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題名 執行長過度自信、盈餘管理與發行美國存託憑證之關係
The association among CEO’s overconfidence, earnings management and the issuance of American Depositary Receipts
作者 林彙傑
貢獻者 林禹銘
林彙傑
關鍵詞 美國存託憑證
過度自信
盈餘管理
American Depositary Receipts
overconfidence
earnings management
日期 2016
上傳時間 1-Jul-2016 14:56:32 (UTC+8)
摘要 本文主要目的係探討過度自信之管理者，是否傾向發行美國存託憑證，以及發行美國存託憑證之公司，是否會進行盈餘管理。本文衡量過度自信的方法，為公司之資產成長率；衡量盈餘管理的方法，則參照Zang (2012) 之研究，分為應計項目盈餘管理與實質盈餘管理；在實質盈餘管理方面，分別測試單一變數及合併變數。本研究之對象為1993年至2015年，中國在美國發行存託憑證之公司。實證結果發現，具過度自信管理者之中國公司，較願意赴美發行存託憑證，進入此較具競爭力之市場；除此之外，中國在美國發行存託憑證之公司，不管在應計項目，或實質項目方面，皆較不傾向進行盈餘管理。
The main purpose of this study is to examine whether the overconfident managers tend to issue American Depositary Receipts (ADRs), and whether the firms issuing ADRs tend to conduct earnings management.
In this paper, I employ the rate of asset growth as the proxy to measure overconfidence of managers, and follow the methods by Zang (2012) to measure earnings management including real earnings management and accrual earnings management. In addition, single variables and combined variables are used to test real earnings management. The research samples consist of Chinese firms which released ADRs for the period 1993 - 2015.
The empirical results show that Chinese firms with overconfident managers tend to issue ADRs, indicating they are willing to enter the competitive market. The results also show that Chinese firms which issue ADRs are less likely to conduct real earnings management and accrual earnings management.
參考文獻 Aggarwal, R., S. Dahiya, and L. Klapper. 2007. ADR holdings of US-based emerging
market funds. Journal of Banking & Finance 31 (6):1649-1667.
Aharony, J., J. Wang, and H. Yuan. 2010. Tunneling as an incentive for earnings
management during the IPO process in China. Journal of Accounting and
Public Policy 29 (1):1-26.
Ahmed, A., and S. Duellman. 2013. Managerial overconfidence and accounting
conservatism. Journal of accounting research 51 (1):1-30.
Alexander, G., C. Eun, and S. Janakiramanan. 1987. Asset pricing and dual listing on
foreign capital markets: A note. The Journal of Finance 42 (1):151-158.
Alhadab, M., I. Clacher, and K. Keasey. 2013. Real and Accrual Earnings
Management Around Initial Public Offerings Under Different Regulatory
Environments. Available at SSRN 2186502.
Ali, A., T. Chen, and S. Radhakrishnan. 2007. Corporate disclosures by family firms.
Journal of accounting and Economics 44 (1):238-286.
Ball, R., and L. Shivakumar. 2008. Earnings quality at initial public offerings. Journal
of accounting and Economics 45 (2):324-349.
Bartov, E. 1993. The timing of asset sales and earnings manipulation. Accounting
review:840-855.
Bhojraj, S., C. Lee, and D. Oler. 2003. What`s my line? A comparison of industry
classification schemes for capital market research. Journal of accounting
research 41 (5):745-774.
Boubakri, N., J. Cosset, and A. Samet. 2010. The choice of ADRs. Journal of Banking
& Finance 34 (9):2077-2095.
Camerer, C., and D. Lovallo. 1999. Overconfidence and excess entry: An
experimental approach. The American Economic Review 89 (1):306-318.
Chan, L., J. Lakonishok, and B. Swaminathan. 2007. Industry classifications and
return comovement. Financial Analysts Journal 63 (6):56-70.
Chung, R., B. Bao, Y. Niu, and S. Wei. 2012. Real and Accrual Earnings
Management around IPOs: Evidence from US Companies.
Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual-based earnings management in
the pre-and post-Sarbanes-Oxley periods. The Accounting Review 83
(3):757-787.
Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management
activities around seasoned equity offerings. Journal of accounting and
Economics 50 (1):2-19.
43
Cordeiro, L. 2009. Managerial overconfidence and dividend policy. Available at SSRN
1343805.
DeAngelo, H., L. DeAngelo, and D. Skinner. 1996. Reversal of fortune dividend
signaling and the disappearance of sustained earnings growth. Journal of
Financial Economics 40 (3):341-371.
Deshmukh, S., A. Goel, and K. Howe. 2013. CEO overconfidence and dividend policy.
Journal of Financial Intermediation 22 (3):440-463.
Doidge, C., G. Karolyi, and R. Stulz. 2009. Has New York become less competitive
than London in global markets? Evaluating foreign listing choices over time.
Journal of Financial Economics 91 (3):253-277.
Domowitz, I., J. Glen, and A. Madhavan. 1997. Market segmentation and stock prices:
Evidence from an emerging market. The Journal of Finance 52 (3):1059-1085.
DuCharme, L., P. Malatesta, and S. Sefcik. 2001. Earnings management: IPO
valuation and subsequent performance. Journal of Accounting, Auditing &
Finance 16 (4):369-396.
DuCharme, L., P. Malatesta, and S. Sefcik. 2004. Earnings management, stock issues,
and shareholder lawsuits. Journal of Financial Economics 71 (1):27-49.
Fields, T., T. Lys, and L. Vincent. 2001. Empirical research on accounting choice.
Journal of accounting and Economics 31 (1):255-307.
Friedlan, J. 1994. Accounting Choices of Issuers of Initial Public Offerings*.
Contemporary Accounting Research 11 (1):1-31.
Gagnon, L., and G. Karolyi. 2010. Multi-market trading and arbitrage. Journal of
Financial Economics 97 (1):53-80.
Graham, J., C. Harvey, and S. Rajgopal. 2005. The economic implications of
corporate financial reporting. Journal of accounting and Economics 40
(1):3-73.
Gramlich, J., and O. Sørensen. 2004. Voluntary management earnings forecasts and
discretionary accruals: evidence from Danish IPOs. European Accounting
Review 13 (2):235-259.
Guenther, D. 1994. Earnings management in response to corporate tax rate changes:
Evidence from the 1986 Tax Reform Act. Accounting review:230-243.
Healy, P., and J. Wahlen. 1999. A review of the earnings management literature and its
implications for standard setting. Accounting horizons 13 (4):365-383.
Heaton, J. 2002. Managerial optimism and corporate finance. Financial
management:33-45.
44
Hrazdil, K., and T. Scott. 2013. The role of industry classification in estimating
discretionary accruals. Review of Quantitative Finance and Accounting 40
(1):15-39.
Kao, J., D. Wu, and Z. Yang. 2009. Regulations, earnings management, and
post-IPO performance: The Chinese evidence. Journal of Banking & Finance
33(1):63-76.
Karolyi, G. 2006. The world of cross-listings and cross-listings of the world:
Challenging conventional wisdom. Review of Finance 10 (1):99-152.
Lel, U., and D. Miller. 2008. International Cross‐Listing, Firm Performance, and Top
Management Turnover: A Test of the Bonding Hypothesis. The Journal of
Finance 63 (4):1897-1937.
Lins, K., D. Strickland, and M. Zenner. 2005. Do non-US firms issue equity on US
stock exchanges to relax capital constraints? Journal of financial and
quantitative analysis 40 (01):109-133.
Ma, N. 2008. Overconfidence—its theory and implications in dispute resolution. ADR
Bulletin 10 (4):4.
Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment.
The Journal of Finance 60 (6):2661-2700.
Pagano, M., A. Röell, and J. Zechner. 2002. The geography of equity listing: why do
companies list abroad? The Journal of Finance 57 (6):2651-2694.
Pan, L.-H., C. Lin, and P. Yang. 2013. Corporate governance, growth opportunities,
and the choices of cross-listings: The case of Chinese ADRs. Pacific-Basin
Finance Journal 24:221-234.
