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系統識別號 U0002-0708201412015100
中文論文名稱 影響中國企業盈餘品質的三個因素:市場監管、企業社會責任與會計師法律責任
英文論文名稱 Earnings Quality in China's Listed Firms: A Look at Market Supervision, Corporate Social Responsibility, and Auditor Liability
校院名稱 淡江大學
系所名稱(中) 管理科學學系博士班
系所名稱(英) Doctoral Program, Department of Management Sciences
學年度 102
學期 2
出版年 103
研究生中文姓名 林凱薰
研究生英文姓名 Kai-Hsun Lin
學號 894560423
學位類別 博士
語文別 中文
口試日期 2014-07-22
論文頁數 140頁
口試委員 指導教授-王貞靜
指導教授-梁德昭
委員-黃瓊慧
委員-戚務君
委員-廖益興
委員-張寶光
委員-王貞靜
委員-黃振豊
委員-郭樂平
中文關鍵字 市場監管  企業社會責任  實質活動盈餘管理  法律責任  審計品質 
英文關鍵字 market supervision  corporate social responsibility  real activities earnings management  legal responsibilities  audit quality 
學科別分類
中文摘要 本論文就市場監管、企業履行社會責任與會計師法律責任等三個角度,探討這些因素對中國上市企業盈餘品質的影響。
就市場監管而言,本文探討中國上市公司是否會透過實質營業活動來操弄盈餘,以達成中國證監會設定發行新股資格的盈餘門檻。分析結果證實,實質營業活動盈餘管理 (REM) 在中國的確是一個為了達成盈餘管理目標而採取的手段。然而這個現象,會隨著企業所在地市場發展程度的進步而減緩。除此之外,本論文亦發現在2001年證監會43號法令頒行之前,線下項目也同樣是一項盈餘管理的重要工具,然而隨著43號法令的公告,從盈餘管理工具的角度,線下項目的重要性已經被實質交易活動取代。
接著討論企業社會責任對盈餘品質的影響。本論文進一步檢視非自願性的社會責任履行與REM間的關聯性,以及國有股權結構對這項關聯性是否存在影響。實證結果發現,即使是配合政令措施,企業的社會責任績效仍能緩減管理當局操弄REM,成為有益的治理機制;然而,國有股權減弱了這種關聯性。上述結論在考量內生性的影響後仍然相同。
最後,檢視會計師法律責任變化對盈餘品質的影響。實證結果發現,在2007年法律責任提高以後,上市企業的盈餘品質與會計師的審計品質確有提升。彙總而言,本論文的研究發現可作為投資人、研究者與證券主管機關監管政策擬定之參考。
英文摘要 This paper explores how market supervision, CSR, and auditor liability affect earnings quality in China’s listed firms. Starting with market supervision, we test whether listed firms in China use real activity earnings management (REM) to manipulate earnings, thus meeting the thresholds for issuing new shares as set by the China Securities Regulatory Commission (CSRC). Our analysis shows that REM in China is a de facto means of reaching earnings management goals, but occurrence thereof is mitigated by the level of market development maturity. In other words, a firm in a mature market is less likely to engage in REM than is a firm in an immature market. In terms of earnings management tools, we also discover that after the CSRC issued Article 43 in 2001, once ubiquitous below-the-line items were largely replaced by real activities.
To better understand earnings quality, we also study the relationship between non-voluntary CSR and REM, and whether state-owned equity (SOE) structure affects said relationship. Empirical results show that firms in accordance with governmental regulations still score high on CSR, such that manager-level REM is mitigated and a useful mechanism of governance is established. As for SOE structure, it is shown to weaken this relationship. The above conclusions remain consistent when taking the endogeneity of CSR into account.
Lastly we research how changes in auditor liabilities affect earnings quality. The results show that, following increased legal responsibilities after 2007, both the earnings quality of listed firms and auditor’s audit quality increased. The results of our research provide a good reference for investors, researchers, and stock market authorities responsible for making supervisory policies.
