盈餘壓力，財務專家對盈餘管理之影響：應計盈餘管理與實質盈餘管理

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：44

、訪客IP：3.22.119.251

姓名

洪嘉禧(Chia-hsi Hung) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

盈餘壓力，財務專家對盈餘管理之影響：應計盈餘管理與實質盈餘管理
(Under earnings pressures, the impact of financial expertise and earnings management: accrual earnings management and real earnings management)

相關論文

★ 申請首次公開發行過程分析 -以LED 產業之A 公司為例	★ 探討美元匯率與臺股指數變化之關係
★ 台灣血糖檢測儀產業的商業模式探討 -以產業領導廠商為例	★ 台灣上市公司董監薪酬與公司績效之關聯性 -以電子零組件產業為例
★ 企業資源規劃系統-典型ERP與非典型ERP之比較	★ 執行長誘因獎酬，會計師特性：沙賓法案前後期
★ 審計委員會財務專家與CEO誘因薪酬:對公司績效與盈餘管理之影響	★ 財務壓力、審計與薪酬委員會成員重疊與審計品質對盈餘管理之影響：真實與應計盈餘管理
★ 公司治理、高階經理人薪酬與企業績效敏感度之關連性	★ 強制設置薪酬委員會對高階經理人薪酬與企業績效關係之影響
★ 獨立董事特性、高階經理人現金薪酬與會計績效表現之關聯性	★ 高階經理人誘因薪酬與審計與薪酬委員會成員重疊對公司生產效率之影響
★ 審計委員會與薪酬委員會成員重疊在經理人權益薪酬與企業風險承擔關係中扮演之角色	★ 合併報表與母公司報表之資訊差異對盈餘持續性之影響
★ 雙簽制度下產業專精對查核任期與會計重編間關係之影響	★ 上市IPO之盈餘管理與審計品質

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)

沙賓法案於2002年公布草案後，引起各界熱烈討論並批評財務專家之定義過於嚴苛，因此美國證券交易委員會於2003年頒布之沙賓法案最終版放寬了對財務專家之要求。在此背景下，本文欲探討財務專家是否仍具備監督功能。
本篇論文使用2004年至2007年共計1357筆樣本，觀察當面臨盈餘壓力時，公司是否設置財務專家於審計委員會、財務專家是否超過一人(大於法令下限)及財務專家同時兼任審計委員會及薪酬委員會之成員時，對於應計盈餘管理-裁決性應計數與實質盈餘管理-買回庫藏股之影響。
研究結果發現，當公司面臨盈餘壓力時，若設置財務專家於審計委員會、財務專家超過一人(超過法令下限)時，均能有效抑制應計盈餘管理之發生，但當財務專家同時兼任審計委員會及薪酬委員會成員時卻無法抑制應計盈餘管理之發生。而在實質盈餘管理方面，當公司設置財務專家於審計委員會、財務專家超過一人(超過法令下限)及財務專家同時兼任審計委員會與薪酬委員會成員時，皆無法抑止實質盈餘管理-買回庫藏股之發生。

摘要(英)

In 2002, the SEC issued its proposal on 407, including a tentative and restricted definition of a financial expert, which raised lots of concerns. To accommodate these concerns, the SEC expanded the definition of a financial expertise in 2003. Under this situation, does financial expertise improve a firm’s corporate governance environment?
In this paper we use 1357 suspect firms from 2004 to 2007, which face earnings pressures, to examine the impact of whether audit committee with financial expertise, audit committee with more than one financial expertise and financial expertise(s) is(are) both in audit committee and compensation committee on discretionary earnings management and real earnings management.
We find that audit committee with financial expertise and audit committee with more than one financial expertise reduce discretionary earnings management, and financial expertise(s) is(are) both in audit and compensation committee induce discretionary earnings management. Audit committee with financial expertise, audit committee with more than one financial expertise and financial expertise(s) is(are) both in audit and compensation committee have no association between real earnings management-stock repurchase.

