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題名 IPO審查階段的公司盈餘管理初探：以中國大陸之國營企業及民營企業之比較為例
A comparative analysis of pre-IPO earnings management between SOE and NSOE in China作者 Miura, Takashi 貢獻者 王信實<br>李文傑
Wang, Shinn Shyr<br>Lee, Wen Chieh
Takashi Miura關鍵詞 Earnings management
State-owned enterprise
Non-state-owned enterprise
IPO market
Property plant and equipment
Long –term debt
Account receivable
Long –term debt日期 2016 上傳時間 1-Jul-2016 15:25:35 (UTC+8) 摘要 This study investigates an appropriate accrual-based model in detecting earnings management (EM) of Chinese firms undergoing initial public offering (IPO) process. The mainstream literatures show that state-owned enterprise (SOE) has involved with less earnings management (EM) than non-state-owned enterprise (NSOE) in pre-IPO market from 2003 to 2009. The reason is that SOE could borrow money from bank, compared to NSOE. However, SOE has been proven to conduct stronger EMs in pre-IPO market during 2011 to 2013 by manipulating with property plant and equipment (PPE), the flows of account receivable (AR) and long-term debt (LTD). Besides, I also suggest a new accrual-based model that could better fit into the unique features of Chinese firms in their process of IPO application. 參考文獻 [1] Klein, L. R. (1962). An introduction to econometrics.* Prentice-Hall. New Jersey, 280p, 62-64. [2] DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of accounting and economics, 17(1), 145-176.[3] Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.[4] Chaney, P. K., & Lewis, C. M. (1995). Earnings management and firm valuation under asymmetric information. Journal of Corporate Financ1995e, 1(3), 319-345.[5] Bernard, V. L., & Skinner, D. J. (1996). What motivates managers` choice of discretionary accruals?. Journal of Accounting and Economics, 22(1), 313-325.[6] Freud, R. J., & Littell, R. C. (2000). SAS system for regression. Sas Institute.[7] McNichols, M. F. (2001). Research design issues in earnings management studies. Journal of accounting and public policy, 19(4), 313-345.[8] Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons. [9] Hsiao, C. (2003). Analysis of panel data, 2nd. Cambridge: Cambridge University Press. Kose, MA, ES Prasad and ME Terrones (2003), Financial Integration and Macroeconomic Volatility, IMF Staff Papers, 50, 119-142.[10] Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370. [11] Yoon, S. S., Miller, G., & Jiraporn, P. (2006). Earnings management vehicles for Korean firms. Journal of International Financial Management & Accounting, 17(2), 85-109. [12] Wang, Q., Wong, T. J., & Xia, L. (2008). State ownership, the institutional environment, and auditor choice: Evidence from China. Journal of accounting and economics, 46(1), 112-134.[13] Ball, R., & Shivakumar, L. (2008). Earnings quality at initial public offerings. Journal of Accounting and Economics, 45(2), 324-349.[14] Hujino Yutaka, (2009). New problems and present situation of the accrual-based model. Saint Paul’s University Economic Study volume 62.3, p95-p112 (藤野裕. (2009). 裁量的会計発生高推定モデルの現状と新たな課題: モデルが仮定する条件の現実妥当性について. 立教経済学研究, 62(3), 95-112.)[15] Berger, A. N., Hasan, I., & Zhou, M. (2009). Bank ownership and efficiency in China: What will happen in the world’s largest nation?. Journal of Banking & Finance, 33(1), 113-130. [16] Armstrong, C., Foster, G., & Taylor, D. J. (2008). Earnings management around initial public offerings: a re-examination. Rock Center for Corporate Governance Working Paper, (23).[17] Chen, H., Chen, J. Z., Lobo, G. J., & Wang, Y. (2010). Association between borrower and lender state ownership and accounting conservatism. Journal of Accounting Research, 48(5), 973-1014. [18] Aaker, H., & Gjesdal, F. (2010). Do Models of Discretionary Accruals Detect Actual Earnings Management via Inventory? A Comparison of General and Specific Models. A Comparison of General and Specific Models (June 24, 2010).[19] Benmelech, E., Kandel, E., & Veronesi, P. (2008). Stock-based compensation and CEO (dis) incentives (No. w13732). National Bureau of Economic Research.[20] Islam, M. A., Ali, R., & Ahmad, Z. (2011). Is modified Jones model effective in detecting earnings management? Evidence from a developing economy. International Journal of Economics and Finance, 3(2), 116.[21] Paul, R. K. (2006). Multicollinearity: Causes, Effects and Remedies. IASRI, New Delhi.