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公司減資之盈餘管理與長期績效表現 = Capital Decrease,...

國立高雄大學亞太工商管理學系碩士班

公司減資之盈餘管理與長期績效表現 = Capital Decrease, Earnings Management, and Long-term Performance

Record Type:	Language materials, printed : monographic
Paralel Title:	Capital Decrease, Earnings Management, and Long-term Performance
Author:	王儷儒,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	2008[民97]
Description:	63面圖，表 : 30公分;
Subject:	盈餘管理
Subject:	Earnings Management
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/09550462050012030128
Notes:	指導教授：陳怡凱
Notes:	參考書目：面45-49
Notes:	附錄：1.Calculation of Discretionary Accurual；2.Long-term Performance-Buy and Hold Model
Summary:	近年來減資在台灣相當盛行。然而，學者們發現減資後一年長期股價表現其實不佳，我們推測減資長期報酬不佳可能是盈餘管理存在的結果。研究發現減資的確存在盈餘管理行為，且於減資後盈餘管理仍舊持續一段時間。我們又依盈餘管理程度分為積極與保守兩類，發現盈餘管理程度愈積極，長期績效愈差。這項結果支持過去盈餘管理相關研究，即短期裁決性應計項目愈高，減資後長期績效愈差。因此管理者為獲取紅利，乃藉由減資以降低流通在外股數，進而提升每股盈餘；或為避免訴訟，而進行盈餘管理。當投資人察覺減資並未改善公司體質，而是透過盈餘管理動作以提升股價的內幕時，長期股價表現將會反轉。 Capital Decrease has been popular in Taiwan. However, recent study documents that firms conducting capital decrease experience poor stock price after one year announcement. We examine whether earnings management exists in different forms of capital decrease can explain a portion of the underperformance. We find that earnings management exists after the announcement of capital decrease and the earnings manipulation lasts for a while. Furthermore, we find that the higher the aggressive accruals, the lower the stock performance. Consistent with the existing literatures of earnings management, high discretionary current accruals experience poor long-term performance after capital decrease. The results imply that managers will engage in earnings management by decreasing capital to boost stock prices without improving the firm’s solvency. The stock performance will be punished by the market in the long run.

公司減資之盈餘管理與長期績效表現 = Capital Decrease, Earnings Management, and Long-term Performance
王, 儷儒

公司減資之盈餘管理與長期績效表現 = Capital Decrease, Earnings Management, and Long-term Performance / 王儷儒撰 - [高雄市] : 撰者, 2008[民97]. - 63面 ; 圖，表 ; 30公分.
指導教授：陳怡凱參考書目：面45-49附錄：1.Calculation of Discretionary Accurual；2.Long-term Performance-Buy and Hold Model.
盈餘管理Earnings Management

公司減資之盈餘管理與長期績效表現 = Capital Decrease, Earnings Management, and Long-term Performance
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