盈餘品質與企業創新策略
摘要
本研究旨在探討盈餘管理如何影響企業創新策略以及其對企業價值之影響。過去研究指出企業的會計資訊品質會影響企業的投資效率。由於會計資訊品質可以有效降低企業與投資人間資訊不對稱的問題。特別是專利權投資對未來營收及企業成長的不確定性，更需要企業提供良好會計資訊品質。而盈餘品質是主要影響會計資訊品質的因素。因此，盈餘品質可能會導致企業是否能夠有效率地進行專利權的投資。再者，過去研究指出，實質盈餘管理與應計項目盈餘管理對現金流量有著不一致的影響。當企業現金流量不穩定時，可能無法支援企業投資內部研發活動，因為該活動需要有穩定的現金流量投入。過去研究中，僅探討實質盈餘管理如何影響企業投資效率性。本研究進一步探討不一樣的盈餘管理方式是否會影響企業內部自主研發活動或取得外部專利權的策略。再進一步檢視兩者專利權活動對企業價值的影響。本研究的結果亦指出不同的盈餘管理的確會影響企業創新策略以及其經濟後果。

Earnings Quality and Innovation Strategies
Abstract
This paper examines how earnings quality affects innovation strategies and their economic consequences. Previous literatures document that accounting information quality improves investment efficiency, because it reduces information asymmetry between firms and investors. Earnings management mainly affects accounting information quality. Innovation comes up with high uncertainty of future revenue and growth. Therefore, accounting information quality will play an important role on reducing information asymmetry when managers consider patent investment strategies. However, different earnings management methods have different impacts on cash flow volatility. When firms have more real earnings management activities, the cash flow volatility of firms will higher than those with less real earnings management. In contrast, conducting accrual earnings management mainly affects the reporting earnings instead of cash flow volatility. Previous literatures only examine how accrual earnings management affects investment efficiency. In-house patenting activities need consistently financial support. In contrast, patent purchasing activities need one-time financial support. Therefore, firms with high volatile cash flow have difficulty to invest in-house patenting activities. This paper tries to examine how real earnings management and accrual earnings management affect patent investment strategies and how these two earnings management strategies and patent investment strategies simultaneously affect firms’ value. Our findings support our arguments and indicate that different earnings management strategies have different impact on the innovation strategies and economic consequences.

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