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| Title: | 透過本益比之相對Mean-reverting現象進行盈餘管理模型之評比 |
| Authors: | 謝秋華 |
| Contributors: | 俞洪昭
謝秋華 |
| Keywords: | 盈餘管理
本益比
平均數復歸
非裁量性淨利
Earnings management
P/E ratio
Mean-reverting
Nondiscretionary income |
| Date: | 2002 |
| Issue Date: | 2016-05-09 16:22:08 (UTC+8) |
| Abstract: | 整體而言，會計盈餘提供財務報表使用者有關於企業獲利能力之相關資訊。然而，由於會計盈餘同時包含了雜訊 (noises) 與偏差 (biases)，因而影響到會計盈餘對公司獲利能力評價的正確性。因此，過去的會計文獻發展出不同的盈餘管理估計模型 (如: Healy 1985; DeAngelo 1986; Friedlan 1994; DeFond and Jiambalvo 1994 以及Dechow, Sloan and Sweeney 1995)，以嘗試去除這些雜訊與偏差。然而，究竟哪一個估計模型能夠提供最為純淨之非裁量性淨利 (nondiscretionary income) 的衡量指標，則並無定論。在效率市場 (market efficiency) 的假說下，本研究透過本益比 (P/E ratio) 的平均數復歸 (mean-reverting) 現象來評比五種盈餘管理估計模型。由於過去的文獻同時發現盈餘成長率與風險係數均會影響本益比的高低，因此，本研究同時將這兩個變數納入考量。
實證結果發現，依照上述五種盈餘管理估計模型所估計之本益比皆有平均數復歸的現象。其中Friedlan (1994) 模型在全體樣本與控制盈餘成長率之後，其本益比平均數復歸現象均較其他模型為快；次佳之盈餘管理估計模型為DeFond and Jiambalvo (1994) 與Dechow et al. (1995) 兩模型；最差的則為 Healy (1985) 模型。
Overall speaking, accounting earnings provide financial statement users with useful information about a firm`s profitability. However, because of the biases and noises included in the accounting earnings, the accuracy and reliability of accounting earnings to the evaluation of a firm`s profitability may be adversely influenced. In light of this, prior earnings management studies have developed various estimation models of nondiscretionary income (e.g., Healy 1985; DeAngelo 1986; Friedlan 1994; DeFond and Jiambalvo 1994; Dechow, Sloan & Sweeney 1995) with an attempt to remove the biases and noises embedded in the accounting earnings. Nonetheless, there is no consistent empirical evidence about the relative performance of these estimation models. Assuming market efficiency, the main purpose of this study is to utilize the mean-reverting phenomenon of P/E ratios to evaluate the relative performance of these models. Since prior studies have found that earnings growth rate and risk coefficient may affect the magnitude of P/E ratios, we also control for these two variables in our analyses.
The empirical results reveal several findings. First, P/E ratios calculated using different earnings management estimation models exhibit the mean-reverting phenomenon. Second, the Friedlan (1994) model has the best performance among all models when we use the overall sample and three subsamples grouped based on the earnings growth rate. In addition, the DeFond and Jiambalvo (1994) and Dechow, Sloan & Sweeney (1995) models perform moderately. Finally, the Healy (1985) model shows the worst performance. |
| Reference: | 中文文獻
王泰昌、戚務君，2000，財務資訊與投資策略，鑫報。
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韓孝君，1995，本益比：會計盈餘及現金流量，國立中正大學會計學研究所未出版碩士論文。
戴欣怡，2000，新上市公司上市前之盈餘管理與上市後長期股票報酬之關聯性研究，國立台灣大學會計學研究所未出版碩士論文。
蘇逸穎，1999，本期盈餘、預期未來盈餘和盈餘操縱之關聯性，國立台灣大學會計學研究所未出版碩士論文。
國外文獻
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| Description: | 碩士
國立政治大學
會計學系 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#A2010000426 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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