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題名:Earnings Management, Investor Type, and Firm Performance of Private Placements
書刊名:財務金融學刊
作者:湯惠雯 引用關係
作者(外文):Tang, Hui-wen
出版日期:2016
卷期:24:1
頁次:頁55-102
主題關鍵詞:應計基礎盈餘管理應募對象私募發行實質盈餘管理策略引資Accrual-based earnings managementInvestor typePrivate placementReal earnings managementStrategic private placement
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(3) 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:17
  • 點閱點閱:14
本研究檢測臺灣上市櫃公司私募發行前盈餘管理的決定因素及其對後續經營績效的影 響。研究發現,策略引資與非策略引資公司在發行前具有顯著不同的實質盈餘管理。相較應計 基礎盈餘管理,實質盈餘管理對發行後長期績效的負向影響更顯著。非策略引資公司的實質盈 餘管理對長期績效具顯著負向影響,但此影響在策略引資公司不顯著。
This study investigates the determinants of accrual-based earnings management and real earnings management (REM), and explores the influences of these earnings management activities on post-issue performance of private placements in Taiwan. The results show that investor type influences a firm’s REM activities before a private placement. Compared with discretionary current accruals, REM leads to significantly reduced long-term performance. Notably, the relationship between pre-issue REM and long-run performance is significantly negative for non-strategic private placement firms, whereas the relationship is insignificant for strategic private placement firms.
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研究報告
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