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題名：兩岸公司盈餘管理、內部人持股與公司股價之關聯性研究
書刊名：兩岸金融季刊
作者：李樑堅 引用關係／張志雄／高嘉駿
作者(外文)：Lee, Liang-chien／Kao, Chia-chun
出版日期：2016
卷期：4:2
頁次：頁53-82
主題關鍵詞：應計盈餘管理；實質盈餘管理；內部人持股；股價；Accrual earnings management；Real earnings management；Insider ownership；Stock price
原始連結：連回原系統網址new window
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  • 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:172
  • 點閱點閱:41
本研究主要探討兩岸公司盈餘管理對公司股價的影響性，並加入內部人持股作進一步分析， 在研究方法上選擇Panel Data 隨機效果進行分析，與過去研究不同之處在於同時考量應計盈餘管 理以及實質盈餘管理，並進一步分析其影響股價的差異性。研究發現臺灣公司正向的盈餘管理將 給予公司正向的股價推升，且可能存在公司盈餘管理有助於公司內部人減少持股的現象。但中國 大陸公司的實證結果則相反。另外不同程度的兩岸實證結果皆呈現公司實質盈餘管理仍與公司股 價有高度的關聯性，且在營業活動之現金流量、生產成本以及裁決性費用上也有不同的影響層 面。實證結果顯示，兩岸上市公司無論擁有何種程度的應計盈餘管理需求，皆能透過實質盈餘管 理來影響股價。
The study aims to search for the relations among earnings management, stock price and insider ownership between Mainland China and Taiwan. Methodologically, we make random coefficient analysis, based on panel data. Compare to the past studies, the difference is involved with considering both accrual earnings management and real earnings management, and understanding their influence on stock price. The study finds Taiwan’s companies with positive earnings management will increase their stock price, and probably reduce insider ownership as well. Intrudingly, the empirical result appears opposite result in Mainland China companies. However, the real earnings management has high relations to its stock price across the Taiwan strait, and also has different influence on cash flows from operations, production costs and discretionary expenses. In other words, the cross-strait companies can influence their stock price through real earnings management, no matter what degree of accrual earnings management they had.
期刊論文
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10.Bannister, J. W.、Newman, H. A.(1996)。Accrual Usage to Manage Earnings Toward Financial Analysts' Forecasts。Review of Quantitative Finance and Accounting，7，259-278。  new window
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會議論文
1.夏芳(2011)。盈餘管理、投資者情緒與中國上市公司投資。2011中國金融國際年會，清華大學中國金融研究中心與麻省理工史隆管理學院主辦 (會議日期: 2011年7月4-7日)。武漢。  延伸查詢new window
2.陸瑤、沈小力(2010)。盈餘管理與股票價格的資訊含量：基於中國股市的實證分析。新興經濟體公司財務與資本市場研討會，廈門大學管理學院財務學系主辦 (會議日期: 2010年5月22-23日)。廈門。  延伸查詢new window
3.楊聲勇、陳玉芬、呂瑞中(2011)。銀行監理與借款公司之盈餘管理。2011臺灣財務金融學會年會暨財務金融學術論文研討會，臺灣財務金融學會主辦 (會議日期: 2011年5月27-28日)。高雄：國立高雄第一科技大學。  延伸查詢new window
4.Black, Fisher(1976)。Studies of Stock Price Volatility Changes。The 1976 Meeting of Business and Economic Statistics Section。American Statistical Association。177-181。  new window
圖書
1.Kellogg, L. B.、Kellogg, I.(1991)。Fraud, Window Dressing, and Negligence in Financial Statements。Colorado Springs。  new window
 
 
 
 
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