, and S. Rajgopal, 2005, “The
Economic Implications of Corporate Financial Reporting”,
Journal of Accounting and Economics 40(1-3), 3-73.
Gruber, J., 1994, “The Effect of Competitive Pressure on
Charity: Hospital Responses to Price Shopping in
California”, Journal of Health Economics 13(2), 183-211.
Gunny, K., 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.
Hayn, C., 1995, “The Information Content of Losses”,
Journal of Accounting and Economics, 20(2), 125-153.
Herrmann, Don, Tatsuo Inoue and Wayne B. Thomas,
2003, “The Sale of Assets to Manage Earnings in Japan”,
Journal of Accounting Research 41(1), 89-108.
Horwitz, J.R., 2005, “Making Profits and Providing Care:
Comparing Nonprofit, For-profit, and Government
Hospitals”, Health Affairs 24(3), 790-801.
Hribar, Paul, Nicole Thorne Jenkins and W. Bruce Johnson,
2006, “Stock Repurchases as an Earnings Management
Device, Journal of Accounting and Economics 41(1-2), 3-27.
Imhoff, Eugene A. and Jacob K. Thomas, 1988, Economic
Consequences of Accounting Standards: The Lease
Disclosure Rule Change, Journal of Accounting and
Economics 10(4), 277-310.
Jackson, Scott B. and William E.Wilcox, 2000, “Do Managers
Grant Sales Price Reductions to Avoid Losses and Declines
in Earnings and Sales?” Quarterly Journal of Business
and Economics 39(4), 3-20.
James, E., 1983, “How Nonprofits Grow: A Model”, Journal
of Policy Analysis and Management 2(3), 350-365.
Kedia, S., and T. Philippon, 2009, “The Economics of
Fraudulent Accounting”, Review of Financial Studies 22
(6), 2169-2199
Levitt, A., 1998, “The Numbers Game”, The CPA Journal 68
(12).
Li, Y. 2009. “Shareholder Litigation, Management
Forecasts, and Productive Decisions During the Initial
Public Offerings”, Journal of Accounting and Public
Policy 28(1), 1-15.
Lindrooth, R.C. and B. A. Weisbrod, 2007, “Do Religious
Nonprofit and For-profit Organizations Respond
Differently to Financial Incentives? The Hospice
Industry", Journal of Health Economics, 26(2), 342-357.
Matsunaga, Steven R., 1995, “The Effects of Financial
Reporting Costs on the Use of Employee Stock Options, The
Accounting Review 70(1), 1-26.
Mittelstaedt, H. Fred, William D. Nichols and Philip R.
Regier, 1995, “SFAS No. 106 and Benefit Reductions in
Employer Sponsored Retiree Health Care Plans”, The
Accounting Review 70(4), 535-556.
Mizik, N., and R. Jacobson, 2008, “Myopic Marketing
Management: Evidence of the Phenomenon and Its Long-Term
Performance Consequences in the SEO Context”, Marketing
Science 26(3), 361-379.
Nakamura, Y., and T. Inoue, 2009, “Endogenous Timing in a
Mixed Duopoly: Price Competition with Managerial
Delegation”, Managerial and Decision Economics 30(5),
325-333.
Nobes, C., 2006, “The Survival of International
Differences under IFRS towards a Research Agenda”,
Accounting & Business research, 36(3), 2006.
Norton, E., C. and D. O. Staiger, 1994, “How Hospital
Ownership Affects Access to Care for the Uninsured”,
Rand Journal of Economics 25(1), 171-185.
Osma, B. G., and S. Young, 2009, “R&D Expenditure and
Earnings Targets”, European Accounting Review 18(1), 7-32
Oswald, D. R., and P. Zarowin, 2004, Capitalization vs.
Expensing of R&D and Earnings Management, Working Paper.
Perry, S., and R. Grinaker, 1994, “Earnings Expectations
and Discretionary Research and Development Spending”,
Accounting Horizons 8(4), 43-51.
Purroy, P., and V. Salas, 2000, “Strategic Competition in
Retail Banking under Expense Preference Behavior”,
Journal of Banking & Finance 24(5), 809-824.
Ronen, J., H. Fogel, and V. Yaari, 2011, “The Reporting
Strategy to Meet or Beat Thresholds”, Working Paper (New
York University, University of Toronto and Morgan State
University), 2011.
Roychowdhury, S., 2006, “Earnings Management through Real
Activities Manipulation”, Journal of Accounting and
Economics 42(3), 335-370.
Ruhm C. J., and C. Borkoski, 2003, “Compensation in the
Nonprofit Sector”, Journal of Human Resources 38(4), 992-
1021.
Sadka, G., 2006, “The Economic Consequences of Accounting
Fraud in Product Markets: Theory and a Case from the U.S.
Telecommunications Industry (WorldCom)”, American Law
and Economics Review 8(3), 439-475.
Salamon, L., 1999, America's Non-profit Sector: A Primer,
2nd ed., Foundation Center: New York.
Seybert, N. 2010, “R&D capitalization and Reputation-
Driven Real Earnings Management”, The Accounting Review
82(2), 671-693.
Shehata, M., 1991, “Self-Selection Bias and the Economic
Consequences of Accounting Regulation: An Application of
Two-Stage Switching Regression to SFAS No. 2”, The
Accounting Review 66(4), 768-787.
Shy, O., Industrial Organization: Theory and Applications,
The MIT Press, 1997.
Sklivas, S.D., 1987, “The Strategic Choice of Managerial
Incentives,” RAND Journal of Economics 18(3), 452-458.
Simpson, J. and R. Shin, 1998, “Do Nonprofit Hospitals
Exercise Market Power?” International Journal of the
Economics of Business 5(2), 141-157.
Sloan, F.A., 1998, “Commercialism in Nonprofit
Hospitals.” In To Profit or Not to Profit: The
Commercial Transformation of the Nonprofit Sector, edited
by Burton A.Weisbrod, 151-68. Cambridge: Cambridge
University Press.
Sougiannis, T., 1994, “The Accounting Based Valuation of
Corporate R&D”, The Accounting Review 69(1), 44-68.
Troyer, J.L., 2002, “Cross-subsidization in Nursing Homes:
Explaining rate Differentials among Payer Types,”
Southern Economic Journal 68(4), 750-773.
Vickers, J., 1985, “Delegation and the Theory of the
Firm”, Economic Journal 95(Supplement), 138-147.
Vives, X., 1984, “Duopoly Information Equilibrium: Cournot
and Bertrand”, Journal of Economic Theory 34(1), 71-94.
Wang, S., and J. D’Souza, 2007, Earnings Management: the
Effect of Accounting Flexibility on R&D Investment
Choices’, Working Paper (Cornell University).
Wasley, C.E., and T.J. Linsmeier, 1992, “A Further
Examination of the Economic Consequences of SFAS No.2”,
Journal of Accounting Research, 30(1), 156-164.
Weisbrod, B.A., 1988, the Nonprofit Economy, Cambridge,
Mass. and London: Harvard University Press.
White, M.D., 2001, “Managerial Incentives and the Decision
to Hire Managers in Markets with Public and Private
Firms,” European Journal of Political Economy 17(4), 877-
896.
Yu, F. F., 2008, “Analyst Coverage and Earnings
Management”, Journal of Financial Economics 88(2), 245-
27.

 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top