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論文中文名稱:股利政策對實質盈餘管理之影響 [以論文名稱查詢館藏系統]
論文英文名稱:The Impact on Dividend Policy in Real Earnings Management [以論文名稱查詢館藏系統]
院校名稱:臺北科技大學
學院名稱:管理學院
系所名稱:經營管理系碩士班
畢業學年度:101
出版年度:102
中文姓名:謝韶芳
英文姓名:Shao-Fang Xie
研究生學號:100578018
學位類別:碩士
語文別:中文
口試日期:2013-05-06
論文頁數:84
指導教授中文名:林鳳儀
指導教授英文名:Feng-yi Lin
口試委員中文名:葉金成;黃俊閎
口試委員英文名:Chin-cheng Ya;Chun-hong Huang
中文關鍵詞:股利政策實質盈餘管理管理前盈餘股利水準
英文關鍵詞:Dividend PolicyReal Earnings ManagementPre-managed EarningsDividend Levels
論文中文摘要:企業揭露的盈餘一直以來都是資本市場上投資人與分析師所關注的焦點。而管理當局對於股利政策具有絕對的影響力,因此,本研究欲深入探討是否發放股利之企業透過實質交易操作(例如,研發與廣告費用、資本資產的購置與處分時點等),而使盈餘達到某一特定水準,以平穩目標股利及股利支付率。本研究利用台灣經濟新報資料庫之上市上櫃企業為樣本。研究結果顯示,股利政策確實會衝擊管理當局採取實質盈餘管理。因為股利水準被視為企業之重要指標,當管理前盈餘(Pre-managed earnings)低於前期股利(prior year dividends)時,發放股利之企業會透過實質交易操縱使盈餘增加以減輕管理前盈餘(Pre-managed earnings)和前期股利(prior year dividends)之差額。相較於未發放股利之企業,本研究認為發放股利企業之管理前盈餘和實質盈餘管理間的變動額有高度相關,且企業發放股利時,採取保守股利政策之企業有較大誘因操縱盈餘。由此可知,企業會透過股利政策進行實質盈餘管理,以達到預期目標。
論文英文摘要:Investors and analysts from capital market when firms report their earnings. Given the importance of historical dividend policy to firms, this research provide whether dividend payers manipulate earnings through real activities to smooth dividend levels and dividend payout ratios. This research finds that dividend policy impacts both upward and downward real earnings management. Payers manipulate earnings upward through real activities to mitigate the shortfall of pre-managed earnings relative to prior year dividends when pre-managed earnings are lower than dividends paid in the prior year, suggesting that dividend levels are an important earnings benchmark. This research document a stronger relationship between changes in pre-managed earnings and real earnings management for payers than for non-payers, suggesting that dividend policies impact real earnings management. Consistent with the importance of dividend policy in real earnings management, this research show that dividend payers that follow conservative dividend policies manipulate earnings to a greater extent than dividend payers that do not follow conservative dividend policies.
論文目次:摘 要 I
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 6
1.3 研究流程及架構 7
第二章 文獻探討 9
2.1 盈餘管理 9
2.1.1. 實質盈餘管理 10
2.2 股利政策 17
2.2.1. 股利政策 17
2.2.2盈餘管理與股利政策 26
第三章 研究假說與方法 28
3.1 研究假說 28
3.2 研究設計 32
3.2.1. 資料來源及樣本選取 32
3.2.2. 研究變數 32
3.2.3. 研究模型 38
第四章 實證結果 47
4.1 敘述性統計 47
4.2 有無發放股利公司之盈餘管理程度獨立T檢定 48
4.3 相關分析 49
4.4 複迴歸分析 51
4.4.1 股利政策與實質盈餘管理 51
4.4.2 發放股利之企業與實質盈餘管理 52
4.4.3直方圖分析與 Z-test 54
第五章 結論與建議 67
5.1 研究結論 67
5.1.1 研究貢獻 68
5.2 後續研究建議 69
5.2.1 研究限制 69
5.2.2 後續研究建議 69
參考文獻 71

表目錄
表4.1 敘述性統計 47
表4.2 有無發放股利企業之盈餘管理程度差異 48
表4.3 有無發放股利企業之盈餘管理程度差異(續) 49
表4.4 相關係數矩陣 50
表4.5 實質盈餘管理與股利政策之關係 51
表4.6發放股利之企業與其盈餘管理行為之關係 53
表4.7 放股利公司之實質盈餘管理之Z檢定 56
表4.8 保守股利政策之公司是否有不同實質盈餘管理行為 57
表4.9 保守股利政策之公司是否有不同實質盈餘管理行為 58
表 4.11合併盈餘管理變數之股利政策與盈餘管理之關係 63
表4.12 因素分析之迴歸分析結果 65



圖目錄
圖1.1研究架構圖 8
圖4.1 有發放股利公司之EPS樣本(適用H1) 54
圖4.2 有發放股利公司之EPS樣本(適用H2) 55
圖4.3 無發放股利公司之EPS全樣本 56
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