Earnings Management, Investor Type and Firm Performance of Private Placements

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

淡江大學機構典藏 > 商管學院 > 風險管理與保險學系 > 期刊論文 > Item 987654321/103338

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题名:	Earnings Management, Investor Type and Firm Performance of Private Placements
其它题名:	盈餘管理、應募對象與私募發行公司之長期績效
作者:	湯惠雯
贡献者:	淡江大學保險學系
关键词:	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
日期:	2016-03
上传时间:	2015-06-18 13:45:41 (UTC+8)
出版者:	Journal of Financial Studies
摘要:	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。
關聯:	Journal of Financial Studies 24(1), p.55-102
DOI:	10.6545/JFS.2016.24(1).3
显示于类别:	[風險管理與保險學系] 期刊論文

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