融資來源對中國上市公司盈餘管理的影響

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：33

、訪客IP：18.220.206.141

姓名

李尉慈(Wei-tzu Li) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

融資來源對中國上市公司盈餘管理的影響
(Source of financing and earnings management：Evidence from Chinese listed companies)

相關論文

★ 股權分置對中國上市公司現金股利發放之影響	★ 所有權結構與政治連結對股利政策之影響—以中國國有企業為例
★ 董監事最低持股成數規定之研究	★ 合格境外機構投資人制度對投資/現金流量敏感度之影響
★ 從股票價格區間探討股票買回活動之資訊內涵	★ 跨境上市對於企業負債比率的影響：以中國跨港上市公司為例
★ 家族集團之盈餘管理行為	★ 股權結構與投資效率:中國上市公司之多重大股東實證研究
★ 股權分置改革對中國上市公司現金持有的影響	★ 手機按鍵生命週期探討企業轉型之路
★ 制度改革對於關係人交易的影響	★ 伊斯蘭教義、公司治理與營運資金管理對公司價值影響之研究—以印尼上市公司為例
★ 股利宣告對股價超常報酬的影響-以台灣集團與非集團上市公司為例	★ 公司規模、股價、益本比、淨值市價比與股票超常報酬關係之實證研究
★ 台灣股票上市公司營運資金管理相關議題之實證研究	★ 我國財務危機上市公司股權結構之探討

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]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

考量中國大陸與其他國家公司治理環境之差異，再加上其特有的「軟預算約束(soft budget constraint)」問題，本研究以1997年到2008年之中國上市公司作為研究對象，除探討融資來源對中國上市公司盈餘管理行為之影響外，亦檢測在制度改革前後其盈餘管理行為是否具有顯著的變化。
Panel Least Squares迴歸分析的結果發現，在銀行業股份制改革前，當公司以銀行貸款為融資增加來源時，兩種盈餘管理指標皆顯著較少，顯示在軟預算約束下，經理人不用擔心財務績效不佳所帶來的籌資問題，盈餘管理的行為較少；而改革後，僅裁決性應計數相較於改革前有顯著上升，但非營業損益卻顯著減少，顯示銀行業股份制改革可抑制公司負債融資時使用非營業損益盈餘管理的行為，而裁決性應計數盈餘管理的增多，則顯示出銀行業股份制改革後上市公司預算的硬化。其次，在權益融資相關法規調整前，當上市公司的融資來源來自權益融資時，兩種盈餘管理指標衡量皆顯著較多，顯示使用權益增資時，管理者為了達到發行門檻或是在利益輸送誘因下，會有盈餘管理的傾向；而2001年證券監督管理委員會調整權益融資法規後，上市公司利用裁決性應計數進行盈餘管理的情形顯著增加，但使用非營業損益盈餘管理的行為並無顯著改變，顯示以會計數據為依據的權益融資法規會引導上市公司盈餘管理的行為。本研究之實證結果希望能提供新興市場政策研擬時的參考，以及作為投資者評估中國上市公司盈餘品質時的參考依據。

摘要(英)

Considering the differences of corporate governance environment between China and other countries and its soft budget constraint problems, this study investigates the relationship between sources of financing and earnings management behavior, using China’s listed corporations from 1997 to 2008 as sample observations.
We use Panel Least Squares regression to examine our hypotheses and the results are as follows: First, before the banking reform, companies, which had high debt financing, had significantly less discretionary accruals and non-operating income, suggesting that managers have weaker incentives to manipulate earnings under the condition of soft budget constraint. However, after banking reform, only the use of discretionary accruals significantly increases, the use of non-operating income significantly decreases. These results indicate that banking reform can mitigate the incentives of earnings management by the use of non-operating income when listed companies increase debt financing. On the other hand, the increase in the use of discretionary accruals suggests that soft budget constraint problems have been alleviated after banking reform. Second, our empirical evidence shows that earnings management is positively related to rights issues during 1997-2000, suggesting that in order to exceed the threshold of rights issues, managers tend to manipulate earnings. In 2001, China Securities Regulatory Commission revised its rights issues regulations. We find that the use of discretionary accruals to manage earnings significantly increases. Nevertheless, there is no evidence that the use of non-operating income decreases after these adjustments. These results indicate that regulations about rights issues based on accounting numbers indeed lead to earnings management behavior. Our research has implications for emerging markets when making policies and for investors who assess the accounting quality of China’s listed firms.

