簡易檢索 / 詳目顯示

研究生: 李函郁
HanYu,Lee
論文名稱: 達到分析師盈餘預測門檻之盈餘管理行為與股權結構關聯性之探究-以中國上市公司為例
Relationship among Earning Management, Ownership Structure and Meeting Analysts Forecasts: Evidence from China
指導教授: 陳慧玲
學位類別: 碩士
Master
系所名稱: 管理研究所
Graduate Institute of Management
論文出版年: 2013
畢業學年度: 101
語文別: 中文
論文頁數: 44
中文關鍵詞: 達到或超過分析師盈餘預測裁決性應計項目實質盈餘管理國有企業具有政治背景經理人員
英文關鍵詞: Meeting or beating analysts’ forecasts, Discretionary accruls, Real transaction manipulation
論文種類: 學術論文
相關次數: 點閱:462下載:10
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報
  • 本研究旨在探討中國上市公司達到分析師盈餘預測門檻的盈餘管理行為與股權結構之關聯性,本研究檢視相較於國有企業,中國民營企業是否較有可能利用盈餘管理以達到分析師盈餘預測。本研究亦檢視相較於中央持有之國有企業,地方政府持有之國有企業是否較有可能運用盈餘管理以達到分析師盈餘預測。同時,本研究檢測經理人員具政治背景與否以及機構投資人持股高低對企業運用盈餘管理以達到分析師盈餘預測可能性之影響。
    實證結果顯示,在樣本期間,中國國有企業與民營企業利用盈餘管理以達分析師盈餘預測的現象並無顯著差異。而中央政府持有之國有企業與地方政府持有之國有企業在利用裁決性應計項目以達到分析師盈餘預測並無顯著差異,但是地方政府持有之國有企業顯著地運用過度生產及降低銷管費用方式以達到分析師盈餘預測。此外,經理人具有政治背景與否對企業運用盈餘管理以達到分析師盈餘預測並無顯著關聯。實證結果亦顯示,機構投資人持股比例對企業是否運用盈餘管理以達分析師盈餘預測之可能性並無顯著關聯。

    Abstract
    This study aims to investigate the relation between Chinese listed firms manipulating earnings to meet or beat analysts’ earning forecasts and shareholding structure. This study also examinewhether nonstate-owned businesses is more likely to manipulate earnings to meet or beat analysts’ forecasts than state-owned enterprises. We investigate whether firms owned by local government is more likely to manipulate earnings to meet or beat analysts’ earning forecasts than firms owned by central government. Furthermore, this study investigates whether CEO political connections and the percentage of shares owned by institutional investors are associated with the likelihood for firms to manipulate earnings to meet or beat analysts’ forecasts.
    The empirical results reveal that there is no significant difference in the likelihood of manipulating earnings to meet or beat analysts’ forecasts between non state-owned businesses and state-owned enterprises. We find that firms owned by local government are more likely to overproduce or reduce selling, general and administrative expenses to meet or beat analysts’ earning forecasts than firms owned by central government. Moreover, there is no significant relationship between CEO political connections and the likelihood for firms to manipulate earnings to meet or beat analysts’ earnings forecasts. There is no significant relationship between the percentage of shares owned by institutional investors and the likelihood for firms to manipulate earnings to meet or beat analysts’ forecasts.

    Keywords: Meeting or beating analysts’ forecasts; Discretionary accruls; Real transaction manipulation

    目錄 中文摘要 II 英文摘要 III 致謝詞 IV 目錄 V 圖表目錄 VI 第一章 緒論 1 第一節研究動機 1 第二節研究目的 2 第三節研究貢獻 3 第四節研究架構 4 第二章 文獻回顧 6 第一節當公司達到或超過分析盈餘預測之股價反應 6 第二節探討公司達到或超過證券分析師預測門檻之誘因與方式 7 第三節中國證券分析師之研究 9 第四節中國上市股權結構相關研究 11 第三章研究設計及方法 13 第一節研究假說 13 第二節樣本選取與資料來源 15 第四章實證分析 21 第一節描述性統計 21 第二節實證分析 26 第三節敏感性分析 37 第五章結論與建議 39 第一節研究結論 39 第二節研究建議 40 參考文獻 41

