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中文論文名稱 經濟狀況與債務條件對應計模型之影響:以中國和台灣為例
英文論文名稱 The Role of Economic and Debt Contract Conditions in Accruals Models: Evidence from China and Taiwan
校院名稱 淡江大學
系所名稱(中) 管理科學研究所博士班
系所名稱(英) Graduate Institute of Management Science
學年度 96
學期 2
出版年 97
研究生中文姓名 丁緯
研究生英文姓名 Wei Ting
學號 893560341
學位類別 博士
語文別 英文
口試日期 2008-07-21
論文頁數 90頁
口試委員 指導教授-顏信輝
共同指導教授-邱建良
委員-劉啓群
委員-陳明進
委員-張仲岳
委員-沈大白
委員-陳燕錫
委員-張寶光
中文關鍵字 經濟狀況  債務條件  法律環境  應計項目模型 
英文關鍵字 Economic condition  Debt contract condition  Legal environment  Accrual model 
學科別分類
中文摘要 本研究以中國的上市公司為研究對象,探討經濟狀況和債務條件對應計項目模型的影響。在探討經濟狀況對模型的影響發現,中國企業提列應計項目時,企業會更快速的認列利得,與Ball and Shivakumar (2006)以美國公司為研究對象時,發現企業會更穩健的認列損失(更快速的認列損失)有所不同,此一結果的差異,可能是因為中國和美國法律環境的不同所致,由於中國的法律環境對投資人的保護較不完善,因此,企業有更多的誘因,利用應計項目來調升公司的盈餘。此外,本研究進一步的瞭解,不同的債務條件下(債務環境較佳與債務環境較差),企業不對稱的認列利得或損失的情況,是否存在差異,結果顯示,中國市場上,債務條件較差的企業相較於債務條件較佳的企業,更會利用應計項目來增加盈餘。本研究亦以台灣之上市櫃公司,探討相同的現象,發現台灣企業會較為保守的認列應計項目(更快速的認列損失),且在債務條件較差的公司,此一現象更為明顯,與Ball and Shivakumar (2006)的發現相同,此一結果,可能是因為台灣的法律,對投資人保護較為完善所致。
英文摘要 This paper examines the role of contract conditions and economic conditions (economic gains and losses) within the Chinese stock market, with the results of the accruals models indicating that firms in China demonstrate more timely recognition of gains than losses. This result differs significantly from the findings of Ball and Shivakumar (2006) who similarly examined the U.S. firms, with such disparity possibly arising from differences in the legal environments of China and the US. We also separate the sample into two groups (better or worse debt contract conditions) to determine whether this asymmetric recognition of accruals by firms is affected by their debt contract condition. The results reveal that firms in China with a worse debt contract condition have much greater incentives to use accruals to hide their economic losses than firms with a better debt contract condition; that is, firms with a worse debt contract condition have greater incentives to gloss over their financials in the Chinese securities market, a market within which the securities laws remain immature. In addition, we also explore the similar relations in Taiwan securities market and find that firms in Taiwan demonstrate more timely recognition of losses than gains; furthermore, in Taiwan the firms with worse debt contract condition have much greater incentives to timelier recognize their economic losses than the firms with a better debt contract condition; that is, firms with a worse debt contract condition have greater incentives to conservatism recognize accruals.
