衍生性金融商品、應計項目與公司價值：以控制股東股權結構論析

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姓名

陳光政(Stephen Chen) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

衍生性金融商品、應計項目與公司價值：以控制股東股權結構論析

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至系統瀏覽論文 ( 永不開放)

摘要(中)

本研究探討我國上市公司最終控制股東股權結構是否會影響盈餘管理組合
方法的選擇（衍生性金融商品/裁決性應計項目）。同時進一步想要瞭解不同的盈
餘管理方法，對公司價值是否有差異？之前研究指出裁決性應計項目
（discretionary accruals）和衍生性金融商品（derivatives）可同時作為公司盈餘
管理的工具，但兩者之間存在抵換（trade off）的關係（Barron, 2001）。因此本
文以這兩種工具，建構一盈餘管理方法的組合變數。實證結果發現，控制股東投
票權）（EV 較大時，或現金流量權占投票權比率）（CV 較為偏離時，或該成員擔
任董事席次比率）（BOARD 較高時，亦或擔任公司監察人時）（SUO ，其使用裁決
應計項目從事盈餘管理的權重較大。接著，本文進一步檢測發現，當公司使用較
大權重的衍生性金融商品從事盈餘管理時，則對公司價值的影響是正面的。

關鍵字(中)

★ 衍生性金融商品
★ 裁決性應計
★ 股權結構
★ 最終控制股東

關鍵字(英)

論文目次

第一章緒論..................................................................................................................1
第二章文獻回顧與研究假說......................................................................................5
第一節盈餘管理工具選擇與公司價值..............................................................5
第二節公司監理與盈餘管理..............................................................................6
第三章研究方法..........................................................................................................9
第一節樣本選取、資料來源與特性..................................................................9
第二節控制股東股權結構變數定義................................................................10
第三節檢測估計模式........................................................................................11
第四章實證結果........................................................................................................16
第一節變數敘述統計分析................................................................................16
第二節盈餘管理方法之選擇對公司價值之影響............................................19
第三節公司治理結構與盈餘管理方法之選擇................................................20
第五章敏感度分析....................................................................................................22
第一節 Tobit 分析..............................................................................................22
第二節盈餘品質替代變數_裁決性流動應計項目..........................................24
第三節控制樣本特性........................................................................................27
第四節選樣偏誤分析........................................................................................29
第六章結論................................................................................................................31
參考文獻......................................................................................................................32

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指導教授

曹壽民(Shou-min Tsao)

審核日期

2005-6-24

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