    參考文獻
    王宇熹、肖峻與陳偉忠,2010,券商可信度、分析師薦股績效差異與利益衝突,
    證券市場導報,第五期,第31-40頁,第48頁。
    朱紅軍、何賢傑與陶林,2007,中國的證券分析師能夠提高資本市場的效率嗎—基於股價同步性和股價資訊含量的經驗證據,金融研究,第二期,第110-121頁。
    朱家賢,2011,達到分析師盈餘預測門檻之盈餘管理行為-以中國上市公司為例,國立臺灣師範大學管理研究所碩士論文。
    李文貴,2007,財務分析師盈餘預測特性研究—中國A股市場的實證檢驗,財會通訊,第九期,第52-55頁。
    吳東輝與薛祖雲,2005,財務分析師營利預測的投資價值:來自深滬A股市場的證據,會計研究,第八期,第37-43頁。
    潘越、戴亦一與林超群,2011,資訊不透明、分析師關注與個股暴跌風險,金融研究,第9期,138-151頁
    儲一昀與倉勇濤,2008,財務分析師預測的價格可信嗎?來自中國證券市場的經驗證據,管理世界,第3期,第58-69頁。
    Athanasakou, V., N. C. Strong, and M. Walker. 2009. The market reward for achieving analyst earnings expectations: does expectations or earnings management matter? Working paper.
    Athanasakou, V., N. C. Strong, and M. Walker. 2011. Earnings management or forecast guidance to meet analyst expectations? Accounting and Business Research 1: 3-35
    Bartov, E. and D. A. Cohen. 2008. The “numbers game” in the pre- and post-Sarbanes-Oxley eras. Working paper.
    Bartov, E., D. Givoly, and C. Hayn. 2002. The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics 33: 173-204.
    Berkman, H., R. Cole, and J. Fu. 2007. Improving corporate governance where the State is the controlling block holder: evidence from China. Working paper, Massey University.
    Burgstahler, D., and M. J. Eames. 2006. Management of earnings and analysts’ forecasts to achieve zero and small positive earnings surprises. Journal of Business Finance and Accounting 33: 633-652.
    Bushee, B. J. 1998.The influence of institutional investors on myopic R&D investment behavior. The Accounting Review 73(3): 305-333.
    Chen, G., M. Firth, and L. Xu. 2009. Does the type of ownership control matter? Evidence from Chinese listed companies. Journal of Banking and Finance 33: 171-181.
    Chen, J. Z., L. Rees, and K. Sivaramakrishnan. 2008. On the use of accounting vs. real earnings management to meet earnings expectations—a market analysis. Working paper.
    Chung, R., M. Firth, and J.-B. Kim. 2002. Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance 8: 29-48.
    Cohen, D. A., A. Dey and T. Z. Lys. 2008. Real and accrual-based earnings management in the pre- and post- Sarbanes Oxley Periods. The Accounting Review 83(3): 757-787.
    Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70(2): 193-225.
    Degeorge, F., J. Patel, and R. Zeckhauser. 1999. Earnings management to exceed thresholds. Journal of Business 72: 1-33.
    Ding, Y., H. Zhang, and J. Zhang. 2007. Private vs state ownership and earnings management: evidence from Chinese listed companies. Corporate Governance: An International Review 15(2): 223-238.
    Fan, J. P. H., T. J. Wong.And T. Zhang. 2007. Politically connected CEOs, corporate governance, and post-IPO performance of China’s newly partially privatized firms. Journal of Financial Economics 84: 330-357.
    Hu, Y., T. W. Lin., and S. Li. 2008.An examination of factors affecting Chinese financial analysts’ information comprehension, analyzing ability, and job quality.Review of Quantitative Finance and Accounting 30: 397-417.
    Hu, F. 2009. Government incentives, top management turnover and accounting Information: Evidence from China's Soes. Working paper.
    Kasznik, R. and M. F. McNichols.2002. Does meeting earnings expectations matter? Evidence from analyst forecast revisions and share prices. Journal of Accounting Research 40(3): 727-759.
    Lin, S., S. Radhakrishnan, and L. Su. 2006. Earnings management and guidance for meeting or beating analysts’ earnings forecasts. Working paper.
    Lopez, T. and L. Rees. 2002. The effect of beating and missing analysts’ forecasts and the information content of unexpected earnings. Journal of Accounting, Auditing, and Finance 17(2): 155-184.
    Matsumoto, D. A. 2002. Management’s of incentives to avoid negative earnings surprises. The Accounting Review 77: 483-514.
    Rajgopal, S., M. Venkatachalam, and J. Jiambalvo. 1999. Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings? Working paper, University and Washington and Stanford University.
    Rees, L. and K. Sivaramakrishnan. 2007. The effect of meeting or beating revenue forecasts on the association between quarterly returns and earnings forecast errors. Contemporary Accounting Research 24(1): 259-290.
    Roychowdhury, S. 2006. Earning management through real activities manipulation.Journal of Accounting and Economics 42: 335-370
    Richardson, S., S. Teoh, P. Wysocki. 2004. The walkdown to beatable analysts’ forecasts: the role of equity issuance and inside trading incentives. Contemporary Accounting Research 21: 885-924.
    Su, D. 2005. Corporate finance and state enterprise reform in China. China Economic Review 16: 118-148.

    下載圖示
    QR CODE