現在位置首頁 > 博碩士論文 > 詳目
論文中文名稱:會計穩健性、法人持股與盈餘管理間之關聯性 [以論文名稱查詢館藏系統]
論文英文名稱:The Relationship between Accounting Conservatism, Institutional Shareholdings and 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:鄭淇文
英文姓名:Jheng Chi-Wun
研究生學號:100578040
學位類別:碩士
語文別:中文
口試日期:2013-05-06
論文頁數:87
指導教授中文名:林鳳儀
指導教授英文名:Fengyi Lin
口試委員中文名:葉金城;謝金賢
口試委員英文名:Jin-Ching Yeh;Chun-Hung Huang
中文關鍵詞:會計穩健性機構法人盈餘管理班佛法則
英文關鍵詞:Accounting conservatismInstitutional shareholdingearnings
論文中文摘要:會計穩健原則又稱謹慎性,管理者應謹慎評估及反應企業經營環境面臨之不確定性及風險,在編製財務報表之過程中採用較不樂觀之會計估計,Basu(1997)主張會計穩健性是指「相較於認列壞消息,管理者會傾向於需要更高的驗證程度認列好消息」,故會計穩健性可提供管理者公允表達企業財務狀況與經營成果之指引。此外,機構法人被視為外部監督機制,相對於一般投資大眾而言,機構法人持有之股份較多,且具有較充足之資源與知識,在自身利益保護之動機驅使下,較有誘因去監督標的公司之盈餘管理行為。由於過去學者對於會計穩健性與機構法人持股對盈餘管理影響之看法不盡相同,且尚未有採用班佛法探討其關聯性之研究,因此本研究透過觀察實際盈餘數字分布情形,檢測在不同穩健性程度與機構法人持股下,企業財務報表所揭露之盈餘數字是否有偏離班佛法則之情形,探討會計穩健性與機構法人持股對盈餘管理之影響。實證結果顯示會計穩健性較低與機構投資人持股率較低之公司有較高之盈餘管理動機,在會計穩健原則與機構投資人之監督下可限制管理者之盈餘操弄行為。對於高穩健性之公司而言,財務報表編製者以較保守之方式編製財務報表之情形下,機構投資人持股比率高反而會提高公司盈餘管理程度。本研究結果能夠補足文獻缺口,且可提供給社會大眾做為投資決策之指引,並作為監理單位改善企業公司治理之參考依據。
論文英文摘要:Accounting conservatism usually is a factor which influence firms’ when manager reports financial report. Basu(1997) defined accounting conservatism as higher verification in recognizing good news than bad news or losses. Prior scholars indicated that corporate can adopt accounting conservatism to decrease earnings manipulation but some scholars believed that firms would have more incentive to increase earnings manipulation. In addition, institutional investor found to play external monitoring mechanism and institutional investors’ shareholdings would affect the earnings manipulation. Accruals have adopted as a proxy of earnings manipulation to detect the relationship among accounting conservatism, institutional investor shareholdings and earnings manipulation. This study further investigates the relationship among accounting conservatism, institutional investor shareholdings and earnings manipulation by using Benford’s law. Accounting conservatism facilitates the monitoring of managers accounting selection, potentially limiting the opportunities for earnings management. We expect that firms adopt a high degree of conservatism can effective decrease earnings management. Our results indicate that firms with more conservative financial reporting have less probabilities of having engaged in earnings manipulative activities to achieve reference points. We also find that the incentives to earnings management are including the negative association between earnings management and institutional investor shareholdings.The other findings include earnings management are negatively associated with the shareholdings of institutional investors. However, if companies’ financial statements tend to be conservatism, institutional investors’ shareholding could increase managers’ incentive to manage earnings. The findings of the study have important implications for investors in making invest decisions.
