博碩士論文 954208007 詳細資訊




以作者查詢圖書館館藏 以作者查詢臺灣博碩士 以作者查詢全國書目 勘誤回報 、線上人數:9 、訪客IP:3.235.30.155
姓名 張儀文(Yi-Wen Chang)  查詢紙本館藏   畢業系所 財務金融學系
論文名稱 證券法規對盈餘管理行為之影響:以中國上市公司為例
(Earnings Management Behavior and Security Regulations: Evidence from Chinese listed firms)
相關論文
★ 金融商品會計對資訊攸關影響之探討★ 建築業財務報表之剖析
★ 跨國企業重複課稅與租稅規劃★ 從美國銀行之財務面分析次級房貸之影響
★ 系統整合業之再造-以C公司個案為例★ 被忽略公司分析師盈餘預測行為之研究
★ 商業銀行競爭對分析師行為之影響★ 公平揭露法案對被忽略公司的影響
★ 分析師股票推薦行為與投資人反應─從公平揭露法案探討★ 盈餘管理與增發新股公司之營業績效:以中國上市公司為例
★ 承銷業務對證券分析師盈餘預測之影響★ 經紀業務對分析師盈餘預測影響
★ 領導者或追隨者:被忽略公司分析師盈 餘預測行為之研究★ 合併報表與母公司財務報表差異對投資人之影響
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   至系統瀏覽論文 ( 永不開放)
摘要(中) 本研究探討配股法規的改變對申請配股公司盈餘管理方式之影響,並進一步檢視中國上市公司配股後之營運績效。本研究亦檢視申請配股成功公司與失敗公司於申請後之營運績效表現,以探討中國證監會篩選申請配股公司的能力是否逐年提昇。現有文獻缺少探討2001年中國配股新法規之後,申請配股公司之盈餘管理及其營運績效,亦缺少探討2001年配股新法規通過後,中國證監會監督及篩選申請公司之能力。因此,本研究按新法規變革分成三個期間,以檢視其申請配股公司盈餘管理及其營運績效。
實證結果顯示,主營業利潤低之配股公司,於發行配股後之營運績效顯著低於配對公司,而主營業利潤高之配股公司,於發行配股後之營運績效與配對公司並無顯著差異。此外,證券法規對公司的盈餘管理方式有所影響。藉由比較申請配股成功公司與失敗公司,本研究發現在1998與1999-2000這兩個區間,中國證監會監督能力提昇。然而在2001年法規要求變得更加嚴峻後,中國上市公司盈餘管理方式改變,使得中國證監會拒絕部份體質良好的公司,因此,失敗公司的營運績效反而優於申請成功公司,其實證結果顯示中國證監會監督能力降低。
摘要(英) The objective of this study is to examine whether the rights offerings firms with low (high) profits from main operations may underperform (outperform) the matched firms. Because the regulations have tremendous influence on the earnings management behaviors, we conjecture that changes on rights offerings regulations will affect firms’ earnings management devices. In this study, we will examine whether the Chinese regulators’ ability to scrutinize firms continue to improve over time, especially after the change of rights offering regulation in 2001. Finally, we investigate the operating performance between firms obtaining rights offerings and firms applying for but failing to receive the approval.
The empirical results indicate that firms which used earnings management devices to boost their earnings to achieve the requirements of regulation before the rights offerings. We also find that in the post-offering period, firms with low profits from main operations underperform the matched firms. This study finds that the operating performance of the successful firms after the issuing year is significantly higher than that of failed firms during 1998 and 1999-2000. However, the firms obtaining rights offerings have underperformed the failed firms during the period of 2001-2004. The evidence suggests that the supervision ability of regulators appears to deteriorate in the sub-sample period of 2001-2004.
