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論文中文名稱:財務避險下風險管理、盈餘管理對企業價值的影響:以台灣電子業上市公司為例 [以論文名稱查詢館藏系統]
論文英文名稱:Under the Impact of Financial Hedging Risk Management, Earnings Management to Firm Value:Evidence of Listed Electronic Companies in Taiwan [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:宋燕青
英文姓名:Yan-Ching Sung
研究生學號:101578039
學位類別:碩士
語文別:中文
口試日期:2014-06-12
論文頁數:82
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:王維康;黃俊閎
中文關鍵詞:財務避險匯率風險的暴露資訊不對稱成長機會裁決性應計項目
英文關鍵詞:Financial HedgingCurrency Risk ExposureInformation AsymmetryGrowth OpportunitiesDiscretionary Accruals
論文中文摘要:台灣電子業易受匯率風險暴露的影響,是以匯兌風險控管的良莠可能影響其盈虧,進而影響其企業價值的可能性。本研究的主題分成兩個部分,一方面探討財務避險之於風險管理對於企業價值的影響,另一方面探討財務避險之於盈餘管理對於企業價值的影響。實證結果發現企業在越高的匯率風險暴露程度或在越高的成長機會之下,可增加財務避險對於企業價值的影響;此外,管理當局在選擇盈餘管理的工具時,會考量工具之間的相對風險、成本及效用,使用較多的衍生性金融商品則會傾向操縱較少的裁決性應計項目,表示此兩種盈餘操作工具之間為替代關係。
論文英文摘要:Taiwan's electronics industry vulnerable to exchange rate risk exposure, the possibility of foreign exchange risk management is good and bad could affect its profit and loss, thereby affecting its enterprise value is based. The theme of this study is divided into two parts, one to explore the impact of the enterprise value of financial hedging on risk management, on the other hand explore the financial risk management in the earnings impact of the enterprise value. Empirical results show that enterprises in the higher exchange rate risk exposure or under the higher growth opportunities, increase the financial risk for the enterprise value of the impact; addition, authorities in the choice of earnings management tool, the tool will be considered between relative risk, cost and effectiveness, the use of more financial derivatives is less tendency to manipulate discretionary accruals, which means that the operating surplus between these two instruments are substitutes.
論文目次:摘 要 i
ABSTRACT ii
誌 謝 iii
目 錄 iv
表目錄 vi
圖目錄 vii
第一章 緒論 1
1.1 研究背景 1
1.2 研究動機 2
1.3 研究目的 4
1.4 研究範圍 5
1.5 研究流程 7
第二章 文獻探討 8
2.1 財務避險 8
2.2 影響財務避險之決定因素 10
2.2.1 財務危機成本 10
2.2.2 代理成本 11
2.2.3 公司規模 12
2.2.4 其他避險替代工具 13
2.2.5 預期稅負 14
2.2.6 匯率風險的暴露 16
2.2.7 資訊不對稱 17
2.2.8 成長機會 18
2.2.9 小結 20
2.3 裁決性應計項目 20
2.4 企業價值 23
2.4.1 財務避險之企業價值 23
2.4.2 盈餘管理之企業價值 25
第三章 研究設計 27
3.1 研究假說與模型 27
3.2 研究架構 33
3.3 資料蒐集與樣本選取 35
3.4 研究變數定義 40
3.5 研究方法 43
3.5.1 敘述性統計 44
3.5.2 皮爾森相關檢定 44
3.5.3 獨立樣本差異性檢定 44
3.5.4 廣義估計模型分析 45
第四章 實證結果與分析 49
4.1 基本資料分析 49
4.2 實證結果分析 54
4.3 穩健性測試 59
第五章 結論 63
參考文獻 66
附錄 樣本配對比率1:2之實證結果 77
論文參考文獻:一、中文部分
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