論文目次:目錄

中文摘要 i
英文摘要 iii
致謝 v
目錄 vi
表目錄 ix
第一章 緒論 1
1.1研究動機 1
1.2研究目的 4
1.3 研究架構 5
第二章 文獻探討 8
2.1會計穩健性 8
2.2資訊不對稱與代理理論 10
2.3盈餘管理 13
2.4會計穩健性與盈餘管理 14
2.5機構投資人與盈餘管理 16
2.6班佛法則 18
第三章 研究方法 25
3.1研究假設 25
3.2 研究方法 27
3.2.1 班佛法則 27
3.2.2卡方適合度檢定(Chi-square檢定) 29
3.2.3 Z值檢定統計量(Z-statistic檢定) 30
3.3 變數衡量 31
3.3.1 會計穩健性( C_Score與G_Score) 31
3.3.2機構法人持股 33
3.4 資料來源 33
第四章 實證結果 36
4.1敘述性統計 36
4.2 直方圖分析與Z-test 37
4.3 會計穩健性與盈餘管理之關聯性分析 39
4.4會計穩健性、機構法人持股與盈餘管理之關聯性分析 49
第五章 結論與建議 71
5.1 研究結論 71
5.2 研究貢獻 72
5.3 後續研究建議 73
參考文獻 76
論文參考文獻:1. 林鳳儀,蘇信安,2011,自願性資訊揭露與強制性資訊揭露之盈餘管理,國立台北科技大學經營管理研究所,管理學報,第四期,第345-359頁。
2. 吳坤璋,2011,運用班佛法則檢驗台灣股票上市公司成交量之現象,國立台北科技大學管理學院經營管理在職專班。
3. 李孟芸,2011,指數數字分析-台灣、深圳與倫敦股票市場實證研究,國立台北科技大學商業自動化與管理研究所,碩士論文。
4. 李益興,2009,運用班佛法則檢驗台灣公開發行公司盈餘管理之研究,國立台北科技大學商業自動化與管理研究所,碩士論文。
5. 張紅軍,2000,中國上市公司股權結構與公司績效的理論及實證分析,經濟科學,第四期,第34-44頁。
6. 張智明,2001,大陸股市及上市公司股權結構之研究,國立政治大學金融研究所,碩士論文。
7. 戚務君,2011,高等審計學實證視野下的審計研究,台北, 指南出書局出版。
8. 陳光谷,鄭國枝,楊美玲,鍾紹熙,2009,盈餘數字進位與盈餘管理,第5期,第135-157頁。
9. 陳茵琦,2005,機構投資人與公司治理,證卷櫃檯,第111期,第57-68頁。
10. 陳樹,2002,我國企業盈餘操縱問題之誘因、影響與因應對策,第2期,第231-242頁。
11. 葉銀華,李存修,柯承恩,2002,公司治理與評等系統,台北:商智文化出版。


12. Asciouglu, A., Hegde, S. P., Krishnan, G. V., & McDermott J. B.(2012). Earnings management and market liquidity .Jornal of Banking and Finance, 36(2), PP.613-623.
13. Baik, B., & Choi, W.(2010). Managing earnings surprises in Japan:Perspective from main bank relationships and institutional ownership. Journal of Business Financial and Accounting, 37(5), pp 495-517.
14. Ball, P.(1999). The self-made tapestry: Pattern formation in nature, pp.1-287.
15. Basu, S.(1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 24(1), pp.3-37.
16. Bathala, C. T., Moon, K. P., & Rao, R. P.(1994). Managerial ownership, debt policy, and the impact of institutional holdings: An agency perspective. Financial Management, pp.38-50.
17. Beaudoin, C. A.(2008). Earnings Management: The Role of the Agency Problem and Corporate Social Responsibility, pp.1-111.
18. Beaver, W. H.(1998). Financial Reporting: An Accounting Revolution, pp.1-180.
19. Beaver, W. H., & Ryan, S. G.(2000). Biases and lags in book value and their effects on the ability of the bookto-market ratio to predict book return on equity. Journal of Accounting Research, 38 (1), pp.127-148.
20. Beaver, W. H., Ryan, S. G.(2005). Conditional and unconditional conservatism: concepts and modeling. Review of Accounting Studies , pp.269-309.