關鍵字(中)

★ 買回庫藏股
★ 實質盈餘管理
★ 應計盈餘管理
★ 財務專家

關鍵字(英)

★ stock repurchase
★ real earnings management
★ audit committee financial expertise
★ accrual earnings management

論文目次

摘要 I
Abstract II
致謝辭 III
目錄 IV
表目錄 VI
一、緒論 1
1-1 研究背景 1
1-2 研究動機與目的 2
二、文獻探討與研究假說 3
2-1 文獻探討 3
2-1-1 財務專家 3
2-1-2 應計盈餘管理-裁決性應計數 4
2-1-3 實質盈餘管理 4
2-2 研究假說 6
三、研究方法 9
3-1 研究樣本範圍、期間及篩選 9
3-2 盈餘壓力 10
3-3 審計委員會之財務專家 10
3-4 盈餘管理 10
3-4-1 應計盈餘管理-裁決性應計數的估計 10
3-4-2 實質盈餘管理-買回庫藏股 12
3-5 研究模型 13
3-5-1 測試變數 14
3-5-2 控制變數 14
四、實證結果與分析 17
4-1 敘述統計結果 17
4-2 多元迴歸分析與說明 26
五、結論 38
參考文獻 39

參考文獻

1. Abbott, L.J., Parker, S., and Peters, G. F., “Audit committee characteristics and restatement”, Auditing: a Journal of Practice & Theory, Vol.23(1), pp.69-87, March 2004.
2. Agrawal, A., and Chadha, S., “Corporate governance and accounting scandals”, Journal of Law and Economics, Vol.48(2), pp.371-406, October 2005.
3. Bange, M.M., and Bondt, W.F.M., “R&D budgets and corporate earnings targets”, Journal of Corporate Finance, Vol.4 (2), pp.153-184, June 1998.
4. Barton, J., “Does the use of financial derivatives affect earnings management decisions?”, The Accounting Review, Vol.76(1), pp.1-26, 2001.
5. Bartov, E., “The timing of asset sales and earnings manipulation”, The Accounting Review, Vol.68 (4), pp.840-855, October 1993.
6. Bartov, E., Gul, F.A., and Tsui, J.S.L., “Discretionary-accrual models and audit qualifications”, Journal of Accounting and Economics, Vol.30(3), pp.421-452, December 2000.
7. Beasley, M.S., and Salterio, S.E., “The relationship between board characteristics and voluntary improvements in audit committee compensation and experience”, Contemporary Accounting Research, Vol.18 (4), pp.539-570, 2001.
8. Becker, C. L., Defond, M.L., Jiambalvo, J.,Subramanyam, K.R., “The effect of audit quality on earnings management”, Contemporary Accounting Research, Vol.15(1), pp.1-24, Spring 1998.
9. Bedard, j., Chtourou, S.M., and Courteau, L., “The effect of audit committee expertise, independence, and activity on aggressive earnings management”, Auditing a Journal of Practice&Theory, Vol.23(2), pp.13-35, September 2004.
10. Bens, D.A., Nagar, V., Skinner, D.J., and Wong, M.H.F., “Employee stock options, EPS dilution, and stock repurchases”, Journal of Accounting and Economics, Vol.36 (1-3), pp.51-90, December 2003.
11. Bergstresser, D., and Philippon, T., “CEO incentives and earnings management: evidence from the 1990s.”, Journal of Financial Economics, Vol.80, pp.511-529, 2006.
12. Black, E.L., Sellers, K.F., Manly, T.S., “Earnings management using asset sales: an international study of countries allowing noncurrent asset revaluation”, Journal of Business Finance & Accounting, Vol.25 (9-10), pp.1287-1317, November/December 1998.
13. Braswell, M., and Mauldin, E., “Changes in audit committee financial expertise”, Working paper, September 2004.
14. Brav, A., Graham, J.R., Harvey, C.R., and Michaely, R., “Payout policy in the 21st century”, Journal of Financial Economics, Vol.77 (3), pp.483-527, September 2005.
15. Burgstahler, D., and Dichev, I., “Earnings management to avoid earnings decreases and losses”, Journal of Accounting and Economics, Vol.24 (1), pp.99-126, December 1997.
16. Carcello, J.V., Hollingsworth, C.W., Klein, A., and Neal, T.L., “Audit committee financial expertise, competing corporate governance mechanisms, and earnings management ”, Working paper, February 2006.
17. Chandar, N., Chang, H., and Zheng, X.,” Does overlapping membership on audit and compensation committees improve a firm’’s financial reporting quality”, Review of Accounting and Finance, Vol.11 (2), pp.141-165, 2012.
18. Cheng, Q., and Warfield, T.D.,” Equity Incentives and Earnings Management”, The Accounting Review, Vol.80 (2), pp.441-476, April 2005.
