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論文中文名稱:盈餘管理和衍生性金融商品 對外匯曝險之影響 [以論文名稱查詢館藏系統]
論文英文名稱:The Impact of Earnings Management and Derivatives on the Exchange Risk Exposure [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:103
畢業學期:第二學期
中文姓名:林玉惠
英文姓名:Yu Hui Lin
研究生學號:102578041
學位類別:碩士
口試日期:2015/05/11
指導教授中文名:林鳳儀
口試委員中文名:葉金成;林禹銘
中文關鍵詞:外匯曝險實質盈餘管理應計項目盈餘管理衍生性金融商品
英文關鍵詞:exchange risk exposureaccrual earnings managementreal earnings managementderivatives
論文中文摘要:國際間之貿易逐年上升,匯率之波動影響企業之營收,企業會藉著盈餘管理與衍生性金融商品來降低匯率之波動,過去研究皆指出應計項目盈餘管理及實質盈餘管理與衍生性金融商品對於外匯曝險而言具有一定的相關性,且由於過去大多採用應計項目盈餘管理與衍生性金融商品來衡量外匯曝險,本研究除應計項目外再增加實質盈餘管理變數,將盈餘管理動機分成盈餘平穩化及規避盈餘損失來探討應計項目盈餘管理及實質盈餘管理與衍生性金融商品是否對外匯曝險產生影響,並且加入外銷值當調節效果,探討外銷值是否會影響盈餘管理及衍生性金融商品與外匯曝險之關係。實證結果顯示異常處分資產利得、衍生性金融商品、盈餘平穩化及規避盈餘損失對外匯曝險而言存在負向關係,盈餘平穩化及衍生性金融商品會受外銷影響使外匯曝險程度存在負向關係減少。
論文英文摘要:With the rise of international trade every year, exchange rate fluctuations affect revenues; firms will adopt earnings management and derivatives to reduce exchange rate volatility. The previous research used accruals earnings management and derivative to measure exchange risk exposures. This study used accruals earnings management and added real earnings management. Earnings management motive will be divided into income-smoothing earnings management and small loss aversion earnings management. This research wants to study the accruals earnings management, real earnings management and derivative for the exchange risk exposure. Afterwards, the added export value for conditioning effect, wants to explore whether the export value will affect earnings management and derivatives for the exchange risk exposure. The results show that earnings management abnormal gains on disposal of assets and derivatives income-smoothing earnings management, small loss aversion earnings management, there will be a negative relationship between exchange risk exposures. Income- smoothing earnings management and derivatives will be affected by the export of foreign currency exposure so that the degree of risk will be negative relationship reduce.
論文目次:摘要 i
Abstract ii
致謝 iii
目錄 iv
表目錄 vi
圖目錄 vii
第一章 緒論 1
1.1研究動機 1
1.2研究目的 6
1.3研究流程 6
第二章 文獻回顧 9
2.1引言 9
2.2外匯曝險 9
2.2.1外匯曝險定義 9
2.2.2外匯曝險衡量 11
2.3盈餘管理 14
2.3.1盈餘管理定義 14
2.3.2盈餘管理衡量 15
2.3.3盈餘管理動機 18
2.4衍生性金融商品 21
2.5外匯曝險相關研究 22
2.5.1盈餘管理與外匯曝險 22
2.5.2衍生性金融商品與外匯曝險 24
第三章 研究假設與方法 26
3.1引言 26
3.2假設建立 26
3.2.1盈餘管理方法與外匯曝險 26
3.2.2衍生性金融商品與外匯曝險 27
3.2.3盈餘管理動機與外匯曝險 28
3.2.4外銷之調節效果 28
3.3研究方法 29
3.3.1樣本與資料來源 29
3.3.2研究變數 30
3.3.3 研究模型 38
3.4總結 42
第四章 實證結果與分析 44
4.1 敘述性統計分析 44
4.2 相關係數分析 46
4.3盈餘管理和衍生性金融商品與外匯曝險關聯性 48
4.3.1全樣本分析 48
4.3.2臺灣五十樣本分析 51
4.3.3非臺灣五十樣本分析 55
4.4外銷之調節效果分析 58
4.4.1全樣本 58
4.4.2臺灣五十 62
4.4.3非臺灣五十 65
第五章 結論與建議 70
5.1研究結論 70
5.2後續研究建議 72
參考文獻 73
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