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系統識別號 U0002-2806200613341700
中文論文名稱 現金增資之盈餘管理行為:裁決性應計項目及裁決性業外損益
英文論文名稱 Earnings management of seasoned equity offerings: discretionary accruals and discretionary non-operating income.
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 94
學期 2
出版年 95
研究生中文姓名 陳于格
研究生英文姓名 Yu-Ke Chen
學號 693471012
學位類別 碩士
語文別 中文
口試日期 2006-06-16
論文頁數 56頁
口試委員 指導教授-陳叡智
指導教授-黃志仁
委員-林忠機
委員-顧廣平
委員-黃志仁
中文關鍵字 現金增資  盈餘管理  裁決性應計項目  裁決性業外損益 
英文關鍵字 seasoned equity offerings  earnings management  discretionary accruals  discretionary non-operating income 
學科別分類 學科別社會科學商學
中文摘要 本研究針對兩種盈餘管理工具(裁決性應計項目及裁決性業外損益)於現金增資(Seasoned equity offerings, SEO)事件下之使用情形進行探討。將SEO前期、當期、後期進行比較,並取對照組進行檢定,實證結果顯示企業於SEO前期與SEO當期有明顯的使用裁決性應計項目與裁決性業外損益進行盈餘管理以提升盈餘。聯立方程式實證結果顯示企業於SEO事件下,裁決性應計項目與裁決性業外損益被管理當局共同選擇且同時使用於盈餘管理行為,二者間存有顯著的內生關係(互補關連性),企業於SEO事件下同時使用裁決性應計項目與裁決性業外損益進行盈餘管理,以達到預期之盈餘目標。
英文摘要 This study investigates the earnings management (EM) around seasoned equity offerings (SEO) by examining discretionary accruals and discretionary non-operating income. The paired t-test results show that both discretionary accruals and discretionary non-operating income are significantly higher during SEO and the previous periods. The result of simultaneous equations model indicate a positive association between discretionary accruals and discretionary non-operating income, revealing that managers of SEO firms tend to simultaneously utilize these two EM instruments in a complementary practice.
論文目次 目錄
第壹章 緒論..............................................................................................1
第一節 研究背景與動機..........................................................................................1
第二節 研究目的......................................................................................................3
第三節 論文架構與研究流程..................................................................................4
第貳章 文獻探討......................................................................................7
第一節 現金增資盈餘管理行為之相關文獻..........................................................7
第二節 其他盈餘管理行為之相關文獻..................................................................8
第參章 研究設計....................................................................................11
第一節 觀念性架構................................................................................................11
第二節 研究假說....................................................................................................13
第三節 研究變數與模型........................................................................................14
一、依(獨立)變數...............................................................................................15
二、控制變數......................................................................................................17
第四節 研究範圍....................................................................................................22
一、研究期間......................................................................................................22
二、研究對象......................................................................................................22
三、樣本選取標準..............................................................................................23
第五節 資料分析方法............................................................................................24
第六節 資料來源....................................................................................................26
第肆章 研究結果....................................................................................27
第一節 敘述統計量與相關係數............................................................................27
一、盈餘管理工具之敘述統計資料..................................................................27
二、聯立方程式各項變數之敘述統計資料......................................................30
三、聯立方程式各項變數之相關係數..............................................................32
第二節 成對樣本T檢定之實證結果與分析.........................................................34
第三節 聯立方程式之實證結果與分析................................................................38
第四節 敏感度分析................................................................................................43
一、以同期間同產業未現金增資之公司進行非裁決應計項目之估計..........43
二、以Modified Jones model (1995)估計裁決性應計項目..............................44
II
三、處分資產損益與異常處分資產損益之比較..............................................46
四、將聯立方程式個別以單一複迴歸模型進行估計......................................47
第伍章 研究結論、研究限制及後續建議............................................52
第一節 研究結論....................................................................................................52
第二節 研究限制及後續研究建議........................................................................53
參考文獻..................................................................................................54
一、中文文獻(依姓氏筆劃排序)...........................................................................54
二、英文文獻(按字母排序)...................................................................................54

圖目錄
圖1-3-1 研究流程圖 6
圖3-1-1 觀念架構圖 11
圖3-1-2 觀念架構圖 11

表目錄
表3-3-1 共同控制變數彙總表 19
表3-3-2 與裁決性應計項目有關之控制變數彙總表 20
表3-3-3 與裁決性業外損益有關之控制變數彙總表 22
表3-4-1 樣本選擇 23
表3-4-2 各年度及各產業中之樣本分配 24
表4-1-1 裁決性應計項目(DAC)於現金增資事件窗期下之敘述統計分析 27
表4-1-2 裁決性業外損益(ASIN)於現金增資事件窗期下之敘述統計分析 29
表4-1-3 2000年至2004年樣本觀察值於事件窗期下各變數敘述統計分析 31
表4-1-4 聯立方程式變數之PEARSON與SPEARMAN相關係數 33
表4-2-1 盈餘管理工具於SEO事件下之成對樣本T檢定 35
表4-2-2 裁決性業外損益、處分資產損益與異常處分投資損益之成對樣本T檢定 37
表4-3-1 SEO前期聯立方程式之迴歸結果 40
表4-3-2 SEO當期聯立方程式之迴歸結果 41
表4-3-3 SEO後期聯立方程式之迴歸結果 42
表4-4-1 以未進行SEO公司進行估計後之裁決性應計項目(DAC)之敘述統計 43
表4-4-2以未進行SEO公司進行估計後之裁決性應計項目(DAC)之成對T檢定 44
表4-4-3 以MODIFIED JONES MODEL (1995)估計裁決性應計項目(DAC)之敘述統計 45
表4-4-4 以MODIFIED JONES MODEL (1995)估計裁決性應計項目之成對樣本T檢定 45
表4-4-5 處分資產損益與異常處分資產損益之敘述統計分析 46
表4-4-6 處分資產損益與異常處分資產損益之成對樣本T檢定 47
表4-4-7 SEO前期複迴歸之估計結果 49
表4-4-8 SEO當期複迴歸之估計結果 50
表4-4-9 SEO後期複迴歸之估計結果 51



