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題名 盈餘管理、宣告效果與私募增資對象的關聯
Earnings management, announcement effect, and investor type of private placements作者 孫偉哲 貢獻者 湛可南
孫偉哲關鍵詞 宣告效果
盈餘管理
投資人類別
私募增資
Announcement returns
Earnings management
Investor type
Private placement日期 2017 上傳時間 28-八月-2017 11:23:29 (UTC+8) 摘要 本研究以台灣468筆私募增資案，探討應計基礎和實質盈餘管理的決定因素，及盈餘管理對宣告效果的影響。我們發現當投資人類別分為內部人及外部人時，於私募增資前一年，兩者的盈餘管理程度有顯著地不同。並發現相較於應計基礎盈餘管理，實質盈餘管理與宣告效果呈顯著負相關。研究結果顯示與內部人的私募案相比，外部人的私募案，其盈餘管理程度較低，宣告時市場給予較高的異常報酬，且盈餘管理會顯著地負向影響宣告時的報酬。
We employ 468 private placements in Taiwan to examine the determinants of accrual-based earnings management and real earnings management (REM), as well as the impact of earnings management on announcement returns. The results indicate that the type of investors affects earnings management prior to private placements. Compared with discretionary current accruals (DCA), REM is significantly and negatively related with announcement returns. Outsider placements are associated with lower earnings overstatement and higher announcement returns. Outsider placements also exhibit a significantly negative relation between earnings management and announcement returns.參考文獻 Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2007). Private placements and managerial entrenchment. Journal of Corporate Finance, 13(4), 461-484.Chen, H. C., Dai, N., & Schatzberg, J. D. (2010). The choice of equity selling mechanisms: PIPEs versus SEOs. Journal of Corporate Finance, 16(1), 104-119.Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2-19.Dechow, P. M., Kothari, S. P., & Watts, R. L. (1998). The relation between earnings and cash flows. Journal of Accounting and Economics, 25(2), 133-168.Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: an analysis of firms’ subject to enforcement actions by the SEC. Contemporary Accounting Research, 13(1), 1-36.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.Hertzel, M., Lemmon, M., Linck, J. S., & Rees, L. (2002). Long‐run performance following private placements of equity. The Journal of Finance, 57(6), 2595-2617.Hertzel, M., & Smith, R. L. (1993). Market discounts and shareholder gains for placing equity privately. The Journal of finance, 48(2), 459-485.Hung, C. W., Shiu, C. Y. & Wei, H. S. (2012). Stock liquidity and the choice between public offerings and private placements, Journal of Financial Studies, 20, 1-22Kahn, C., & Winton, A. (1998). Ownership structure, speculation, and shareholder intervention. The Journal of Finance, 53(1), 99-129.Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163-197.Louis, H. (2004). Earnings management and the market performance of acquiring firms. Journal of Financial Economics, 74(1), 121-148.Ma, T., Yeh, C. Y., & Hsu, H. Y. (2010). What determines the discount for private equity offerings-ownership or control right? International Research Journal of Finance and Economics, 48, 96-107Mao, Y., & Renneboog, L. (2015). Do managers manipulate earnings prior to management buyouts? Journal of Corporate Finance, 35, 43-61.Tang, H. W. (2016). Earnings Management, Investor Type, and Firm Performance of Private Placement. Journal of Financial Studies, 24, 55-102Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Shiu, C. Y., & Wei, H. S. (2013). Do private placements turn around firms? Evidence from Taiwan. Financial Management, 42(4), 875-899.Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics, 29(3), 339-371.Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461-488.Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50(1), 63-99.Wruck, K. H. (1989). Equity ownership concentration and firm value: Evidence from private equity financings. Journal of Financial Economics, 23(1), 3-28.Wu, Y. (2004). The choice of equity-selling mechanisms. Journal of Financial Economics, 74(1), 93-119.Wu, Y. W. (1997). Management buyouts and earnings management. Journal of Accounting Auditing & Finance, 12(4), 373-389. 描述 碩士
國立政治大學
財務管理研究所
104357011資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357011 資料類型 thesis dc.contributor.advisor 湛可南 zh_TW dc.contributor.author (作者) 孫偉哲 zh_TW dc.creator (作者) 孫偉哲 zh_TW dc.date (日期) 2017 en_US dc.date.accessioned 28-八月-2017 11:23:29 (UTC+8) - dc.date.available 28-八月-2017 11:23:29 (UTC+8) - dc.date.issued (上傳時間) 28-八月-2017 11:23:29 (UTC+8) - dc.identifier (其他 識別碼) G0104357011 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/112149 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 104357011 zh_TW dc.description.abstract (摘要) 本研究以台灣468筆私募增資案，探討應計基礎和實質盈餘管理的決定因素，及盈餘管理對宣告效果的影響。我們發現當投資人類別分為內部人及外部人時，於私募增資前一年，兩者的盈餘管理程度有顯著地不同。並發現相較於應計基礎盈餘管理，實質盈餘管理與宣告效果呈顯著負相關。研究結果顯示與內部人的私募案相比，外部人的私募案，其盈餘管理程度較低，宣告時市場給予較高的異常報酬，且盈餘管理會顯著地負向影響宣告時的報酬。 