[22] Alareeni, B., & Aljuaidi, O. (2014). The modified jones and yoon models in detecting earnings management in Palestine Exchange (PEX). International Journal of Innovation and Applied Studies, 9(4), 1472.[23] Shen, Z., Coakley, J., & Instefjord, N. (2014). Earnings management and IPO anomalies in China. Review of Quantitative Finance and Accounting, 42(1), 69-93.[24] Cheng, C. A., Wang, J., & Wei, S. X. (2015). State ownership and earnings management around initial public offerings: Evidence from China. Journal of International Accounting Research, 14(2), 89-116.[25] Tetsuo Hujita, (2014). Financial progress and challenges in China. The Japan Research Institute, United, Pacific Rim Business Information 14, No.55. （藤田哲雄. (2014). 中国の金融改革の進展と課題. Rim: 環太平洋ビジネス情報, (55), 62-79.）[26] Cai, Y., & Zhang, L. (2015, May). The relation between equity incentives and earnings management in China. In Information Engineering and Education Science: Proceedings of the International Conference on Information Engineering and Education Science (ICIEES 2014), Tianjin, China, 12-13 June, 2014 (Vol. 5, p. 29). CRC Press. [27] PwC China Assurance Partner, Doing business and investing in China. Retrieved Feb 15 2006, from: http://www.pwccn.com/webmedia/doc/634940150734265198_iic_full.pdf. (Global Annual Review 2015 (PWC). p146-p160)[28] Xu, W. Chinese domestic IPO over-issuance. 描述 碩士
國立政治大學
經濟學系
103258042資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103258042 資料類型 thesis dc.contributor.advisor 王信實<br>李文傑 zh_TW dc.contributor.advisor Wang, Shinn Shyr<br>Lee, Wen Chieh en_US dc.contributor.author (Authors) Takashi Miura zh_TW dc.creator (作者) Miura, Takashi zh_TW dc.date (日期) 2016 en_US dc.date.accessioned 1-Jul-2016 15:25:35 (UTC+8) - dc.date.available 1-Jul-2016 15:25:35 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2016 15:25:35 (UTC+8) - dc.identifier (Other Identifiers) G0103258042 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98651 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 103258042 zh_TW dc.description.abstract (摘要) This study investigates an appropriate accrual-based model in detecting earnings management (EM) of Chinese firms undergoing initial public offering (IPO) process. The mainstream literatures show that state-owned enterprise (SOE) has involved with less earnings management (EM) than non-state-owned enterprise (NSOE) in pre-IPO market from 2003 to 2009. The reason is that SOE could borrow money from bank, compared to NSOE. However, SOE has been proven to conduct stronger EMs in pre-IPO market during 2011 to 2013 by manipulating with property plant and equipment (PPE), the flows of account receivable (AR) and long-term debt (LTD). Besides, I also suggest a new accrual-based model that could better fit into the unique features of Chinese firms in their process of IPO application. en_US dc.description.tableofcontents I. INTRODUCTION 5II. LITERATURE REVIEW 7Review of earnings management in China 7Research method in detecting earnings management 7Intertwined relationship between Chinese companies and government 8Accounting items relating to discretionary accruals 9III. HYPOTHESIS DEVELOPMENT 10Previous studies on basic regression model 10Application of the accrual model in the developing counties 10The accrual model with Chinese characteristic 11Factor of earnings management in Chinese pre-IPO companies 12IV. STATISTICAL ISSUES 13V. MEASURING DISCRETIONARY ACCRUALS 15Data Selection 15Decomposition of Total Accrual 15Accrual-Based Model 16i. The modified Jones model 16ii. Yoon (2006) model 16iii. The new model 18VI. EXPERIMENTAL DESIGN 19Sample Construction 19i. Utilized Sample 19ii. Identification of SOE 19Data Analysis 19Difference Test for Earnings Management 20VII. THE EMPIRICAL RESULTS 21VIII. CONCLUSIONS AND IMPLICATIONS 35 zh_TW dc.format.extent 1417331 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103258042 en_US dc.subject (關鍵詞) Earnings management en_US dc.subject (關鍵詞) State-owned enterprise en_US dc.subject (關鍵詞) Non-state-owned enterprise en_US dc.subject (關鍵詞) IPO market en_US dc.subject (關鍵詞) Property plant and equipment en_US dc.subject (關鍵詞) Long –term debt en_US dc.subject (關鍵詞) Account receivable en_US dc.subject (關鍵詞) Long –term debt en_US dc.title (題名) IPO審查階段的公司盈餘管理初探：以中國大陸之國營企業及民營企業之比較為例 zh_TW dc.title (題名) A comparative analysis of pre-IPO earnings management between SOE and NSOE in China en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) [1] Klein, L. R. (1962). An introduction to econometrics.