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題名：公司策略性盈餘報導行為效果之檢測
作者：林品妤
作者(外文)：Pin-Yu Lin
校院名稱：國立雲林科技大學
系所名稱：會計系
指導教授：陳慶隆
學位類別：博士
出版日期：2015
主題關鍵詞：實質盈餘管理；公司治理；穩健會計；資訊競爭；real earning management；corporate governance；accounting conservatism；information competition
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本研究之目的在於探討公司的策略性盈餘管理對公司後續會計績效及股票購回之影響。第一部分之研究首先探討公司管理者從事實質盈餘管理時，不同動機型態之實質盈餘管理是否影響到公司後續會計績效，並進一步檢測公司治理在實質盈餘管理決策中所扮演的角色。以1996年至2011年台灣上市櫃公司為研究樣本進行研究，實證結果顯示，公司實質盈餘管理行為與後續會計績效是呈現負相關的，亦即當公司以投機性的動機進行實質盈餘管理行為時，越不利於公司後續會計績效。然當公司治理機制愈佳者，可有效降低投機性實質盈餘管理之影響，而獲得較佳的後續會計績效。第二部分之研究欲探討會計穩健性對股票購回宣告之影響，並另外以資訊競爭之觀點檢測此影響的變化。本研究以2000年至2013年台灣庫藏股宣告購回公司為樣本（剔除受管制之金融業），實證結果發現會計較穩健性之公司與買回宣告之異常報酬呈正相關，其次，會計穩健性及以機構投資者衡量之資訊競爭之交乘項，有正向的顯著影響。亦即透過資訊競爭與穩健會計可降低資訊不對稱程度，並提升公司股票買回宣告訊息訊號傳遞之可靠性。
The purpose of this paper is to empirically examine whether a firm’s accounting performance and the wealth effect of its stock repurchase announcement would be affected by strategic managerial earnings reporting, such as the real earning management and accounting conservatism. This paper consists of two parts: (1) I examine the association between the real earning management and subsequent accounting performance and, more importantly, whether this relationship is moderated by the corporate governance mechanisms. (2) I examine the moderating role of information competition on the association between accounting conservatism and the abnormal return by stock repurchase announcement. Because information competition can reduce the agency problem, I conjecture that high information competition will enhance the positive relationship between the accounting conservatism and the abnormal returns of stock repurchases announcement.
This study uses Taiwan stock market data for 1996 through 2011 to examine the first part of tests. The empirical result reveals that firms with better corporate governance are negatively associated with the managerial opportunism behaviors, which in turn, will mitigate the negative association between real earnings management and subsequent accounting performance. I thus provide evidence of internal corporate governance plays an important role in distinguishing managerial distinctive real earnings management motivations and makes a distinction for the subsequent accounting performance; In the second part of tests, this study uses a sample of Taiwan listed firms of their first stock repurchases announcement during the period of 2000-2013. The empirical results show that the accounting conservatism is positively associated with the abnormal returns of stock repurchase announcement and this positive association is enhanced for firms with a greater degree of information competition. Overall, the empirical findings of this study can provide some insight for extant academic studies and enrich the stream research of managerial strategic earnings reporting.
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