zh_TW dc.description.abstract (摘要) We employ 468 private placements in Taiwan to examine the determinants of accrual-based earnings management and real earnings management (REM), as well as the impact of earnings management on announcement returns. The results indicate that the type of investors affects earnings management prior to private placements. Compared with discretionary current accruals (DCA), REM is significantly and negatively related with announcement returns. Outsider placements are associated with lower earnings overstatement and higher announcement returns. Outsider placements also exhibit a significantly negative relation between earnings management and announcement returns. en_US dc.description.tableofcontents List of Table IV1. Introduction 12. Literature Review and Hypotheses 42.1 Private Placements 42.2 Earnings Management 62.3 Earnings Management and Announcement Returns 73. Methodology and Sample 83.1 Sample Formation 83.2 Earnings Management Variables 93.2.1 Accrual - Based Earnings Management 93.2.2 Real Earnings Management 103.3 Control Variables 123.4 Multiple Regression 133.5 Announcement Returns 144. Empirical Results 154.1 Descriptive Statistics 154.2 Determinants of Earnings management of Private Placements 164.3 Announcement Effect 174.4 Influence of Earnings management on Announcement Returns 185. Robustness Checks 205.1 Influence of Industry on Pre-Issue Earnings Management 205.2 Influence of Strategic Investor on Earnings Management and Announcement Returns 206. Conclusion 21References 23 zh_TW dc.format.extent 1351230 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357011 en_US dc.subject (關鍵詞) 宣告效果 zh_TW dc.subject (關鍵詞) 盈餘管理 zh_TW dc.subject (關鍵詞) 投資人類別 zh_TW dc.subject (關鍵詞) 私募增資 zh_TW dc.subject (關鍵詞) Announcement returns en_US dc.subject (關鍵詞) Earnings management en_US dc.subject (關鍵詞) Investor type en_US dc.subject (關鍵詞) Private placement en_US dc.title (題名) 盈餘管理、宣告效果與私募增資對象的關聯 zh_TW dc.title (題名) Earnings management, announcement effect, and investor type of private placements en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2007). Private placements and managerial entrenchment. Journal of Corporate Finance, 13(4), 461-484.Chen, H. C., Dai, N., & Schatzberg, J. D. (2010). The choice of equity selling mechanisms: PIPEs versus SEOs. Journal of Corporate Finance, 16(1), 104-119.Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2-19.Dechow, P. M., Kothari, S. P., & Watts, R. L. (1998). The relation between earnings and cash flows. Journal of Accounting and Economics, 25(2), 133-168.Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: an analysis of firms’ subject to enforcement actions by the SEC. Contemporary Accounting Research, 13(1), 1-36.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.Hertzel, M., Lemmon, M., Linck, J. S., & Rees, L. (2002). Long‐run performance following private placements of equity. The Journal of Finance, 57(6), 2595-2617.Hertzel, M., & Smith, R. L. (1993). Market discounts and shareholder gains for placing equity privately. The Journal of finance, 48(2), 459-485.Hung, C. W., Shiu, C. Y. & Wei, H. S. (2012). Stock liquidity and the choice between public offerings and private placements, Journal of Financial Studies, 20, 1-22Kahn, C., & Winton, A. (1998). Ownership structure, speculation, and shareholder intervention. The Journal of Finance, 53(1), 99-129.Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163-197.Louis, H. (2004). Earnings management and the market performance of acquiring firms. Journal of Financial Economics, 74(1), 121-148.Ma, T., Yeh, C. Y., & Hsu, H. Y. (2010). What determines the discount for private equity offerings-ownership or control right? International Research Journal of Finance and Economics, 48, 96-107Mao, Y., & Renneboog, L. (2015). Do managers manipulate earnings prior to management buyouts? Journal of Corporate Finance, 35, 43-61.Tang, H. W. (2016). Earnings Management, Investor Type, and Firm Performance of Private Placement. Journal of Financial Studies, 24, 55-102Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.Shiu, C. Y., & Wei, H. S. (2013). Do private placements turn around firms? Evidence from Taiwan. Financial Management, 42(4), 875-899.Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics, 29(3), 339-371.Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461-488.Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50(1), 63-99.Wruck, K. H. (1989). Equity ownership concentration and firm value: Evidence from private equity financings. Journal of Financial Economics, 23(1), 3-28.Wu, Y. (2004). The choice of equity-selling mechanisms. Journal of Financial Economics, 74(1), 93-119.Wu, Y. W. (1997). Management buyouts and earnings management. Journal of Accounting Auditing & Finance, 12(4), 373-389. zh_TW