關鍵字(中)

★ 盈餘管理
★ 裁決性應計數
★ 非營業損益
★ 軟預算約束
★ 融資來源

關鍵字(英)

★ soft budget constraint
★ source of financing
★ non-operating income
★ discretionary accruals
★ earnings management

論文目次

摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 v
第壹章緒論 1
第貳章文獻探討與研究假說 5
2-1 軟預算約束與盈餘管理 5
2-2 銀行業股份制改革與盈餘管理 7
2-3 權益融資與盈餘管理 9
2-4 權益融資法規的調整與盈餘管理 11
第參章研究設計 13
3-1 樣本篩選與資料來源 13
3-2 主要變數之衡量 14
3-3 其它控制變數 17
3-4 迴歸模型 21
第肆章實證結果與分析 23
4-1 敘述性統計分析與相關係數分析 23
4-2 負債融資增額與盈餘管理之實證結果 30
4-2-1 假說1a之實證結果 30
4-2-2 假說1b之實證結果 30
4-2-3 控制變數之實證結果 31
4-3 權益融資增額與盈餘管理之實證結果 33
4-3-1 假說2a之實證結果 34
4-3-2 假說2b之實證結果 34
4-3-3 控制變數之實證結果 35
4-4 穩健性測試 37
第伍章結論與建議 38
5-1 結論與實證意涵 38
5-2 研究限制與後續研究建議 39
參考文獻 40
附錄一配股法令規章演變表 45
附錄二增發法令規章演變表 46
附錄三穩健性測試結果 47

