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題名：實質盈餘管理、資訊競爭與盈餘資訊性
書刊名：證券市場發展季刊
作者：陳慶隆 引用關係／林品妤 引用關係／范宏書 引用關係
作者(外文)：Chen, Ching-lung／Lin, Pin-yu／Fan, Hung-shu
出版日期：2016
卷期：28:4=112
頁次：頁39-91
主題關鍵詞：盈餘資訊性；資訊競爭；實質盈餘管理；資訊不對稱；Earnings informativeness；Information competition；Real earnings management；Information asymmetry
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(4) 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:3
  • 共同引用共同引用:122
  • 點閱點閱:36
本研究檢測公司實質盈餘管理、資訊競爭對盈餘資訊性之影響。實質盈 餘管理有提高報導盈餘及降低報導盈餘兩種類型，預期不同情境的實質盈餘 管理對盈餘資訊性應有不同影響。而資訊競爭能減少知情投資者透過資訊不 對稱進行利益剝削，可降低不知情投資者之資訊不對稱風險，預期資訊競爭 程度高低將在公司實質盈餘管理對盈餘資訊性之影響中扮演重要的調解角 色。實證結果顯示：公司從事降低報導盈餘之實質盈餘管理時，顯著提高盈 餘資訊性；而提高報導盈餘之實質盈餘管理相對於降低報導盈餘之實質盈餘 管理，則有顯著較低之盈餘資訊性。加入資訊競爭因素後，發現高資訊競爭 對降低報導盈餘之實質盈餘管理的盈餘資訊性無顯著影響，然高資訊競爭可 改善提高報導盈餘之實質盈餘管理對盈餘資訊性的負面影響。本研究進行若 干敏感性測試，顯示實證結果具相當穩固性。
There are two types of earnings manipluating pattern, income-increasing versus income-decreasing, in firms’ real earnings management (RM). This study conjectures different contexts will reveal distinctive results for the association between RM and earnings informativeness. Note that the more information competition implied the more traders are informed, then, their information is revealed to the uninformed investor with greater precision and timeliness. It makes the stock less risky for uninformed investors and reduces the information asymmetry between investors. We further examine the moderating role of information competition in managerial RM decision on earnings informativeness. The empirical results document that a firm’s magnitude of income-decreasing RM is positively associated with the earnings informativeness. On the other side, the income-increasing RM reveals relatively lower earnings informativeness when it is compared to the income-decreasing case. Yet, the earnings informativeness of the income-increasing RM is improved for a firm with high information competition. We implement several diagnostic checks and demonstrate the results are robust to various specifications.
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