19. Cook, D.O., Krigman, L., Leach, J.C., ” An analysis of SEC guidelines for executing open market repurchases ”, The Journal of Business, Vol.76(2), pp.289-316, April 2003.
20. Davidson, W.N., Xie, B., and Xu, W., “Market reaction to voluntary announcements of audit committee appointments: The effect of financial expertise”, Journal of Accounting and Public Policy, Vol.23(4), pp.279-293, August 2004.
21. Dechow, P.M., Sloan, R.G., and Sweeney, A.P., “Detecting earnings management ”, The Accounting Review, Vol.70(2), pp.193-225, April 1995.
22. DeFond, M.L., Hann, R.N., and Hu, X., “Does the market value financial expertise on audit committees of boards of directors”, Journal of Accounting Research, Vol.43(2), pp.153-193, May 2005.
23. DeZoort, T., and Salterio, S., “The effects of corporate governance experience and financial reporting and audit knowledge on audit committee members’’ judgments”, Auditing: A Journal of Practice & Theory, Vol.20(2), pp.31-47, September 2001.
24. Dhaliwal, D., Naiker, V., and Navissi, F., “Audit committee financial expertise, corporate governance and accruals quality an empirical analysis ”, Working paper, May 2006.
25. Felo, A.J., and Solieri, S.A., “Are all audit committee fi nancial experts”, International Journal of Disclosure and Governance, Vol.6(2), pp.150-166, October 2008.
26. Ganesh, K., Arnie,W., and Cohen, J., “Audit committee effectiveness and financial reporting quality：implications for auditor independence”, Australian Accounting Review, Vol.12(3), pp.3-13, November 2002.
27. Gore, P.O., Pope, P.F., and Singh, A., “Earnings management and the distribution of earnings relative to targets: UK evidence”, Accounting and Business Research, Vol.37, pp.123-150, 2007.
28. Graham, J.R., Harvey, C.R., and Rajgopal, S., “The economic implications of corporate financial reporting”, Journal of Accounting and Economics, Vol.40 (1-3), pp.3-73, December 2005.
29. Grullon, G., and Ikenberry, D.L., “What do we know about stock repurchase?”, Journal of Applied Corporate Finance, Vol.13(1), pp.31-51, Spring 2000.
30. Guner, A.B., Malmendier, U., and Tate, G., “Financial expertise of directors”, Journal of Financial Economics, Vol.88 (2), pp.323-354, May 2008.
31. Healy, P.M., and Wahlen, J.M., “A Review of the Earnings Management Literature and its Implications for Standard Setting”, Accounting Horizons, Vol.13, pp.365-383, 1999.
32. Hribar, P., Jenkins, N.T., and Johnson, W.B.,“ Stock repurchases as an earnings management device”, Journal of Accounting and Economics, Vol.41(1-2), pp.3-27, April 2006.
33. Jackson, S.B., and Wilcox, W.E., “Do Managers Grant Sales Price Reductions to Avoid Losses and Declines in Earnings and Sales?”, Quarterly Journal of Business and Economics, Vol.39 (4), pp.3-20, Autumn 2000.
34. Jeanjean, J., and Stolowy, H., “Determinants of board members’ financial expertise – Empirical evidence from France”, The International Journal of Accounting, Vol.44(4), pp.378-402, December 2009.
35. Jenkins, N.T., “Auditor independence, audit committee effectiveness, and earnings management”, University of Iowa, 2002.
36. Klein, K., “Audit committee, board of director characteristics and earnings management”, Journal of Accounting and Economics, Vol.33, pp.375-400, August 2002.
37. Kotharia, S.P., Leoneb, A.J., and Wasley, C.E., “Performance matched discretionary accrual measures”, Journal of Accounting&Economics, Vol.39(1), pp.163-197, February 2005.
38. Krishnan, G.V., and Visvanathan, G., “Reporting internal control deficiencies in the post-Sarbanes-Oxley era: the role of auditors and corporate governance”, The International Journal of Auditing, Vol.11, pp.73-90, 2007.
39. Krishnan, G.V., and Visvanathan, G., “Does the SOX definition of an accounting expert matter the association between audit committee directors’’ accounting expertise and accounting conservatism”, Contemporary Accounting Research, Vol. 25(3), pp. 827-57, Fall 2008.