21. Benford, F.(1938). The Law of Anomalous Numbers. Proceedings of the American Philosophical Society, pp.551-572.
22. Bliss, J. H.(1924). Management through accounts, New York, NY:The Ronald Press Company.
23. Brickley, J. A., Lease, R. C., & Smith, C. W.(1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, pp.267-291.
24. Burstahler, D. & Dichev, L.(1997). Earning management to avoid earnings decreases and loss, Journal of Accounting and Economics, pp.99-126.
25. Bushee, J.(1988). The influence of institution investors on myopic R&D investment behavior,The Accounting Review,73(3), pp.305-333.
26. Campanario, J. M., & Coslado, M. A. (2011). Benford’s law and citations, Articles and impact factors of scientific journals, pp.421–432.
27. Carslaw, C. A. P. N.(1988). Anomalies in income numbers: Evidence of goal oriented behavior. Accounting Review, pp.321-327.
28. Caskey, J, & Laux, V. (2013). Corporate Governance, Accounting Conservatism, and Manipulation, pp.1-36.
29. Chekili, S. (2012). Impact of some governance mechanisms on earnings management: An empirical validation within the tunisian market. Journal of Business, 3(3), PP.95-104.
30. Chen, B., Li, T., & Ning, L.(2012). Accounting stability, Ownership Characteristics and the Effectiveness of Compensation Contract Empirical Study of 2007-2010 China Listed companies, Third International Conference on Digital Manufacturing & Automation, pp.161-166.
31. Chen, J.(2001). Ownership structure as corporate governance mechanism: Evidence from chinese listed companies. Economics of Planning, 34(1), pp.53-72.
32. Cheng, Q., Warfield, T., & Ye, M.(2011). Equity incentives and earnings management evidence from the banking industry. Journal of Accounting, pp.1-45.
33. Chen, Q., Hemmer, T., & Zhang, Y.(2007). On the relation between conservatism in accounting standards and incentives for earnings management. Journal of Accounting Research, 45(3), pp.541-565.Cheng, Q., & Warfield, T. D.(2005).Equity incentives and earnings management. The Accounting Review, pp.441-476.
34. Christopher, J., Skousen, Liming Guan, T Sterling Wetzel (2004) Anomalies and Unusual Patterns in Reported Earnings:Japanese Managers Round Earnings, Journal of International Financial Management and Accounting , 15(3).
35. Chung, R., Firth, M., & Kim, J. B.(2002). Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance, 8(1), pp.29-48.
36. Demirkan, S., &. Demirkan, I.(2010). Strategic Alliance and Employment Contract Designs: The Effect of Industry Life Cycles , Global Economics and Management Review, pp. 1-25.
37. Dunbar, A. E., He, H., Phillips, J. D, & Teitel, K.(2007). AccountingConservatism and Income-Increasing Earnings Management. Working Paper University of Connecticut, pp.1-31.
38. Durtschi, C., Hillison, W., & Pacini, C. (2004). The effective use of Benford’s law to assist in detecting fraud in accounting data. Journal of Forensic Accounting, 5(1), pp.17-34.
39. Dyreng, S. D., Hanlon, M., & Maydew E. L.(2012). Where manage earnings?Review of Accounting Studies,17(3),pp.649-687.
40. El-Gazzar, S. M.(1998). Predisclosure information and institutional ownership: A cross-sectional examination of market revaluations during earnings announcement periods. Accounting Review, pp.119-129.
41. Ewert, R., & Wagenhofer, A.(2011). Earnings quality metrics and what they measure, pp.1-78.
42. Farooq, O., & Jai, H. E.(2012).Ownership Structure and Earnings Management: Evidence from the Casablanca Stock Exchange. International Research Journal of Finance and Economics, pp.95-105.
43. Gabor, A., & Granger C. W. J.(1966), Price as an Indicator of Quality: Report on
An Enquiry,Economica, 33, pp.43-70.