* Prentice-Hall. New Jersey, 280p, 62-64. [2] DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of accounting and economics, 17(1), 145-176.[3] Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.[4] Chaney, P. K., & Lewis, C. M. (1995). Earnings management and firm valuation under asymmetric information. Journal of Corporate Financ1995e, 1(3), 319-345.[5] Bernard, V. L., & Skinner, D. J. (1996). What motivates managers` choice of discretionary accruals?. Journal of Accounting and Economics, 22(1), 313-325.[6] Freud, R. J., & Littell, R. C. (2000). SAS system for regression. Sas Institute.[7] McNichols, M. F. (2001). Research design issues in earnings management studies. Journal of accounting and public policy, 19(4), 313-345.[8] Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons. [9] Hsiao, C. (2003). Analysis of panel data, 2nd. Cambridge: Cambridge University Press. Kose, MA, ES Prasad and ME Terrones (2003), Financial Integration and Macroeconomic Volatility, IMF Staff Papers, 50, 119-142.[10] Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370. [11] Yoon, S. S., Miller, G., & Jiraporn, P. (2006). Earnings management vehicles for Korean firms. Journal of International Financial Management & Accounting, 17(2), 85-109. [12] Wang, Q., Wong, T. J., & Xia, L. (2008). State ownership, the institutional environment, and auditor choice: Evidence from China. Journal of accounting and economics, 46(1), 112-134.[13] Ball, R., & Shivakumar, L. (2008). Earnings quality at initial public offerings. Journal of Accounting and Economics, 45(2), 324-349.[14] Hujino Yutaka, (2009). New problems and present situation of the accrual-based model. Saint Paul’s University Economic Study volume 62.3, p95-p112 (藤野裕. (2009). 裁量的会計発生高推定モデルの現状と新たな課題: モデルが仮定する条件の現実妥当性について. 立教経済学研究, 62(3), 95-112.)[15] Berger, A. N., Hasan, I., & Zhou, M. (2009). Bank ownership and efficiency in China: What will happen in the world’s largest nation?. Journal of Banking & Finance, 33(1), 113-130. [16] Armstrong, C., Foster, G., & Taylor, D. J. (2008). Earnings management around initial public offerings: a re-examination. Rock Center for Corporate Governance Working Paper, (23).[17] Chen, H., Chen, J. Z., Lobo, G. J., & Wang, Y. (2010). Association between borrower and lender state ownership and accounting conservatism. Journal of Accounting Research, 48(5), 973-1014. [18] Aaker, H., & Gjesdal, F. (2010). Do Models of Discretionary Accruals Detect Actual Earnings Management via Inventory? A Comparison of General and Specific Models. A Comparison of General and Specific Models (June 24, 2010).[19] Benmelech, E., Kandel, E., & Veronesi, P. (2008). Stock-based compensation and CEO (dis) incentives (No. w13732). National Bureau of Economic Research.[20] Islam, M. A., Ali, R., & Ahmad, Z. (2011). Is modified Jones model effective in detecting earnings management? Evidence from a developing economy. International Journal of Economics and Finance, 3(2), 116.[21] Paul, R. K. (2006). Multicollinearity: Causes, Effects and Remedies. IASRI, New Delhi.[22] Alareeni, B., & Aljuaidi, O. (2014). The modified jones and yoon models in detecting earnings management in Palestine Exchange (PEX). International Journal of Innovation and Applied Studies, 9(4), 1472.[23] Shen, Z., Coakley, J., & Instefjord, N. (2014). Earnings management and IPO anomalies in China. Review of Quantitative Finance and Accounting, 42(1), 69-93.[24] Cheng, C. A., Wang, J., & Wei, S. X. (2015). State ownership and earnings management around initial public offerings: Evidence from China. Journal of International Accounting Research, 14(2), 89-116.[25] Tetsuo Hujita, (2014). Financial progress and challenges in China. The Japan Research Institute, United, Pacific Rim Business Information 14, No.55. （藤田哲雄. (2014). 中国の金融改革の進展と課題. Rim: 環太平洋ビジネス情報, (55), 62-79.）[26] Cai, Y., & Zhang, L. (2015, May). The relation between equity incentives and earnings management in China. In Information Engineering and Education Science: Proceedings of the International Conference on Information Engineering and Education Science (ICIEES 2014), Tianjin, China, 12-13 June, 2014 (Vol. 5, p. 29). CRC Press. [27] PwC China Assurance Partner, Doing business and investing in China. Retrieved Feb 15 2006, from: http://www.pwccn.com/webmedia/doc/634940150734265198_iic_full.pdf. (Global Annual Review 2015 (PWC). p146-p160)[28] Xu, W. Chinese domestic IPO over-issuance. zh_TW
