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    Title: The corporation governance and earning managementin Taiwan stock market
    Other Titles: 臺灣股票市場之公司治理與盈餘管理
    台灣股票市場之公司治理與盈餘管理
    Authors: 邱志昌;Chiu, Chih-Chang
    Contributors: 淡江大學財務金融學系博士班
    邱建良;李命志;Chiu, Chien-liang;Lee, Ming-Chih
    Keywords: 盈餘管理;裁決性應計;自由現金流量比率;公司治理;Earnings Management;Discretionary Accruals;Free Cash Flow Rate;Corporation Governance
    Date: 2013
    Issue Date: 2014-01-23 13:32:35 (UTC+8)
    Abstract: 本論文以公司治理機能(Corporation Governance Mechanisms)為出發,探討公司治理機能對台灣上市櫃公司盈餘管理(Earning Management)是否影響顯著,比較公司治理各種機能對上市公司之盈餘管理差異。本文認為,公司內部人對盈餘管理工具之運用,主要目的皆為穩定或提升公司價值(Corporation Valuation)。「裁決性應計」(Discretionary Accruals)對公司價值影響是短期的,而「自由現金流量比率」(Free Cash Flow Rate)是長期的,其即為市場所稱「資本支出」(Capital Expenditure)。我們以台灣股票市場上市公司財務與公司治理資料,為本文驗證資料來源;再以多元堆疊迴歸分析法(Multiple Panel Regression Method)進行模型驗證。為對此項議題深入研究,本文將應變數分為四類,以此四類應變數分別與公司治理變數進行驗證:第一種以「裁決性應計」為應變數;第二種以「自由現金流量比率」為應變數;第三種以負「裁決性應計」為應變數;第四種以正「裁決性應計」為應變數。我們想進一步檢驗,在多空頭下,公司專業經理人(CEO)對盈餘管理態度是否會受公司治理機制所影響。驗證結果:一、公司專業經理人持股越多,對「裁決性應計」有顯著效應,但對自由現金流量影響並不顯著。二、公司專業經理人含公司董事持股,對「自由現金流量比率」有顯著影響。三、多空市場中,公司專業經理人對盈餘管理效果是不對稱的。
    This dissertation applies multiple variable panelregression analysis method to test the corporation governance and
    earnings management issue, and used discretionary accruals and free cash flow rate as the dependent variables. All corporate governance factors were found to have significant internal mechanisms in influencing discretionary accruals. The examination result showed that every independent variable constrains or expands discretionary accruals, and that the corporate governance system is successful for Taiwan listed companies. Again, we applied the free cash flow rate as the dependent variable, and finds that CEO shares do not influence the free cash flow rate, which did not have a significant effect in our examination. We also found that the CEO has the ability to manage discretionary accruals in positive discretionary accruals, but that it cannot manipulate discretionary accruals in negative discretionary accruals. This dissertation applies the free cash flow rate as the dependent variable to top 10 shareholders, independent directors, and boards of
    directors, independent inspector could influence free cash flow rate. These examinations prove the corporate governance progression in Taiwan stock market.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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