44. Gao, P.(2011). A contracting approach to conservatism and earnings management. Chicago Booth Research Paper,pp.1-34.
45. García Lara, J. M., García Osma, B., & Penalva, F.(2011). Conditional conservatism and cost of capital. Review of Accounting Studies,16(2), pp.247-271.
46. Givoly, D., Hayn, C. K., & Natarajan, A.(2007). Measuring reporting conservatism. The Accounting Review, 82(1),pp.65-106.
47. Gosman, M. L.(1973). Characteristics of firms making accounting changes. The Accounting Review, 48(1), pp.1-11.
48. Graham, J. R., Harvey, C. R., & Rajgopal, S.(2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1),pp.3-73.
49. Guan, L., He, S. D. & Eldowney, J. M.(2008), Window Dressing in Reported Earnings, Commercial Lending Review,23(3),pp.26-30.

50. Guan, L., He, D., & Yang, D.(2006). Auditing, integral approach to quarterly reporting, and cosmetic earnings management. Managerial Auditing Journal, 21(6), pp.569-581.
51. Gunnel, S., & Todter, K. H.(2009). Does Benford’s law hold in economic research and forecasting?Empirica, 36(3),pp.273-292.
52. Hagerman, R. L., & Zmijewski, M. E.(1979). Some economic determinants of accounting policy choice. Journal of Accounting and Economics, 1(2), 141-161.
53. Hamdan, A. M., Abzakh, M. H., & Al-Ataibi, M. H.(2011) Factors Influencing the Level of Accounting Conservatism in the Financial Statements, International Business Research,4(3),pp.145-155.
54. Haferkom, M.(2013) Who Follow Newcomb-Benford’s Law Better with Their Order Volume?Lecture Notes in Business Information Processing,pp.61-70.
55. Hazarika, S. J. ,Karpoff M., & Nahata R.(2012).International Corporate Govermance,CEO Turnover, and Earnings Management. Journal of Finance Economics,104(1), pp.44-69.
56. Henselmann, K., Scherr, E., & Ditter, D. (2012). Applying Benford's Law to Individual Financial Reports: An Empirical Investigation on the Basis of SEC XBRL Filings, pp.1-47.
57. Hill, P. (1995) A statistical Derivation of the Significant-Digit Law, PP.1-21.
58. Holderness, C. G., & Sheehan, D. P.(1988). The role of majority shareholders in publicly held corporations: An exploratory analysis. Journal of Financial Economics, 20, pp.317-346.
59. Holthausen, R. W., & Watts, R. L.(2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31(1), pp.3-75.
60. Hsu, G. C., Kon, P. S.(2005). Does the Presence of institutional investors influence accruls management? Evidence from Australia, Corporate Governance: An International Review,13(6),pp.809-823.
61. Hunton, J. E., Libby, R., & Mazza, C. L.(2006). Financial reporting transparency and earnings management. The Accounting Review, 81(1), pp.135-157.
62. Hunton, J. E., Wright, A. M. & Wright, S.(2004). Are financial auditors overconfident in their ability to assess risks associated with enterprise resource planning systems? Journal of Information Systems, pp.7-28.
63. Hu, N., Li, X., Liu, L., Baolei, Q., & Tian,G. O.(2012). Can Government Policies induce Earnings Management Behavior?-Evidence from Chinese Public Listed,23(3), pp.187-207.
64. Jensen, M. C., & Meckling, W. H.(1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), pp.305-360.
65. Jalil, A. A.(2003).Institutional investors and earnings management:Malaysian evidence. Journal of Financial Reporting and Accounting,8(2), pp.110-127.
66. Jiambalvo, J. S., Rajgopal, & Venkatachalam M.(2002) Institutional Ownership and the Extentto which Stock Prices Reflect Future Earnings.Contemporary Accounting Research, pp.117-145.
67. Jo, H., & Kim, Y.(2007) Disclosure frequency and earnings management. Journal of Financial Economics 84 (2), pp. 561-590.
68. Kangarluei, S. J., & Hesar, B. S.(2012) Does conservatism in financial reporting affect earnings management: An evidence of Iran. African Journal of Business Management, 6(21), pp.6439-6446.

