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論文中文名稱:運用位數分析探討台灣與美國股市美化盈餘管理行為-機構投資人之角色 [以論文名稱查詢館藏系統]
論文英文名稱:Applying digit analysis to investigate the cosmetic earnings management behavior on Taiwan and United States stock markets: the role of institutional investors [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:工商管理研究所
畢業學年度:102
出版年度:103
中文姓名:吳勝富
英文姓名:Sheng-Fu Wu
研究生學號:99749010
學位類別:博士
語文別:中文
口試日期:2014-06-27
論文頁數:86
指導教授中文名:林鳳儀
口試委員中文名:葉金成;胡均立;汪進揚;葉清江;陳國樑
中文關鍵詞:美化盈餘管理班佛法則機構投資人位數分析
英文關鍵詞:Cosmetic Earnings ManagementBenford’s LawInstitutional InvestorDigit Analysis
論文中文摘要:本研究針對台灣與美國股票市場進行分析,探討在不同發展程度市場中機構投資人持股高低在影響企業美化盈餘管理的行為中所扮演之角色,運用班佛法則,分析2001至2013年台灣45,041筆、美國62,734筆正稅後淨利數據,研究發現無論成熟市場或是新興市場,企業管理者從事美化盈餘管理的行為均存在,台灣與美國股票市場每季均呈現顯著偏離的情形,但美國與台灣有明顯的不同,台灣企業以第四季偏離最為嚴重,而美國企業第四季偏離程度反而減少。
此外,本研究探討不同多空走勢市場、不同企業規模、不同公司控制型態、不同股權結構與不同經營績效下,機構投資人持股高低對企業美化盈餘管理行為的影響。研究發現機構投資人在不同股票市場上扮演角色可能有所差異,對成熟市場而言(如美國),機構投資人對美化盈餘管理行為具有一定避免或減少管理者操弄盈餘數據之效果,相對而言,機構投資人在新興市場(如台灣)扮演的角色則不太一致。本研究進一步探討外資持股比例對於台灣企業美化盈餘管理之影響,發現外資法人對管理者之盈餘管理行為較具有抑制效果,顯示在台灣股市的機構投資人中,外資法人擔任企業外部監督的一個重要角色。研究結果可有助於強化盈餘管理與機構投資人相關文獻之實證證據,並可做為有關部門未來制定相關規範之參考。
論文英文摘要:This study investigates the role of institutional investors on cosmetic earnings management on Taiwan and United States stock markets respectively. Using Benford's Law, the analysis employs 45,041 and 62,734 positive earnings observations for all publicly listed US and Taiwan companies from 2001 to 2013, respectively. The empirical results show that, regardless of Taiwan and United States stock markets, the phenomenon of cosmetic earnings management exits. Moreover, this study investigates the role of institutional investors on cosmetic earnings management on bull market or bear market, scale enterprises, control types, ownership structure and operating performance. This result demonstrates that U.S. institutional investors play an important role in reducing the cosmetic earnings management behavior. However, the role of Taiwan's institutional investors is not consistent.
Furthermore, we investigate the influence of foreign ownership on cosmetic earnings management on Taiwan stock markets. Finding that foreign ownership have an inhibitory effect on earnings management. The results strengthen the empirical evidence of cosmetic earnings management and institutional investors. The results can be used as a reference for investors and regulatory agencies.
論文目次:摘 要 I
ABSTRACT II
誌 謝 III
目錄 IV
表目錄 VI
圖目錄 VIII
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 7
1.3 論文結構 8
第二章 文獻探討 9
2.1代理理論與資訊不對稱 9
2.2盈餘管理 10
2.3機構投資人與盈餘管理 13
2.4盈餘管理與其他因素 17
2.4.1多空市場走勢與盈餘管理 17
2.4.2企業規模與盈餘管理 19
2.4.3公司控制型態與盈餘管理 19
2.4.4股權結構與盈餘管理 21
2.5班佛法則與盈餘管理 24
第三章 研究方法 27
3.1研究假說 27
3.2資料來源 30
3.3 變數定義與衡量 32
3.4 資料分析方法 34
3.4.1班佛法則 34
3.4.2 Kolmogorov-Smirnov適合度檢定 36
3.4.3 Z值檢定 37
第四章 實證結果 38
4.1整體股票市場美化盈餘管理行為分析 38
4.2機構投資人持股分析 42
4.2.1整體機構投資人持股分析 42
4.2.2不同多空環境下,機構投資人持股分析 44
4.2.3不同公司規模下,機構投資人持股分析 47
4.2.4不同控制型態下,機構投資人持股分析 50
4.2.5不同股權結構下,機構投資人持股分析 54
4.2.6不同企業經營績效下,機構投資人持股分析 57
4.3額外分析 60
4.3.1整體外資持股分析 60
4.3.2不同多空環境下,外資持股分析 63
4.3.3不同公司規模下,外資持股分析 63
4.3.4不同控制型態下,外資持股分析 66
4.3.5不同股權結構下,外資持股分析 66
4.3.6不同企業經營績效下,外資持股分析 69
第五章 結論與建議 72
5.1研究結論 72
5.2研究建議 74
5.3研究限制 75
參考文獻 76
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