Rangan, S. 1998. Earnings management and the performance of seasoned equity
offerings. Journal of Financial Economics 50 (1):101-122.
Reese, W., and M. Weisbach. 2002. Protection of minority shareholder interests,
cross-listings in the United States, and subsequent equity offerings. Journal of
Financial Economics 66 (1):65-104.
Roychowdhury, S. 2006. Earnings management through real activities manipulation.
Journal of accounting and Economics 42 (3):335-370.
Saunders, M. 1993. American Depositary Receipts: An Introduction to US Capital
Markets for Foreign Companies. Fordham Int`l LJ 17:48.
Teoh, S., I. Welch, and T. Wong. 1998. Earnings management and the long‐run market
performance of initial public offerings. The Journal of Finance 53
(6):1935-1974.
Teoh, S., T. Wong, and G. Rao. 1994. Incentives and opportunities for earnings
management in initial public offerings. Available at SSRN 5391.
45
Warfield, T., J. Wild, and K. Wild. 1995. Managerial ownership, accounting choices,
and informativeness of earnings. Journal of accounting and Economics 20
(1):61-91.
Zang, A. 2012. Evidence on the Trade-Off between Real Activities Manipulation and
Accrual-Based Earnings Management. The Accounting Review 87 (2):675-703.
描述 碩士
國立政治大學
會計學系
103353012
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1033530121
資料類型 thesis
dc.contributor.advisor 林禹銘zh_TW
dc.contributor.author (Authors) 林彙傑zh_TW
dc.creator (作者) 林彙傑zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 1-Jul-2016 14:56:32 (UTC+8)-
dc.date.available 1-Jul-2016 14:56:32 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2016 14:56:32 (UTC+8)-
dc.identifier (Other Identifiers) G1033530121en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98552-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 103353012zh_TW
dc.description.abstract (摘要) 本文主要目的係探討過度自信之管理者，是否傾向發行美國存託憑證，以及發行美國存託憑證之公司，是否會進行盈餘管理。本文衡量過度自信的方法，為公司之資產成長率；衡量盈餘管理的方法，則參照Zang (2012) 之研究，分為應計項目盈餘管理與實質盈餘管理；在實質盈餘管理方面，分別測試單一變數及合併變數。本研究之對象為1993年至2015年，中國在美國發行存託憑證之公司。實證結果發現，具過度自信管理者之中國公司，較願意赴美發行存託憑證，進入此較具競爭力之市場；除此之外，中國在美國發行存託憑證之公司，不管在應計項目，或實質項目方面，皆較不傾向進行盈餘管理。zh_TW
dc.description.abstract (摘要) The main purpose of this study is to examine whether the overconfident managers tend to issue American Depositary Receipts (ADRs), and whether the firms issuing ADRs tend to conduct earnings management.
In this paper, I employ the rate of asset growth as the proxy to measure overconfidence of managers, and follow the methods by Zang (2012) to measure earnings management including real earnings management and accrual earnings management. In addition, single variables and combined variables are used to test real earnings management. The research samples consist of Chinese firms which released ADRs for the period 1993 - 2015.
The empirical results show that Chinese firms with overconfident managers tend to issue ADRs, indicating they are willing to enter the competitive market. The results also show that Chinese firms which issue ADRs are less likely to conduct real earnings management and accrual earnings management.		en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題 3
第貳章 文獻探討與研究假說 5
第一節 美國存託憑證概述 5
第二節 過度自信與企業經營 9
第三節 盈餘管理與股票之公開發行 10
第四節 假說建立 14
第參章 研究方法 15
第一節 資料來源與樣本配對過程 15
第二節 研究模型 17
第三節 變數定義 18
第肆章 實證結果 24
第一節 樣本敘述統計 24
第二節 實證結果 35
第伍章 結論與建議 39
第一節 研究結論與建議 39
第二節 研究限制 41		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1033530121en_US
dc.subject (關鍵詞) 美國存託憑證zh_TW
dc.subject (關鍵詞) 過度自信zh_TW
dc.subject (關鍵詞) 盈餘管理zh_TW
dc.subject (關鍵詞) American Depositary Receiptsen_US
dc.subject (關鍵詞) overconfidenceen_US
dc.subject (關鍵詞) earnings managementen_US
dc.title (題名) 執行長過度自信、盈餘管理與發行美國存託憑證之關係zh_TW
dc.title (題名) The association among CEO’s overconfidence, earnings management and the issuance of American Depositary Receiptsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aggarwal, R., S. Dahiya, and L. Klapper. 2007. ADR holdings of US-based emerging
market funds. Journal of Banking & Finance 31 (6):1649-1667.