69. Kaplan, S. N., & Reishus, D.(1990) Outside directorships and corporate performance. Journal of Financial Economics, 27(2), pp.389-410.
70. Khan, M., & Watts, R. L.(2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2), pp.132-150.
71. Koh, P. S.(2003) On the association between institutional ownership and aggressive corporate earnings management in Australia. The British Accounting Review, 35(2), pp.105-128.
72. Koh, P. S.(2007). Institutional investor type, earnings management and benchmark beaters. Journal of Accounting and Public Policy, 26(3), pp.267-299.
73. Kothari, S., Loutskina, E., & Nikolaev, V. (2006). Agency theory of overvalued equity as an explanation for the accrual anomaly, pp.1-62.
74. Kumar, R., & Sopariwala, P. R.(1992). The effect of adoption of long-term performance plans on stock prices and accounting numbers. Journal of Financial and Quantitative Analysis, 27(4),pp.561-573.
75. Kury, K. W.(2010) Institutional investor type, earnings management and benchmarck beaters. Journal of Accounting and Public Policy,26(3),pp.267-299.
76. Kwon, S., Yin, Q., & Han. J.(2006). The effect of differential accounting conservatism on the “over-valuation “ of high-tech firms relative to low-tech firms,Review of Quantitative Finance and Accouting,27(2),PP.143-173.
77. LaFond, R., & Watts, R. L.(2008). The information role of conservatism. The Accounting Review, 83(2), pp.447-478.
78. Lambert, R. A., Leuz, C., & Verrecchia, R. E.(2012). Information asymmetry, information precision, and the cost of capital. Review of Finance, 16(1), pp.1-29.

79. Lara, J. M. G., Osma, B. G., Penalva, F.(2012) Accounting conservatism and the limits to earnings management, pp.1-55.
80. Leuz, C., Nanda, D., & Wysocki, P. D.(2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), pp.505-527.
81. Lin, F., Chang, C., & Wu, S.(2009). A study on the relationship between related party transactions and monthly sales in Taiwan’s publicly issued companies. Journal of the Chinese Institute of Industrial Engineers,26(5), pp.337-343.
82. Lin, F., & Hsieh, C. H.(2012) Applying digital analysis to detect fraud: an empirical analysis of US marine industry, Applied Economics, pp.135-140
83. Lobo, G., Parthasarathy, K., & Sivaramakrishnan, S.(2008). Growth, managerial reporting behavior, and accounting conservatism, pp.1-39.
84. Marais, L., Schipper, K., & Smith, A.(1989). Wealth effects of going private for senior securities. Journal of Financial Economics, 23(1), pp.155-191.
85. McConnell, J. J., & Servaes, H.(1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), pp.595-612.
86. Michael, H., Maria G., & Raihan K.(2011). Institutional investoers, shareholder activism, and earnings management.Journal of Business Research,64, pp.1352-1360.
87. Milad, E., Seyedeh M. B. B., Elham, M., & Ali, M. A.(2013). A study on relationship between institutional investors and earnings management: Evidence from the Tehran Stock Exchange.
88. Nigrini, M. J.(1992). The Detection of Income Tax Evasion through an Analysis of Digital Distributions, Ph.D. thesis.Cincinnati, OH:University of Cincinnati.

89. Park, Y. W., & Shin, H. H.(2004). Board composition and earnings management in canada. Journal of Corporate Finance, 10(3), pp.431-457.
90. Piltan, F., Salehi, A., Jalali, A., Zare, A., Zare, M., & Golshan, F.(2011) Design sliding mode controller for robot manipulator with artificial tunable gain. Canadian Journal of Pure and Applied Science, 5(2), pp.1573-1579.
91. Posch, P. N., & Kreiner, W. A. (2006) Analysing digits for portfolio formation and index tracking. Journal of Asset Management, 7(1), pp.69-80.