參考文獻 一、中文文獻(依姓氏筆劃排序)
洪小芬,2005,盈餘及盈餘管理特性對分析師預測之影響,私立淡江大學會計研究所未出版之碩士論文。

高祥琚A2002,裁決性應計項目、衍生性金融商品與損益平穩化,國立成功大學會計學研究所未出版之碩士論文。

張文瀞,2005,處分投資、盈餘平穩化與市場評價,當代會計,第六卷 第二期:29-62。

謝怡昇,2000,上市公司現金增資與盈餘行為之研究,國立中正大學財務金融研究所未出版之碩士論文。

二、英文文獻(按字母排序)
Aharony, J., C. J. Lin, and M. P. Loeb, 1993, Initial public offerings, accounting choices, and earnings management, Contemporary Accounting Research 10, (Fall): 61-80.

Bartov, E., 1993, The timing of asset sales and earnings manipulation The Accounting Review 68, No.4 (October): 840-855.

Barton, J., 2001, Does the use of financial derivatives affect earnings management decisions? The Accounting Review 76, No.1 (January): 1-26.

Barton, J., and P. J. Simko, 2002, The balance sheet as an earnings management constraint. The Accounting Review 77 (Supplement):1-27.

Begley, J., and G. A. Feltham., 1999, An empirical examination of the relation between debt contracts and management incentives, Journal of Accounting and Economics 27, 229-259.

Cheng, Q., and T. D. Warfield., 2005, Equity incentives and earnings management, The Accounting Review 80, No.2: 441-476.

Chaney, P. K., and C. M. Lewis, 1998, Income smoothing and underperformance in initial public offerings, Journal of Corporate Finance 4, 1-29

Darrough, M., and S. Rangan, 2005, Do insiders manipulate earnings when they sell their shares in an initial public offering? Journal of Accounting Research 43, No.1 (March): 1-33.

Dechow, P. M., R. Sloan, and A. Sweeny. 1995. Detecting earnings management. The Accounting Review 70 (April): 193-226.

DuCharme, L. L., P. H. Malatesta, and S. E. Sefcik, 2004, Earnings management, stock issues, and shareholder lawsuits, Journal of Financial Economics 71, 27-49.

Friedlan, J. M., 1994, Accounting choice by issuers of initial public offices, Contemporary Accounting Research 11, 1-13.

Herrmann, D., T. Inoue, and W. B. Thomas, 2003, The sale of assets to manage earnings in Japan, Journal of Accounting Research 41 (March):89-109.

Inoue, T., and W. Thomas, 1996, The choice of accounting policy in Japan, Journal of International Financial Management and Accounting (Spring):1-23.

Jaggi, B., and P. Lee., 2002, Earnings management response to debt covenant violations and debt restructuring, Journal of Accounting, Auditing & Finance 17, 4 (Fall): 295-324.

Kim, Y., and M. S. Park, 2005, Pricing of seasoned equity offers and earnings management, Journal of Financial and Quantitative analysis 40, No.2(June): 435-463

Kothari, S. P., A. J. Leone, and C. E. Wasley, 2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics 39, 163-197

Legoria, J., D. Cagwin, and K. F. Sellers, 1999/2000, Earnings management in anticipation of debt financing, Accounting Enquiries 9, No.1 (Fall): 1

Palepu, K., 1985, Diversification strategy, profit performance and the entropy measure, Strategic Management Journal 6 (July-September): 239-255

Rangan, S., 1998, Earnings management and the performance of seasoned equity offerings, Journal of Financial Economics 50, 101-122

Robinson, T. R., and G. Julia., 1997, The impact of earnings management on bond risk premia, Advances in Accounting 15, 169-192

Shivakumar, L., 2000, Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics 29, 339-371

Spano, M., 2004, Determinants of hedging and its effects on investment and debt, Journal of Corporate Finance 10, 175-197

Teoh, S., I. Welch, and T. Wong, 1998, Earnings management and the under-performance of seasoned equity offerings, Journal of Financial Economics 50, 63-99

Teoh, S. H., T. J. Wong, and G. R. Rao, 1998, Are earnings during initial public offerings opportunistic? Review of Accounting Studies 3, (October): 175-208

Visvanathan, G.,1998, Who use interest rate swaps A cross-sectional analysis,Journal of Accounting, Auditing, and Finance,13,173-200
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