會計保守性與股權結構

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姓名

葉容(Jung Yeh) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

會計保守性與股權結構
(Conservatism and ownership structure)

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摘要(中)

本研究主要針對1998年至2009年間，處於新興國家之中的台灣企業，其股權結構與會計保守性之間的關係。本文分別以現金流量權、控制權與股權偏離程度作為股權結構的替代變數，並且各別對Beaver and Ryan(2000)的市場基礎型、Givoly and Hayn(2000)的應計基礎型及Basu(1997)的盈餘對好壞消息不對稱反應三種衡量方法進行迴歸分析，衡量股權結構對會計保守性的影響。
實證結果與預期假說一致，當控制股東現金流量權越大，控制股東持股越多與小股東之間的利益衝突較小，剝削小股東的動機降低，不需要隱藏私有利得，此外，控制股東會較重視聲譽也比較在乎長期公司價值而非短期的股票利益，因此較有意願採用保守會計。相反的，當控制股東控制權或股權偏離程度越大，控制股東會以個人利益為優先，剝削小股東的動機增加，並且可能會採用NPV小於零的投資計畫，為了隱匿私有利得並且避免NPV為負的投資計畫提前曝光，較不願意採用保守會計。

摘要(英)

The main purpose of this research is to study the relationship between the ownership structure and accounting conservatism in emerging market of Taiwanese firms, from 1998 to 2009. Following the regression model by Beaver and Ryan (2000), Givoly and Hayn (2000) and Basu (1997), we measure the impact of accounting conservatism and cash flow right, voting rights and divergence of the voting rights from cash flow rights. The evidence is consistent with the prediction, and we deduce that the firms tend to adopt more conservative accounting when the conflicts between controlling owners and minority shareholders are mitigated through greater cash flow rights owned by controlling owners. On the other hand, the firms tend to adopt less conservative accounting when the conflicts between controlling owners and minority shareholders arise from greater voting rights and divergence of the voting rights from cash flow rights.

關鍵字(中)

★ 股權結構
★ 現金流量權
★ 控制權
★ 股權偏離程度
★ 會計保守性

關鍵字(英)

★ Ownership structure
★ Accounting conservatism
★ Cash flow rights
★ Voting rights
★ Divergence of the voting rights and cash flow rights

論文目次

中文摘要...................................................I
ABSTRACT.................................................II
目錄 ……………………………………………………………………… III
表目錄.................................................V
第一章緒論...............................................1
第二章文獻探討 ...........................................4
2.1 保守會計以及對代理問題的影響..........................4
2.2 台灣股權結構延伸相關代理問題..........................6
第三章假說發展............................................8
3.1 現金流量權與會計保守性之間的關係.......................9
3.2 控制權或股權偏離程度與會計保守性之間的關係.............10
第四章研究設計...........................................11
4.1 保守會計三種衡量方法................................11
4.1.1 Beaver and Ryan(2000)：以市場為基礎的會計保守性衡量法(CONMKT)..................................................11
4.1.2 Givoly and Hayn(2000)：以應計項為基礎的保守會計衡量法(CONACC)..................................................12
4.1.3 Basu(1997)：盈餘對好壞消息不對稱反應衡量法(NI)........12
4.2 股權結構的衡量方式 ..................................13
4.3 實證模型與變數定義 ..................................14
4.4 資料來源與樣本選取 ..................................17
第五章實證結果與分析.....................................19
5.1 樣本敘述性統計與相關係數分析.........................19
5.2 實證模型分析.......................................23
5.2.1 迴歸結果：市場基礎衡量會計保守性(CONMKT)..............23
5.2.2 迴歸結果：應計基礎衡量會計保守性(CONACC)..............27
5.2.3 迴歸結果：盈餘對好壞消息不對稱反應衡量會計保守性(NI)....31
第六章結論..............................................35
文獻參考 ..................................................37

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指導教授

曹壽民

審核日期

2012-10-30

推文