Earnings Management, Investor Type and Firm Performance of Private Placements

doi:10.6545/JFS.2016.24(1).3

機構典藏 > College of Business and Management > Graduate Institute & Department of Insurance Insurance > Journal Article > Item 987654321/103338

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/103338

Title:	Earnings Management, Investor Type and Firm Performance of Private Placements
Other Titles:	盈餘管理、應募對象與私募發行公司之長期績效
Authors:	湯惠雯
Contributors:	淡江大學保險學系
Keywords:	Accrual-based earnings management;investor type;private placement;real earnings management;strategic private placement;應計基礎盈餘管理;應募對象;私募發行;實質盈餘管理;策略引資
Date:	2016-03
Issue Date:	2015-06-18 13:45:41 (UTC+8)
Publisher:	Journal of Financial Studies
Abstract:	This study investigates the determinants of accrual-based earnings management and real earnings management (REM), and explores the influences of these earnings management activities on post-issue performance of private placements in Taiwan. The results show that investor type influences a firm’s REM activities before a private placement. Compared with discretionary current accruals, REM leads to significantly reduced long-term performance. Notably, the relationship between pre-issue REM and long-run performance is significantly negative for non-strategic private placement firms, whereas the relationship is insignificant for strategic private placement firms. 本研究檢測臺灣上市櫃公司私募發行前盈餘管理的決定因素及其對後續經營績效的影響。研究發現，策略引資與非策略引資公司在發行前具有顯著不同的實質盈餘管理。相較應計基礎盈餘管理，實質盈餘管理對發行後長期績效的負向影響更顯著。非策略引資公司的實質盈餘管理對長期績效具顯著負向影響，但此影響在策略引資公司不顯著。
Relation:	Journal of Financial Studies 24(1), p.55-102
DOI:	10.6545/JFS.2016.24(1).3
Appears in Collections:	[Graduate Institute & Department of Insurance Insurance] Journal Article

Files in This Item:

File	Description	Size	Format
Earnings Management, Investor Type and Firm Performance of Private Placement.pdf		614Kb	Adobe PDF	3	View/Open
index.html		0Kb	HTML	238	View/Open

Loading...