關鍵字(中) ★ 配股
★ 盈餘管理方式
★ 營運績效
★ 中國證監會
★ 監督能力
關鍵字(英) ★ Earnings management devices
★ O
★ Rights offerings
論文目次 1.Motivation 1
2.Literature Reviews 3
2.1 The Regulation of Rights Offerings In China 3
2.2 Earnings Management and Rights Offerings in China 5
2.3The Impact of Earnings Management on Firms Performance 7
3. Hypotheses 8
4. Research Design 11
5. Empirical Results 18
5.1 Descriptive statistics 18
5.2 Comparison of operating performance of experimental firms and matched firms 24
5.3 Impact of using earning management devices on post-issue performance 29
5.4 The impact of regulation on the different the earning management devices used 36
5.5 The regulation’s supervision ability on the rights offering over the time 40
5.6 Robustness tests 60
6. Conclusions 68
References 70
參考文獻 Chinese
王建剛、周兵,「我國上市公司盈餘管理動機與手段研究述評」,魯東大學學報(哲學社會科學版),2008年第25期。
藍文永,「對我國上市公司盈餘管理的原因分析」,廣西師範學院學報(哲學社會科學版),2006年第27期。
謝潤邦、朱燦、戴盛, 「我國上市公司盈餘管理實證研究」,財經理論與實踐,2008年第28期。
English
Aharony, J., C. J. Lee, and T. J. Wong. 2000. Financial packaging of IPS firms in China. Journal of Accounting Research 38(1): 103-126.
Chen, K. C. W., and H. Yuan. 2004. Earnings management and capital resource allocation: evidence from China’s accounting-based regulation of rights issues. The Accounting Review 79(3): 645-665.
Chen, X., C.-W. J. Lee, and J. Li. 2003. Chinese tango: government assisted earnings management. Working paper, Tsinghua University and Hong Kong University of Science and Technology.
Dechow, P. and D. Skinner. 2000. Earnings management: reconciling the views of accounting academics, practitioners, and regulators. Accounting Horizons 14: 235-250.
Haw, I.-M., D. Qi, W. Wu, and W. Zhang. 1999. Earnings management of listed firms in response to security regulations in China’s emerging capital market. Working paper, Chinese University of Hong Kong.
Haw, I.-M., D. Qi, D. Wu, and W. Wu. 2005. Market consequences of earnings management in response to security regulations in China. Contemporary Accounting Research 22(1): 95-140.
Healy, P. M. and J. M. Whalen. 1999. A review of earnings management literature and its implications for standards setting. Accounting Horizons 13: 365-383.
Jian, M. and T. J. Wang. 2004. Earnings management and tunnelling through related party transactions: evidence from Chinese corporate groups. Working paper, Hong Kong University of Science and Technology.
Jiang, Y. H. and G. Wei. 1998. An empirical study of the ROE distribution of listed companies. In Collection of Accounting Research on Listed Companies. Shanghai, China: Shanghai University of Finance and Economics (In Chinese).
Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting research 29(2): 193-228.
Lee, C. J. and Y. H. Song. 2003. Rights issue and operating performing in China. Working paper, Tsinghua University.
Liu, Q. and Z. Lu. 2003. Earnings management to tunnel: evidence from China’s listed companies. Working paper, University of Hong Kong.
Sun, Q. and W. H.S. Tong. 2003. China share issue privatization: the extent of its success. Journal of Financial Economics 70: 183-222.
Teoh, S. H., I. Welch, and T. J. Wong. 1998a. Earnings management and the underperformance of seasoned equity offerings. Journal of Finance Economics 50: 63-99.
Teoh, S. H., I. Welch, and T. J. Wong. 1998b. Earnings management and the long-run market performance of initial public offerings. Journal of Finance 53(6): 1935-1974.
Wang, J., K. C. J. Wei, and S. W. Pruitt. 2006. An analysis of the share price and accounting performance of rights offerings in China. Pacific-Basin Finance Journal 14: 46-72.
指導教授 陳慧玲(Hueiling Chen) 審核日期 2008-6-26
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明