Aharony, J., J. Wang, and H. Yuan. 2010. Tunneling as an incentive for earnings
management during the IPO process in China. Journal of Accounting and
Public Policy 29 (1):1-26.
Ahmed, A., and S. Duellman. 2013. Managerial overconfidence and accounting
conservatism. Journal of accounting research 51 (1):1-30.
Alexander, G., C. Eun, and S. Janakiramanan. 1987. Asset pricing and dual listing on
foreign capital markets: A note. The Journal of Finance 42 (1):151-158.
Alhadab, M., I. Clacher, and K. Keasey. 2013. Real and Accrual Earnings
Management Around Initial Public Offerings Under Different Regulatory
Environments. Available at SSRN 2186502.
Ali, A., T. Chen, and S. Radhakrishnan. 2007. Corporate disclosures by family firms.
Journal of accounting and Economics 44 (1):238-286.
Ball, R., and L. Shivakumar. 2008. Earnings quality at initial public offerings. Journal
of accounting and Economics 45 (2):324-349.
Bartov, E. 1993. The timing of asset sales and earnings manipulation. Accounting
review:840-855.
Bhojraj, S., C. Lee, and D. Oler. 2003. What`s my line? A comparison of industry
classification schemes for capital market research. Journal of accounting
research 41 (5):745-774.
Boubakri, N., J. Cosset, and A. Samet. 2010. The choice of ADRs. Journal of Banking
& Finance 34 (9):2077-2095.
Camerer, C., and D. Lovallo. 1999. Overconfidence and excess entry: An
experimental approach. The American Economic Review 89 (1):306-318.
Chan, L., J. Lakonishok, and B. Swaminathan. 2007. Industry classifications and
return comovement. Financial Analysts Journal 63 (6):56-70.
Chung, R., B. Bao, Y. Niu, and S. Wei. 2012. Real and Accrual Earnings
Management around IPOs: Evidence from US Companies.
Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual-based earnings management in
the pre-and post-Sarbanes-Oxley periods. The Accounting Review 83
(3):757-787.
Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management
activities around seasoned equity offerings. Journal of accounting and
Economics 50 (1):2-19.
43
Cordeiro, L. 2009. Managerial overconfidence and dividend policy. Available at SSRN
1343805.
DeAngelo, H., L. DeAngelo, and D. Skinner. 1996. Reversal of fortune dividend
signaling and the disappearance of sustained earnings growth. Journal of
Financial Economics 40 (3):341-371.
Deshmukh, S., A. Goel, and K. Howe. 2013. CEO overconfidence and dividend policy.
Journal of Financial Intermediation 22 (3):440-463.
Doidge, C., G. Karolyi, and R. Stulz. 2009. Has New York become less competitive
than London in global markets? Evaluating foreign listing choices over time.
Journal of Financial Economics 91 (3):253-277.
Domowitz, I., J. Glen, and A. Madhavan. 1997. Market segmentation and stock prices:
Evidence from an emerging market. The Journal of Finance 52 (3):1059-1085.
DuCharme, L., P. Malatesta, and S. Sefcik. 2001. Earnings management: IPO
valuation and subsequent performance. Journal of Accounting, Auditing &
Finance 16 (4):369-396.
DuCharme, L., P. Malatesta, and S. Sefcik. 2004. Earnings management, stock issues,
and shareholder lawsuits. Journal of Financial Economics 71 (1):27-49.