論文目次 第壹章 緒論 1
第一節 研究動機與背景 1
第二節 研究貢獻 2
第三節 論文架構 4
本章參考文獻 6
第貳章 中國的實質盈餘管理 9
第一節 緒論 9
第二節 文獻回顧與假說建立 12
第三節 研究設計 21
第四節 樣本選取與敘述統計 28
第五節 實證結果與分析 33
第六節 本章結論 38
本章參考文獻 40
本章附錄 47
附錄2-1 證券市場之發行監管 47
附錄2-2 加權平均淨資產收益率計算方式之沿革 56
第參章 中國上市企業履行社會責任與實質活動的盈餘管理 58
第一節 緒論 58
第二節 文獻探討與假說建立 61
第三節 研究設計 67
第四節 實證結果 71
第五節 本章結論 83
本章參考文獻 85
本章附錄 93
附錄3-1 中國政府與監管機構發佈企業社會責任規範 93
附錄3-2 SNAI社會責任評分構面、項目與權重 94
附錄3-3 中國社會科學院CSR評分與上海會計學院SNAI評分比較 95
附錄3-4 中國上市公司國有企業與非國有企業之控制型態釋例 97
第肆章 中國會計師法律責任與審計品質 103
第一節 前言 103
第二節 文獻探討及研究假說 105
第三節 實證設計 113
第四節 實證分析 118
第五節 本章結論 127
本章參考文獻 129
本章附錄 134
附錄4-1 中國審計市場發展 134
附錄4-2 2001年至2011年中國證監會處罰之會計師事務所名單 135
第伍章 結論 136
第一節 主要研究結論 136
第二節 研究貢獻 137
本章參考文獻 139

圖目錄
圖1-1 觀念性架構 4
圖2-1 淨資產收益率樣本分佈圖 15
附圖3-1 公司與實際控制人之間的產權和控制關係:康佳集團 (2010年) 97
附圖3-2 公司與實際控制人之間的產權和控制關係:深物業A (2010年) 97
附圖3-3 公司與實際控制人之間的產權和控制關係:美锦能源 (2010年) 98
附圖3-4 公司與實際控制人之間的產權和控制關係:世紀星源 (2010年) 99
附圖3-5 公司與實際控制人之間的產權和控制關係:築信股份 (2010年) 100
附圖3-6 公司與實際控制人之間的產權和控制關係:橫店東磁 (2010年) 101
附圖3-7 公司與實際控制人之間的產權和控制關係:世紀星源 (2010年) 102

表目錄
表2-1 發行新股之淨資產收益率 (ROE) 門檻法令規定之彙總 14
表2-2 逐年定義盈餘操弄區間 22
表2-3 樣本篩選過程 29
表2-4 敘述統計 30
表2-5 相關係數表 32
表2-6 盈餘操弄區間與實質盈餘管理 34
表2-7 發行新股盈餘門檻法令更修與線下項目、實質活動盈餘管理間之關連性36
附表2-1 首次公開發行上市相關法令與會計數字監管門檻 48
附表2-2 增發、配股與送股相關法令與會計數字監管門檻 50
附表2-3 1998年至2013年特別處理適用之財務狀況異常規定歷史沿革 51
附表2-4 1998至2013年中國上市公司歷年被實行ST之家次統計 54
附表2-5 關於《虧損上市公司暫停上市和終止上市實施辦法》之歷史沿革 55
表3-1 樣本篩選過程 71
表3-2 敘述統計表 72
表3-3 相關係數表 73
表3-4 實質活動盈餘管理與企業社會責任 75
表3-5 實質活動盈餘管理與企業社會責任:高與低企業社會責任績效比較 77
表3-6 實質活動盈餘管理與企業社會責任:國有企業與非國有企業 78
表3-7 實質活動盈餘管理與企業社會責任:央企與地企 79
表3-8 實質活動盈餘管理與企業社會責任-兩階段法 81
表3-9 實質活動盈餘管理與企業社會責任-聯立檢定 82
表4-1 樣本篩選過程 118
表4-2 敘述統計表 119
表4-3 相關係數表 120
表4-4 受懲戒會計師事務所與審計品質:異常裁決性應計數 122
表4-5 受懲戒會計師事務所與審計品質:非標意見 124
表4-6 受懲戒會計師事務所與審計公費 126
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