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| 研究生： |
陳軒晟 Chen, Shiuan-Cheng |
|---|---|
| 論文名稱： |
實質與應計基礎盈餘管理 : 權益性薪酬與市場評價的影響 Real and Accrual-based earnings management: Impact of equity compensation and market pricing |
| 指導教授： |
黎明淵
Li, Ming-Yuan Leon |
| 學位類別： |
碩士 Master |
| 系所名稱： |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
| 論文出版年： | 2014 |
| 畢業學年度： | 102 |
| 語文別： | 英文 |
| 論文頁數： | 42 |
| 中文關鍵詞： | 應計盈餘管理 、實質盈餘管理 、Jones model 、modified Jones model 、股票報酬 、Panel regression |
| 外文關鍵詞： | accrual-based earnings management, real earnings management, Jones model, modified Jones model, stock return, Panel regression |
| 相關次數： | 點閱：172 下載：4 |
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本篇研究探討權益性薪酬對盈餘管理的影響及盈餘管理對市場評價的關係，我們將盈餘管理區分為應計基礎盈餘管理以及實質盈餘管理來分析，由於本研究資料涵蓋橫斷面及縱斷面，因此我們採用panel regression 來分析，再分析完權益性薪酬對盈餘管理的影響後，我們進一步分析市場對盈餘管理的反應。本研究的樣本涵蓋全美國2005年至2012年非金融業公司，在刪除完缺漏值後所得到的總公司家數為1,089家，樣本數共6,097筆年資料。實證結果顯示，權益性薪酬對於應計基礎盈餘管理以及實質盈餘管理有顯著正向關係，這結果顯示經理人在被給付高額權益型薪酬時會傾向使用應計基礎盈餘管理或實質盈餘管理來增加他們的收益。接著，我們進一步檢驗兩種不同盈餘管理方式和股價年報酬率的關係，實證結果顯示，應計基礎盈餘管理對於股價年報酬率呈負相關，但實質盈餘管理卻和股價年報酬率為正向關係，這結果顯示出投資人對於對於不同的盈餘管理方式有不同的市場反應。
The research examines the association between equity compensation and earnings management and the relation between earnings management and market pricing. We divide earnings management into accrual-based earnings management and real earnings management. Because our sample consists of cross-sectional and time-series data, we use a panel regression model to analyze it. After investigating the association between equity compensation and earnings management, we further examine the relation between earnings management and market pricing. Our sample consists of 1,089 U.S. non-financial firms and 6,097 firm-year observations from 2005 to 2012. The empirical results show that there is a positive relation between equity compensation and earnings management, including both accrual-based earnings management and real earnings management. In other words, this means when managers are given a high proportion of equity compensation, they tend to use either accrual-based earnings management or real earnings management to increase their additional compensation. We further examine the relation between earnings management and annual stock return. The results show accrual-based earnings management to be negatively related to the annual stock return. However, real earnings management is positively related to annual stock return. These results show that there are different market reactions when managers use different types of earnings management.
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校內：2019-08-20公開校外：2019-08-20公開