40. Krishnan, J., and Lee, J.E., “ Audit committee financial expertise, litigation risk, and corporate goverance”, Auditing：a Journal of Practice & Theory, Vol.28(1), pp.241-261, May 2009.
41. Lin, J.W., Li, J.F., and Yang, J.S., “The effect of audit committee performance on earnings quality”, Managerial Auditing Journal, Vol.21 (9), pp.921-933, 2006.
42. Lin, Z.J., Xiao, J.Z., and Tang, Q., “The roles, responsibilities and characteristics of audit committee in China”, Accounting, Auditing &Accountability Journal, Vol.21(5), pp.721-751, 2008.
43. Matsumoto, D.A., “Management’’s incentives to avoid negative earnings surprises”, The Accounting Review, Vol.77(3), pp.483-514, July 2002.
44. McDaniel, L., Martin, R.D., and Maines, L.A., “Evaluating financial reporting quality：the effect of financial expertise vs. financial literacy”, The Accounting Review, Vol.77, pp.139-167, 2002.
45. McNichols, M.F. “Research design issues In earnings management studies”, Journal of Accounting and Public Policy, Vol.19(4-5), pp.313-345, Winter 2000.
46. Meek, G.K., Rao, R.P., and Skousen, C.J., “Evidences on factors affecting the relationship between CEO stock option compensation and earnings management.”, Review of Accounting and Finance, Vol.6, pp.304-323, 2007.
47. Mustafa, S.T., and Youssef, N.B., “Audit committee financial expertise and misappropriation of assets”, Managerial Auditing Journal, Vol.25(3), pp.208-225, 2010.
48. Myers, J.N., Myers, L.A., and Skinner, D.J., “Earnings momentum and earnings management”, Working paper, August 2006.
49. Osma, B.G., “Board independence and real earnings management: the case of R&D expenditure”, Corporate Governance, Vol.16 (2), March 2008.
50. Osma, B.G., and Noguer, B.G., “The Effect of the Board Composition and its Monitoring Committees on Earnings Management: evidence from Spain”, Corporate Governance: An International Review, Vol.15 (6), pp.1413-1428, November 2007.
51. Pomeroy, B., “Audit committee member investigation of significant accounting decisions”, Auditing a Journal of Practice &Theory, Vol.29(1), pp.173-205, May 2010.
52. Raghunandan, K., Read, W.J., and Rama, D.V., “Audit committee composition," gray directors," and interaction with internal auditing”, Accounting Horizons, Vol.15, 2001.
53. Roychowdhury, S., “Earnings management through real activities manipulation”, Journal of Accounting and Economics, Vol.42(3), pp.335-370, December 2006.
54. Saleh, N.M., Iskandar, T.M., and Rahmat, M.M., “Audit committee characteristics and earnings management evidence from Malaysia”, Asian Review of Accounting, Vol.15(2), pp.147-163, 2007.
55. Warfield, T.D., Wild, J.J., and Wild, K.L., “Managerial ownership, accounting choices, and informativeness of earnings”, Journal of Accounting and Economics, Vol.20 (1), pp.61-91, July 1995.
56. Weiss, R., “Audit committee characteristics and monitoring effectiveness”, City University of New York, 2006.
57. Xie,B., Davidson, W.N., and DaDalt, P.J., “Earnings management and corporate governance the roles of the board and the audit committee”, Journal of Corporate Finance, Vol.9(3), pp.295-316, June 2003.
58. Xu, R.Z., Taylor, G.K., and Dugan, M.T., “ Review of real earnings management literature”, Journal of Accounting Literature, Vol.26, pp.195-228, 2007.
59. Yu, J., “Share repurchases and earnings management”, The University of Nebraska-Lincoln, Ph.D., May 2009.
60. Yusof, M.M., “Does audit committee constraint discretionary accruals in MESDAQ listed companies”, International Journal of Business and Social Science, Vol1(3), December 2010.
61. Zhang, Y., Zhou, J., and Zhou, N., “Audit committee quality, auditor independence, and internal control weaknesses”, Journal of Accounting and Public Policy, Vol.26 (3), pp.300-327, May-June 2007.

指導教授

盧佳琪(Chia-chi Lu)

審核日期

2012-7-10

推文