參考文獻

〔1〕吳敬璉，當代中國經濟改革：探索中國經濟順利轉型的秘密，McGrawHill，台北
市，2005。
〔2〕王力，國有商業銀行股份制改革，社會科學文獻，北京市，2008。
〔3〕中國銀行業監督管理委員會，中國銀行業改革開放與監管的新進展，中國銀行業監督管理委員會，2005年12月5日。
〔4〕中國銀行業監督管理委員會，中國銀行改革報告書，中國銀行業監督管理委員會，2007年03月23日。
〔5〕黃志仁、廖彩伶和陳于格，「現金增資之盈餘管理行為：裁決性應計項目與業外損益之整合性決策」，當代會計，10(1)，63-98頁，2009。
〔6〕楊炎杰，「配股政策與中國上市公司盈餘管理之研究」，國立台灣大學，博士論文，2007。
〔7〕吳明蕙，「中國國有商業銀行不良貸款之探討」，經濟研究，6，263-288頁，2006。
〔8〕吳軍、白雲霞，「我國銀行制度的變遷與國有企業預算約束的硬化—來自1999～
2007年國有上市公司的證據」，金融研究，10，2009。
〔9〕Ahn, S. and Choi, W., “The role of bank monitoring in corporate governance: Evidence from borrowers’ earnings management behavior”, Journal of Banking and Finance , 33(2), pp.425–434, 2009.
〔10〕Bartov, E., Gul, F.A. and Tsui, J., “Discretionary-accruals models and audit qualifications”, Journal of Accounting and Economics, 30(3), pp. 421-452, 2000.
〔11〕Berger, A.N., Hasan, I. and Zhou, Z., “Bank ownership and efficiency in china: What will happen in the world’s largest nation?”, Journal of Banking and Finance, 33(1), pp. 113-130, 2009.
〔12〕Bhabra, H.S., Liu, T. and Tirtiroglu, D., “Capital structure choice in a nascent market: evidence from listed firms in China”, Financial Management, 37(2), pp. 341-364, 2008.
〔13〕Burgsthaler, D. and Dichev, I., “Earnings management to avoid earnings decreases
and losses”, Journal of Accounting and Economics, 24(1), pp.99-126, 1997.
〔14〕Chen , G., Firth, M., Gao, D.N. and Rui, O.M., “Ownership structure, corporate governance, and fraud: Evidence from China”, Journal of Corporate Finance, 12(3), pp. 424– 448, 2006.
〔15〕Chen, K.C.W. and Wang, J., “Accounting-based regulation in emerging markets: The case of China's seasoned-equity offerings”, The International Journal of Accounting, 42(3), pp. 221-236, 2007.
〔16〕Chen, K.C.W. and Yuan, H., “Earnings Management and Capital Resource Allocation: Evidence from China's Accounting-Based Regulation of Rights Issues”, Accounting Review, 79 (3), pp. 645-665, 2004.
〔17〕Chen, X., Lee, C.W.J. and Li, J., “Government assisted earnings management in China”, Journal of Accounting and Public Policy, 27(3), pp. 262-274, 2008.
〔18〕Cheung, Y.L., Jing, L., Lu, T., Rau, R. and Stouraitis, A., “Tunneling and propping up: An analysis of related party transactions by Chinese listed companies”, Pacific- Basin Finance Journal, 17 (3), pp.372-393, 2009.
〔19〕Clarke, D.C., “The independent director in Chinese corporate governance”, Delaware Journal of Corporate Law, 31(1), pp. 125-228, 2006.
〔20〕Dechow, P., Sloan, R.G. and Sweeney, A.P., “Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC”, Contemporary Accounting Research, 13(1), pp. 1-36, 1996.
〔21〕Dechow, P., Sloan, R.G. and Sweeney, A.P., “Detecting earnings management”, The Accounting Review, 70(2), pp. 113-144, 1995.
〔22〕Ding, Y., Zhang, H. and Zhang, J., “Private vs state ownership and earnings management: Evidence from Chinese listed companies”, Corporate Governance: An International Review, 15(2), pp. 223-238, 2007.
〔23〕Diamond, D.W., ”Financial intermediation and delegated monitoring”, Review of Economic Studies, 51(166), pp. 393–414, 1984.
〔24〕Fan, J.P.H. and Wong, T.J., “Corporate ownership structure and the informativeness of accounting earnings in East Asia”, Journal of Accounting and Economics, 33(3), pp. 401-425, 2002.
〔25〕Firth, M., Fung, P.M.Y. and Roi, O.M., “Corporate performance and CEO compensation in China”, Journal of Corporate Finance, 12(4) , pp. 693– 714, 2006.
〔26〕Firth, M., Fung, P.M.Y. and Roi, O.M., “Ownership, two-tier board structure, and the informativeness of earnings- Evidence from China”, Journal of Accounting and Public Policy, 26(4), pp. 463-496, 2007.
〔27〕Firth, M., Lin, C. and Wong, S.M.L., “Leverage and investment under a state-owned bank lending environment:Evidence from China”, Journal of Corporate Finance, 14(5), pp. 642-653, 2008.
〔28〕Frank, M. Z. and Goyal, V. K., “Capital Structure Decisions: Which Factors are
Reliably Important?” , Financial Management , 38(1), pp. 1-37, 2009.
〔29〕Haw, I. M., Qi, D., Wu, D. and Wu, W., “Market consequences of earnings management in response to security regulations in China”, Contemporary Accounting Research, 22(1), pp. 95-140, 2005.
〔30〕Healy, P., “The effect of bonus schemes on accounting decisions”, Journal of Accounting and Economics, 7(1-3), pp. 85-107, 1985.
〔31〕Iatridis, G. and Kadorinis, G., “Earnings management and firm financial motives: A financial investigation of UK listed firm”, International Review of Financial Analysis, 18(4), 2009.
〔32〕Jian, M. and Wong, T.J., “Earnings Management and Tunneling through Related Party Transactions: Evidence from Chinese Corporate Groups”, EFA 2003 Annual Conference Paper No. 549, 2003.
〔33〕Jensen, M. C., “Agency costs of free cash flow, corporate finance, and takeover”, American Economic Review, 76(2), pp. 323-329, 1986.
〔34〕Kao, J.L., Wu, D. and Yang, Z., “Regulations, earnings management and post-IPO performance: The Chinese evidence”, Journal of Banking and Finance, 33(1), pp. 63-76, 2009.
〔35〕Kothari, S.P., Leone, A.J. and Wasley, C. E., “Performance matched discretionary accrual measures”, Journal of Accounting and Economics, 39(1), pp. 163-197, 2005.
〔36〕Kornai, J., Marskin, E. and Roland, G., “Understanding the soft budget constraint”, Journal of Economic Literature, 41(4), pp. 1095-1136, 2003.
〔37〕La Porta, R., Lopez-de-Silanes, F. and Shleifer, A., ” What works in securities laws? ” , Journal of Finance, 61(1), pp. 1-32, 2006.
〔38〕Lai, L., “Managing earnings to meet critical thresholds and the role of corporate governance: A case study of China”, CAAA Annual Conference 2009 Paper, York University, 2009.
〔39〕Leuz, C., Nanda D. and Wysocki, P.D., “Earning management and investor protection: an international comparison”, Journal of Finance and Economics, 69, pp. 505-527, 2003.
〔40〕Liu, Q. and Lu, Z., “Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective”, Journal of Corporate Finance, 13(5), pp. 881-906, 2007.
〔41〕Tian, L. and Estrin,S., “Debt financing, soft budget constraints, and government ownership- Evidence from China”, Economics of Transition, 15(3) , pp. 461–481, 2007.
〔42〕Tsai, B.H., “Rights Issues in China as Evidence for the Existence of Two Types of Agency Problems”, Issues and Studies, 44(3), pp. 43-70, 2008.
〔43〕Warfield, T.D., Wild, J.J. and Wild, K.L., “Managerial ownership, accounting choice, and informativeness of earnings”, Journal of Finance and Economics, 20(1), pp. 61-91, 1995.
〔44〕Watts, R.L. and Zimmerman, J.L., “Towards a positive theory of the determination of accounting standards”, The Accounting Review, 53(1), pp. 112-134, 1978.
〔45〕Wu, L. and Yue, H., “Corporate tax, capital structure, and the accessibility of bank
loans: Evidence from China”, Journal of Banking and Finance, 33(1), pp. 30-38, 2009.
〔46〕Xu, L., “Types of large shareholders, corporate governance, and firm performance: evidence from China's listed companies”, Working paper, The Hong Kong Polytechnic University, 2004.
〔47〕Yu, Q., Du, B. and Sun, Q., “Earnings management at right issues thresholds－Evidence from China”, Journal of Banking and Finance, 30(12), pp. 3453-3468, 2006.

指導教授

洪榮華、陳香如
(Jung-Hua Hung、Hsiang-Ju Chen)

審核日期

2011-1-22

推文