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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/95143
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/95143


    Title: 公司治理、盈餘管理與可轉換公司債發行後長期績效之研究
    Corporate governance, earnings management and the long-run performance of convertible bond issuers
    Authors: 林士韡
    Contributors: 屠美亞
    林士韡
    Keywords: 盈餘管理
    可轉換公司債
    海外可轉債
    公司治理
    長期績效
    Earnings Management
    Corporate Governance
    Convertible Bonds
    Date: 2009
    Issue Date: 2016-05-09 15:16:14 (UTC+8)
    Abstract: 可轉債近年來已成為我國公司進行籌資活動時的主要工具之一,但可轉債的宣告效果多被市場視為不利的消息,發行後之長期績效也呈現持續惡化的趨勢,除了市場反應不足外,發行公司進行盈餘管理亦為重要的影響因素之一;公司於可轉債發行前利用盈餘管理的方式提升績效,將造成發行後產生盈餘反轉的效果,因而使得長期營運績效與股價表現不佳。而操弄盈餘的行為在較嚴格的監督機制與完善的內部治理制度下,能夠因為外部約束的力量以及公司內部的自律機制而有所減緩,故進一步利用公司治理變數檢視對盈餘管理的影響,並探討國內可轉債與海外可轉債兩者間因為投資人區隔、發行市場差異的影響,對於其盈餘管理以及發行後長期績效的影響。
    本研究之主要之實證結果如下:
    1. 可轉債發行之宣告效果皆為負向,但海外可轉債之異常報酬率的惡化程度不如國內可轉債來的嚴重,其發行之訊號效果優於國內可轉債;長期而言,不論國內可轉債或海外可轉債發行後之長期股價報酬皆為顯著的負值,於發行後三年內皆呈現持續惡化的情形,與先前相關文獻之結果一致。
    2. 國內可轉債與海外可轉債發行前夕公司皆有刻意進行盈餘管理的行為,並於發行後發生盈餘反轉使得公司營運績效下滑;利用多元迴歸分析觀察盈餘管理對長期績效的影響,發現公司於可轉債發行前進行盈餘管理對其發行後之長期績效有顯著的不良影響,而海外可轉債發行公司由於受到外國規章監督,其進行盈餘管理將受到更為嚴重的處罰,導致股價下跌的幅度較大。
    3. 進一步以多元迴歸分析檢視公司治理對於盈餘管理的影響,發現當發行公司的治理制度越佳,代理問題越小時,較不會在可轉債發行前進行盈餘管理來欺瞞投資人;而可轉債發行地點亦為影響盈餘管理程度的另一項因素,當可轉債為海外發行時,發行公司進行盈餘管理的幅度顯著小於國內發行的公司。
    Reference: 一、國內文獻
    1. 王琇瑩,2004,「海外可轉換公司債發行訊息效果之研究」,國立政治大學財務管理研究所碩士論文。
    2. 王慧文,2004,「金控公司發行海外可轉換公司債對公司價值的影響」,國立中山大學財務管理學系在職專班碩士論文。
    3. 李佳玲,2005,「可轉換公司債之發行對公司財務績效之影響:CB與ECB有差異嗎?」,國立政治大學財務管理研究所碩士論文。
    4. 李馨蘋、莊宗憲,2005,「股權結構與董事會組成對公司績效之影響」,第九屆科際整合管理研討會論文。
    5. 宋致皓, 2005,「董監酬勞與公司治理關聯性之研究」,國立政治大學會計學研究所碩士論文。
    6. 呂美綠,2007,「台灣上市櫃公司發行可轉換公司債對股價長短期影響之研究」,國立中央大學財務金融學系碩士在職專班碩士論文。
    7. 林俊廷,2008,「高階經理人薪酬計畫、公司治理與盈餘管理」,國立東華大學企業管理學系碩士論文。
    8. 胡鈞婷,2006,「獨立董事、公司績效與董監酬勞之關聯」,國立台灣大學會計學研究所碩士論文。
    9. 陳慧美,2004,「盈餘管理與財務特性、股票報酬關連性之探討」,國立中山大學財務管理學系碩士論文。
    10. 張瑞當、方俊儒、曾玉琦,2007,「核心代理問題與盈餘管理:董事會結構與外部監督機制之探討」,管理學報,第24卷第1期,頁17-39。
    11. 粘元馨,2008,「台灣上市公司的內外治理機制對盈餘管理影響之實證研究」,佛光大學管理學系碩士班碩士論文。
    12. 陳美琴,2007,「台灣海外籌資企業會計資訊品質之分析-從公司治理與盈餘管理角度探討」,中原大學會計研究所碩士論文。
    13. 陳世穎,2008,「自由現金流量、盈餘管理與可轉換公司債之績效」,國立中正大學企業管理研究所博士論文。
    14. 曾偉淳,2009,「公司治理對可轉換公司債發行後公司長短期績效影響之研究」,國立政治大學財務管理研究所碩士論文。
    15. 溫庭琪,2007,「可轉換公司債發行前之盈餘管理與長短期股票績效及營運表現關聯性之研究」,國立中正大學財務金融所碩士論文。
    16. 雲建裳,2007,「可轉換公司債發行與盈餘管理」,國立中山大學企業管理學系碩士論文。
    17. 蔡學蘭,2005,「Earnings Management and the Underperformance of Convertible Bond Offerings」,國立中正大學財務金融研究所碩士論文。
    18. 蘇郁雅,2002,「發行海外可轉換公司債之公司特質、宣告效果及財務績效之實證研究-以國內上市電子公司為例」,國立高雄第一科技大學財務管理研究所碩士論文。
    19. 程南生,1997,「海外籌資方式對公司價值之影響」,淡江大學國際貿易學系研究所碩士論文。
    20. 謝燦鴻,1997「海外可轉換公司債與海外存託憑證的比較研究」國立東華大學國際經濟研究所碩士論文。




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    3. Chang, S. H., S. S. Chen, and W. C. Lin, 2007, “The Information Asymmetry for the Influence of Earnings Management on the Long-run Performance: Evidence from the Issuance of Convertible Debt,” The European Financial Management Association 2007 Annual Meeting
    4. Cheng, W., N. Visaltanachoti, and P. Kesayan, 2005, “A Stock Market Reaction Following Convertible Bond Issuance: Evidence from Japan,” International Journal of Business 10, 4, 323-340.
