投資人情緒與盈餘管理之關聯性分析

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姓名

劉伊真(Yi-chen Liu) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

投資人情緒與盈餘管理之關聯性分析
(Investor Sentiment and Earnings Management)

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摘要(中)

本研究探討投資人情緒與盈餘管理之間的關係，以台灣上市(櫃)公司為研究對象，樣本期間為2001年至2010年。過去的研究多探討投資人情緒會影響公司不同的財務和投資活動，較少探討投資人情緒變數是否會影響盈餘管理。有別於過去學者研究，本研究主要探討投資人情緒與盈餘管理的關係，並以不同的應計項目去衡量對盈餘管理的方法下，去衡量公司盈餘管理之行為。
實證結果顯示，在不同的應計項目去衡量對盈餘管理的方法下，當投資人情緒愈高，總應計項目愈高，盈餘管理愈高，即公司愈會去進行盈餘管理之行為，當投資人情緒愈低，總應計項目愈低，盈餘管理愈低，即公司愈不會去進行盈餘管理之行為；當投資人情緒愈高，裁量性應計項目愈高，盈餘管理愈高，即公司愈會去進行盈餘管理之行為，當投資人情緒愈低，裁量性應計項目愈低，盈餘管理愈低，即公司愈不會去進行盈餘管理之行為。本研究進一步測試分析，盈餘管理的方向不同是否與投資人情緒有關，實證結果顯示，投資人情緒愈高，裁量性應計項目正值越大，愈會利用正總應計項目來操縱盈餘，即公司將盈餘向上來操縱；投資人情緒愈高，裁量性應計項目負值越小，即公司將盈餘向上操縱；綜上所述，投資人情緒會影響公司進行盈餘管理的行為，且亦會影響公司盈餘管理的方向。

摘要(英)

This study investigates the relation between investor sentiment and earnings management. While prior research suggests that investor sentiment influences various corporate financing and investment activities, limited empirical evidence exists on the influence of investor sentiment on earnings management. We extend this research by examining the relation between investor sentiment and earnings management, and also estimated earnings management in two different accruals ways.
From the empirical study, we find that managers’ propensity to manage earnings increases with the level of investor sentiment. During high-sentiment periods, total accruals are greater, manager tend to manage earnings. And during high-sentiment periods, discretionary accruals are greater, manager tend to manage earnings. Additional analyses indicate that the association between investor sentiment and the direction of earnings. We find that, during high-sentiment periods, the positive of discretionary accruals are greater, manager tend to more income-increasing accruals.

關鍵字(中)

★ 應計項目
★ 盈餘管理
★ 投資人情緒
★ 消費者信心指數

關鍵字(英)

★ Accruals
★ Earnings management
★ Consumer Confidence Index
★ Investor sentiment

論文目次

目錄
中文摘要 i
ABSTRACT ii
謝辭 iii
目錄 iv
表目錄 vi
第一章緒論 1
1.1 研究背景 1
1.2 研究目的與動機 2
第二章文獻回顧 4
2.1 投資人情緒相關文獻 4
2.2 盈餘管理相關文獻 5
2.3 投資人情緒與盈餘管理相關文獻 8
第三章假說發展 9
3.1 投資人情緒對盈餘管理之影響 9
第四章研究設計 12
4.1 主要研究變數之衡量 12
4.2 實證模型 16
第五章選樣與敘述統計 18
5.1 選樣 18
5.2 敘述統計 18
第六章實證結果分析 23
6.1 投資人情緒對盈餘管理之影響 23
6.2 投資人情緒對盈餘管理之影響-以盈餘操縱方向分組 25
第七章額外測試 28
7.1 消費者信心指數變動數對盈餘操縱方向之影響 28
第八章結論 31
參考文獻 33

參考文獻

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指導教授

曹壽民、李憶萱

審核日期

2012-7-6

推文