92. Pound, J.(1988). Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 20, pp.237-265.
93. Qi, D., Wu, W., & Zhang, H.(2000). Shareholding structure and corporate performance of partially privatized firms: Evidence from listed chinese companies. Pacific-Basin Finance Journal, 8(5), pp.587-610.
94. Quick, R.,. & Wolz, M.(2005). Benford's law in German Financial Statements, Finance India, 19(4), pp.1285-1302.
95. Rahnamay. F. R. & Nabavi C. S. A.(2011). The impact of corporate governance mechanisms on earnings management, African Journal of Business Management ,5(11), pp.4143-4151.
96. Raith, M. (2009). An agency theory of conservative accrual accounting, pp.1-37.
97. Rauch, B., Gottsche, M. & Langenegger, S.(2013) Detecting Problems in Military Expenditure. Data Using Digital Analysis.Defence and Peace Ecnomics, 204(5), pp.1-16.
98. Rodriguez, R. J.(2004). First significant digit patterns from mixtures of uniform distributions. The American Statistician, 58(1), pp.64-71.
99. Ronen, J., & Yaari, V. L.(2008). Earnings Management: Emerging Insights in Theory, Practice, and Research.
100. Rosch, E.(1975). Cognitive reference points. Cognitive Psychology, 7(4),pp. 532-547.
101. Roychowdhury, S., & Watts, R. L.(2007). Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting. Journal of Accounting and Economics, 44(1), pp.2-31.
102. Salehi, M., Hematfar, M., & Heydari, A.(2011).A study of the relationship between institutional investors and corporate value: empirical evidence of Iran, Middle-East Journal of Scientific Research ,8(1),pp.72-76.
103. Shackelford, D. A., & Shevlin, T. (2001) Empirical tax research in accounting. Journal of Accounting and Economics, 31(1), pp.321-387.
104. Shengmin, Z., & Wenchao, W.(2010) Does Chinese stock indices agree with Benford’s law?International Conference on Management and Service Science, Steven, H.(1993) The Effect of a Large Shareholder on Corporate Value.Management Science, 39(11), pp.1407–1421.
105. Sun, Y., Xu, W.(2012) The role of accounting conservatism in management forecast bias, Journal of Contemporary Accounting & Economics, pp.64–77.
106. Suzan A., Al-Badainah, J. & Serdaneh, J. A.(2012). The Level of Conservatism in Accounting Policies and Its Effect on Earnings Management, International Journal of Economics and Finance,4(6),pp.78-85.
107. Tate, W. L., Ellram, L. M., Bals, L., Hartmann, E., & Valk W.(2010) An Agency Theory Perspective on the purchase of marketing services. Industrial Marketing Management, pp.806-819.
108. VanCaneghem, T.(2004) The impact of audit quality on earnings rounding-up behaviour: Some UK evidence. European Accounting Review, 13(4), 771-786.

109. Watts, R. (2003a). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons, pp.207–221.
110. Watts, R. (2003b). Conservatism in Accounting Part II: Evidence and Research Opportunities. Accounting Horizons, pp. 287–301.
111. Watts, R. L., & Zimmerman, J. L.(1990). Positive accounting theory: A ten year perspective. Accounting Review , pp.131-156.
112. Wen, Y., & Zhang, R.(2012). Institutional investors and management by bank holding companies. Midwest Finanace Association 2013 Annual Meeting Paper, pp.1-30.
113. Xiong, Y.(2006). Earnings management and its measurement: A theoretical perspective. Journal of American Academy of Busines ,9 (1), pp.214-219.
114. Xu, X., Scott-Scheiern, T., Kempker, L. & Simons K.(2007) Active avoidanceconditioning in zebrafish (Danio rerio). Neurobiol. Learn. Mem, pp.72-77.
115. Xu, X., & Wang, Y.(1999). Ownership structure and corporate governance in chinese stock companies. China Economic Review, 10(1), pp.75-98.
116. Zgela, M., & Dobsa, J.(2011) Analysis of top 500 central and East European companies net income Using Benfors’s law.Journal of Information and Organizational Sciences,35(2), 215-228.
論文全文使用權限:不同意授權