    5. Ching, K. M. L., M. Firth, and O. M. Rui, 2002, “Earnings Management, Corporate Governance and the Market Performance of Seasoned Equity Offerings,” Working Paper.
    6. Claessens, S., S. Djankov, and L. H.P. Lang, 2000, “The Separation of Ownership and Control in East Asian Corporations,” Journal of Financial Economics 58, 81-112.
    7. Colley, J. L., J. L. Doyle, W. Stettinius, and G. Logan, 2003, “Corporate Governance.” N. Y.: McGraw-Hill.
    8. Cornett, M. M., A. J. Marcus, and H. Tehranian, 2008, “Corporate Governance and Pay-for-performance: The Impact of Earnings Management,” Journal of Financial Economics 87, 357–373.
    9. Dechow, P. M., R. G. Sloan, and A. P. Sweeney, 1995, “ Cause and Consequence of Earnings Manipulation: An Analysis of Firm Subjects to Enforcement Action by the SEC,” Contemporary Accounting Research 1, 1-36.
    10. Doidge, C., G. A. Karolyi, and R. M. Stulz, 2004, “Why Are Foreign Firms Listed in the U.S. Worth More?” Journal of Financial Economics 71, 205–238.
    11. Eisenberg, T., S. Sundgren, and M. T. Wells, 1998, “Larger Board Size and Decreasing Firm Value in Small Firms,” Journal of Financial Economics 48, 1, 35-54.
    12. El-Gazzar, S. M., 1998, “Predisclosure Information and Institutional Ownership: A Cross-sectional Examination of Market Revaluations during Earnings Announcement Periods,” The Accounting Review 73, 1, 119-129.
    13. Fama, E. F., and M. C. Jensen, 1983, “Separation of Ownership and Control,” Journal of Law and Economics 26, 301-325.
    14. Healy, P. M., 1985, “ The Effect of Bonus Schemes on Accounting Decisions,” Journal of Accounting and Economics 7, 85-107.
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    16. Kang,J. K., Y.C. Kim, K. J. Park, and R. M. Stulz, 1995, “An Analysis of the Wealth Effects of Japanese Offshore Dollar-Denominated Convertible and Warrant Bond Issues,” The Journal of Financial and Quantitative Analysis 30, 2, 257-270.
    17. Kao, L., and A. Chen, 2004, “The Effects of Board Characteristics on Earnings Management,” Corporate Ownership and Control 1, 3, 96-107.
    18. Klein, A., 2002, “Audit Committee, Board of Director Characteristics, and Earnings Management,” Journal of Accounting and Economics 33, 375–400.
    19. Lang, M., J. S. Raedy, and M. H. Yetman, 2003, “ How Representative Are Firms that Are Cross-listed in the United States? An Analysis of Accounting Quality,” Journal of Accounting Research 41, 2, 363-386.
    20. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 2002, “Investor Protection and Corporate Valuation,” The Journal of Finance 57, 3, 1147-1170.
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    23. Leuz, C., D. Nanda, and P. D. Wysocki, 2003, “Earnings Management and Investor Protection: An International Comparison, “Journal of Financial Economics 69, 505–527.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    96357016
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096357016
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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