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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30269
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/30269

    Title: 創投家在高科技產業中對盈餘管理與價值攸關性的影響
    Impacts of venture capitalists on earnings management and value relevance in the technology-based industry
    Authors: 盧佳琪
    Lu, Chia Chi
    Contributors: 許崇源
    Hsu, Chung Yuan
    Lu, Chia Chi
    Keywords: 創投
    Venture capitlists
    Earnings management
    Value relevance
    Date: 2007
    Issue Date: 2009-09-11 17:34:12 (UTC+8)
    Abstract: Venture capital funds are active investors in technology-based firms in Taiwan. However, there is very little evidence on the influence of VC funds’ investments in the investee firms. This study examines the relations between venture-backing and two issues, earnings management and value relevance, in the technology-based industry.
    For the issue of the relationship between venture-backing and earnings management, four hypotheses are derived to test the above connections. Three different proxies of earnings management are employed to conduct this analysis: cross-sectional modified Jones model, performance-matched modified Jones model and unexpected accounts receivable model. Empirical evidence shows that there is a negative association between venture-backing and abnormal accruals. Specifically, age of VC funds, percentage of VC funds’ shareholdings on investee firms, and VC funds invested by the government are negatively related with abnormal accruals in most of analyses. These findings indicate that VC funds in Taiwan provide monitoring functions on financial reporting of their invstee firms.
    For the issue of value relevance of venture-backing information, five hypotheses are derived to test the above connections. Ohlson (1995) model is used for the examination. Empirical evidence shows that venture-backing information is value relevant in the TSE market, but not in the OTC market. The sufficiency of financial information has an impact on value relevance of venture capital information. Value relevance of venture-backing information in the TSE market increases with VC funds’ investments and VC funds’ government investments, but not with VC funds’ age in most of analyses. These findings indicate that investors treat venture-backing information as value-relevant information only in the TSE market, but not in the OTC market.
    In addition, several tests are performed to determine the sensitivity of the results to a potential selection bias in the research design. The results of this analysis are mixed. Therefore, this paper cannot rule out selection bias as a potential alternative explanation for the findings.
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    Description: 博士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0893535011
    Data Type: thesis
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