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研究生： 周芝帆
Chou, Chih-Fan
論文名稱： 出售固定資產會計資訊的價值攸關性:以台灣上市櫃公司為例
The value relevance of selling fixed assets accounting information: Evidence from Taiwan Publicly Listed and OTC Companies
指導教授： 楊朝旭
Yang, Chao-Hsu
學位類別： 碩士
Master
系所名稱： 管理學院 - 會計學系
Department of Accountancy
論文出版年： 2014
畢業學年度： 102
語文別： 英文
論文頁數： 60
中文關鍵詞： 出售總部與土地 、價值攸關性 、盈餘管理
外文關鍵詞： sale of headquarters and lands, value relevance, earnings management
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    • 本研究之目的是探討具有大額負盈餘的企業，是否會利用出售總部大樓與土地進行盈餘管理。我們以台灣2000-2010間上市櫃公司做為樣本，實證結果顯示當企業出售前的盈餘為大額負盈餘，與出售總部大樓和土地呈現正向的關連。此外我們也探討出售總部大樓與土地的價值攸關性。實證結果發現，若出售的公司出售前盈餘為大額負盈餘，企業為了進行盈餘管理而出售總部與土地，則會與短期股價呈現負向相關。最後，本研究探討出為了進行盈餘管理而售總部與土地的企業，在出售後對於長期經營績效的影響。實證結果顯示，出售後對經營績效並沒有顯著的影響。

    The purpose of this study is to investigate whether the firm with big negative earnings will sell the headquarters and lands for earnings management purpose. Using a sample of Taiwan publicly listed and OTC companies over the period of 2000-2010, the result shows that firms with big negative earnings will manipulate earnings to achieve the zero earnings benchmark through the sale of the headquarters or land. In addition, we also examine the value relevance of the earnings management by selling headquarters and lands. The result indicates that firms with big negative earnings selling the headquarters and lands will have a negative impact on stock price. Finally, we also test whether the selling headquarters and lands for earnings management purpose will impact a firm’s future performance. The result indicates that the manipulating earnings by selling headquarters and lands insignificantly associates with a firm’s future performance.

    1. INTRODUCTION 1 1.1 The Background and Motivate of this Study 1 1.2 The Framework of this Study 6 2. LITERATURE REVIEW 7 2.1 The Motivation of Assets Deposal Decision 7 2.1.1 For Financial or Economic Factors 7 2.1.2 For Earnings Management 8 2.1.3 For Operational Considerations 9 2.2 The Effect of the Significant Information Decision 9 2.2.1 The Effect on a Firm Financial Decisions 10 2.2.2 The Effect on Asset Disposal Decisions 11 2.3 The Relationship between Asset-related Decisions and Firm Performance 12 3. HYPOTHESES DEVELOPMENT AND RESEARCH DESIGN 14 3.1 Hypotheses Development 14 3.1.1 Earnings Management and Selling Headquarters or Lands 14 3.1.2 The Relationship between Selling Headquarters or Lands and a Firm’s Market Value 16 3.1.3 The Relationship between Selling Headquarters or Lands and a Firm’s Long-term Performance 17 3.2 Research Design 19 3.2.1 The Research Design of H1 19 3.2.2 The Research Design of H2 22 3.2.3 The Research Design of H3 27 3.2.4 Data Selection 30 4. EMPIRICAL RESULT AND ANALYSES 31 4.1 Empirical Result of Hypothesis 1(H1) 31 4.1.1 Descriptive Statistic of Hypothesis 1(H1) 31 4.1.2 Correlation Analysis of Hypothesis 1(H1) 32 4.1.3 Multiple Regression Analysis of Hypothesis 1 (H1) 34 4.2 Empirical Result of Hypothesis 2(H2) 37 4.2.1 Descriptive Statistic of Hypothesis 2(H2) 37 4.2.2 Correlation Analysis of Hypothesis 2(H2) 37 4.2.3 Multiple Regression Analysis of Hypothesis 2 (H2) 40 4.3 Empirical Result of Hypothesis 3(H3) 41 4.3.1 Descriptive Statistic of Hypothesis 3(H3) 41 4.3.2 Correlation Analysis of Hypothesis 3(H3) 43 4.3.3 Multiple Regression Analysis of Hypothesis 3 (H3) 45 4.4 Additional Tests and Analyses 49 4.4.1 Taking the Positive Sample on Sale Profits for Running Three Models 49 4.4.2 Other Long-term Performance Measures for Hypothesis 3 51 5. SUMMARY AND CONCLUSIONS 53 5.1 The Conclusions of this Study 53 5.2 The Contribution of this Study 54 5.3 The Limitations of this Study 54 REFERENCES 56

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