論文目次 LIST OF CONTENTS
ACKNOWLEDGEMENT i
ABSTRACT IN CHINESE ii
ABSTRACT IN ENGLISH iii
LIST OF CONTENTS v
LIST OF TABLES viii
CHAPTER 1 INTRODUCTION 1
1.1 Backgrounds 1
1.2 Applications in Past Studies 3
1.3 Extended in This Study 4
1.4 Contributions 9
1.5 Objectives 11
1.6 Flow Chart 12
CHAPTER 2 LITERATURE REVIEW 14
2.1 The Securities Market Environment in China 14
2.2 The Securities Market Environment in Taiwan 19
2.3 Accruals Models and Economic Conditions 22
2.3.1 Timely Recognition of Economic Losses 22
2.3.2 Timely Recognition of Economic Gains 23
2.3.3 The Role of Economic Conditions 25
2.4 Legal Environment Influencing the Role of Economic Conditions 26
2.5 Debt Contracts Influencing the Role of Economic Conditions 29
2.5.1 Debt Contracts Increasing Conservatism 29
2.5.2 Debt Contracts Increasing Earnings Management 30
CHAPTER 3 DATA SOURCE AND RESEARCH DESIGN 33
3.1 Data Description 33
3.2 Linear Accruals Models 37
3.2.1 Asymmetric Economic Gains and Losses 38
3.2.2 Debt Contract Conditions Influencing Asymmetry 39
3.3 Predictions 41
CHAPTER 4 EMPIRICAL RESULTS AND ANALYSIS 42
4.1 Summary Statistics 42
4.2 Linear and Piecewise Accruals Models: Evidence from Chinese Securities Market 46
4.3 Linear and Piecewise Accruals Models: Evidence from Taiwan Securities Market 52
4.4 Whether the Role of Economic Conditions in Accrual Models Will Affect by Different Securities Law Environment 57
4.5 Debt Contract Conditions Influencing the Role of Economic Conditions: Evidence from Chinese Securities Market 59
4.6 Debt Contract Conditions Influencing the Role of Economic Conditions: Evidence from Taiwan Securities Market 64
4.7 Whether the Debt Contract Conditions Influencing the Role of Economic Conditions Will Affect by Different Securities Law Environment 71
4.8 Robustness Analysis 74
CHAPTER 5 CONCLUSIONS 79
REFERENCES 83

LIST OF TABLES
Table 1a Total firm sample in Chinese securities market, by industry 34
Table 1b Total firm sample in Taiwan securities market, by industry 36
Table 2a Summary Statistics : Chinese securities market 44
Table 2b Summary Statistics : Taiwan securities market 45
Table 3a Linear and Piecewise linear accrual regressions (Jones model, proxy for economic loss, CFit < 0): Evidence from Chinese securities market 49
Table 3b Linear accrual regression replications (CF model) : Evidence from Chinese securities market 50
Table 3c Linear accrual regression replications (D&D model) : Evidence from Chinese securities market 51
Table 4a Linear and Piecewise linear accrual regressions (Jones model, proxy for economic loss, CFit < 0): Evidence from Taiwan securities market 54
Table 4b Linear accrual regression replications (CF model) : Evidence from Taiwan securities market 55
Table 4c Linear accrual regression replications (D&D model) : Evidence from Taiwan securities market 56
Table 5a Piecewise linear accrual regressions in different debt contract condition (Jones model, proxy for economic loss, CFit < 0) : Evidence from Chinese securities market 60
Table 5b Piecewise linear accrual regressions in different debt contract condition (CF model, proxy for economic loss, CFit < 0; better debt contract condition) : Evidence from Chinese securities market 61
Table 5c Piecewise linear accrual regressions in different debt contract condition (D&D model, proxy for economic loss, CFit < 0; better debt contract condition) : Evidence from Chinese securities market 62
Table 6a Piecewise linear accrual regressions in different debt contract condition (Jones model, proxy for economic loss, CFit < 0) : Evidence from Taiwan securities market 66
Table 6b Piecewise linear accrual regressions in different debt contract condition (CF model, proxy for economic loss, CFit < 0; better debt contract condition) : Evidence from Taiwan securities market 67
Table 6c Piecewise linear accrual regressions in different debt contract condition (D&D model, proxy for economic loss, CFit < 0; better debt contract condition) : Evidence from Taiwan securities market 68
Table 7 Robustness Analysis: Use ΔCFit and INDADJ_CFit as proxy to separate economic condition with Jones model 77
Table 8 Robustness Analysis: Use Quartile of debt ratio as a proxy to separate debt contract condition 78

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