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| Title: | 經理人能力與現金增資期間之實質盈餘管理
Managerial ability and real earnings management around SEOs |
| Authors: | 鄭彥成
Cheng, Yen-Cheng |
| Contributors: | 翁嘉祥
Weng, Chia-Hsiang
鄭彥成
Cheng, Yen-Cheng |
| Keywords: | 經理人能力
現金增資
實質盈餘管理
Managerial ability
Seasoned equity offerings
Real earnings management |
| Date: | 2022 |
| Issue Date: | 2022-08-01 17:06:06 (UTC+8) |
| Abstract: | 實質盈餘管理係企業於實際營運活動期間，以改變交易時點與金額方式操縱盈餘之偏離正常營運行為。當企業必須透過現金增資籌集資金時，可能會藉由實質盈餘管理以美化財務與經營表現。然而當經理人能力愈高時，是否仍傾向於現金增資前使用實質方式操縱盈餘?且不同能力的經理人從事實質盈餘管理，於增資後之績效表現是否有所差異?本研究以美國1991年至2017年上市公司之現金增資事件為樣本。實證結果顯示於現金增資前，當經理人能力愈高時，愈不傾向使用實質盈餘管理。然而若經理人於增資前從事實質盈餘管理，則與低能力經理人相比，優秀經理人將有較高之增資後企業未來短期績效，顯示優秀經理人是以資訊性盈餘管理為動機，傳遞企業未來具成長前景，或有能力提升未來績效的訊號。綜上所述，經理人能力不僅影響了現金增資前實質盈餘管理之傾向，亦影響從事實質盈餘管理後之績效結果。
Real earnings management (REM) is the method of manipulating earnings by changing timing or amounts of transactions for actual operating activities. When companies have to raise funds by seasoned equity offerings (SEOs), they could use REM to window-dress earnings performance. However, when managerial ability is higher, are companies still using REM to manipulate earnings before SEOs? How does managerial ability relate to the future firm operating performance when companies use REM before SEOs? Based on samples of companies listed in the United States from 1991 to 2017, the empirical results show that before SEOs, higher-ability managers engage in less REM. However, if managers engage in REM before SEOs, compared with lower-ability managers, higher-ability managers have higher future short-term firm performance after SEOs. To sum up, managerial ability not only affects the inclination of REM before SEOs, but also affects the future firm operating performance after engaging in REM. |
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| Description: | 碩士
國立政治大學
會計學系
108353020 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108353020 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200813 |
| Appears in Collections: | [會計學系] 學位論文
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