Fields, T., T. Lys, and L. Vincent. 2001. Empirical research on accounting choice.
Journal of accounting and Economics 31 (1):255-307.
Friedlan, J. 1994. Accounting Choices of Issuers of Initial Public Offerings*.
Contemporary Accounting Research 11 (1):1-31.
Gagnon, L., and G. Karolyi. 2010. Multi-market trading and arbitrage. Journal of
Financial Economics 97 (1):53-80.
Graham, J., C. Harvey, and S. Rajgopal. 2005. The economic implications of
corporate financial reporting. Journal of accounting and Economics 40
(1):3-73.
Gramlich, J., and O. Sørensen. 2004. Voluntary management earnings forecasts and
discretionary accruals: evidence from Danish IPOs. European Accounting
Review 13 (2):235-259.
Guenther, D. 1994. Earnings management in response to corporate tax rate changes:
Evidence from the 1986 Tax Reform Act. Accounting review:230-243.
Healy, P., and J. Wahlen. 1999. A review of the earnings management literature and its
implications for standard setting. Accounting horizons 13 (4):365-383.
Heaton, J. 2002. Managerial optimism and corporate finance. Financial
management:33-45.
44
Hrazdil, K., and T. Scott. 2013. The role of industry classification in estimating
discretionary accruals. Review of Quantitative Finance and Accounting 40
(1):15-39.
Kao, J., D. Wu, and Z. Yang. 2009. Regulations, earnings management, and
post-IPO performance: The Chinese evidence. Journal of Banking & Finance
33(1):63-76.
Karolyi, G. 2006. The world of cross-listings and cross-listings of the world:
Challenging conventional wisdom. Review of Finance 10 (1):99-152.
Lel, U., and D. Miller. 2008. International Cross‐Listing, Firm Performance, and Top
Management Turnover: A Test of the Bonding Hypothesis. The Journal of
Finance 63 (4):1897-1937.
Lins, K., D. Strickland, and M. Zenner. 2005. Do non-US firms issue equity on US
stock exchanges to relax capital constraints? Journal of financial and
quantitative analysis 40 (01):109-133.
Ma, N. 2008. Overconfidence—its theory and implications in dispute resolution. ADR
Bulletin 10 (4):4.
Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment.
The Journal of Finance 60 (6):2661-2700.
Pagano, M., A. Röell, and J. Zechner. 2002. The geography of equity listing: why do
companies list abroad? The Journal of Finance 57 (6):2651-2694.
Pan, L.-H., C. Lin, and P. Yang. 2013. Corporate governance, growth opportunities,
and the choices of cross-listings: The case of Chinese ADRs. Pacific-Basin
Finance Journal 24:221-234.
Rangan, S. 1998. Earnings management and the performance of seasoned equity
offerings. Journal of Financial Economics 50 (1):101-122.
Reese, W., and M. Weisbach. 2002. Protection of minority shareholder interests,
cross-listings in the United States, and subsequent equity offerings. Journal of
Financial Economics 66 (1):65-104.
Roychowdhury, S. 2006. Earnings management through real activities manipulation.
Journal of accounting and Economics 42 (3):335-370.
Saunders, M. 1993. American Depositary Receipts: An Introduction to US Capital
Markets for Foreign Companies. Fordham Int`l LJ 17:48.
Teoh, S., I. Welch, and T. Wong. 1998. Earnings management and the long‐run market
performance of initial public offerings. The Journal of Finance 53
(6):1935-1974.
Teoh, S., T. Wong, and G. Rao. 1994. Incentives and opportunities for earnings
management in initial public offerings. Available at SSRN 5391.
45
Warfield, T., J. Wild, and K. Wild. 1995. Managerial ownership, accounting choices,
and informativeness of earnings. Journal of accounting and Economics 20
(1):61-91.
Zang, A. 2012. Evidence on the Trade-Off between Real Activities Manipulation and
Accrual-Based Earnings Management. The Accounting Review 87 (2):675-703.		zh_TW