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題名 加盟公司公開文件之變更與財務資訊之關聯探討-以美國連鎖餐飲食品業為例
The association between revision of Franchise Disclosure Document and financial information: evidence from food and restaurant industry in the U.S. market作者 顏千惠
Yen, Chien-Hui貢獻者 張元晨
Chang, Yuan-Chen
顏千惠
Yen, Chien-Hui關鍵詞 加盟公開文件
經理人薪酬
重述
股票買賣價差
簽證會計師事務所聲望
Franchise disclosure document
Managerial compensation
Restatement
Bid-Ask spread
CPA firm reputation日期 2018 上傳時間 5-Jul-2018 16:49:38 (UTC+8) 摘要 本研究旨在探討加盟公司公開文件之變更與財務資訊之關聯，分析在美國加盟公司公開申報FDD中Item20近三年店家數的揭露重述(修正)情形、Item19財務績效表現揭露程度與類別變更情形、上市母公司簽證會計師事務所、經理人與股票選擇權連結之酬勞比重等因素與資訊不對稱之關聯。\r\n另外，本研究發現入選Entrepreneur`s Franchise 500 List之公司所揭露的加盟直營店家數與官方FDD所呈現之數據仍有差異，且於500 List高估之樣本過往發生Item 19、Item 20改變與修正的比例較高，可見約束力較FDD小的500 List具有廣告性質，其針對修正頻繁之加盟企業給予較有利的資訊，因此本研究呼籲資訊使用者須謹慎評估資訊的真實性，並多方參考其他約束力較足夠的文件例如年報，再進行後續的投資行為。\r\n本研究並針對美國FTC於2007 年修法後發佈並公告之FDD進行分析加盟資訊改變與修正對上市加盟企業買賣價差的影響，研究結果顯示加盟資訊改變與修正並未顯著影響公司在市場上的股票買賣價差，但其經理人股票及選擇權酬勞佔總酬勞的比重卻顯著與買賣價差呈現負相關。
This study investigates the association between revision of franchise disclosure document and financial information. We examine the relationship between the revision of the number of past 3 year outlets in Item 20、the extent of disclosure and the change of types in Item 19、CPA firm of listed parent company and the ratio of stock option-based managerial compensation and information asymmetry proxy, bid-ask spreads of listed franchised firms.\r\nWe find that the number of franchised and company owned outlets provided by Entrepreneur`s Franchise 500 List are different from the information provided in official FDD. Moreover, we find that franchise companies tend to overestimate the number of outlets and have higher proportion of revisions in Items 19 and 20. It can be seen that the Entrepreneur`s Franchise 500 list, which is less binding than FDD, has an advertising effects which may help frequent revised companies provide more favorable information to solicit franchisees. Therefore, this study calls for information users to be cautious in assessing the authenticity of information and compare it with more binding document like annual report before investment in franchised opportunities.\r\nWe retrieve information from FDD amended in 2007 required by the FTC and analyzes the impact of the revisions of the franchise information on the bid-ask spread of listed franchise firms. The empirical results show that the relationship between the revision on FDD and bid ask spread is insignificant and the relationship between the ratio of stock option-based managerial compensation and the bid-ask spread is significant.參考文獻 一、 中文部分\r\n魏筠潔(民106年)，影響加盟業主揭露財務資訊多寡因素之探討—以美國連鎖餐\r\n飲食品業為例，國立政治大學財務管理學研究所碩士論文，2017年6月。\r\n陳明輝(民98年)，企業社會責任與財務報表品質之關聯性分析—以財報重編為\r\n例，國立成功大學會計學研究所碩士論文，2009年6月。\r\n王佑生(民94年)，自願性財務預測制度與資訊揭露，國立政治大學經營管理學系\r\n碩士論文，2005年6月。\r\n二、 英文部分\r\nAnderson, Kirsten L. &Yohn, Teri Lombardi(2002) . “The Effect of 10k Restatements\r\non Firm Value, Information Asymmetries, and Investors` Reliance on Earnings”\r\n(September 2002).\r\nBenoliel, U. (2017). “Are Disclosures Really Standardized? An Empirical Analysis”\r\nVillanova Law Review, 62, 1–26.\r\nBloomfield, Robert J. &Wilks, Jeffrey T. (2000). “Disclosure effects in the\r\nlaboratory: Liquidity, depth, and the cost of capital ”The Accounting Review,\r\nVol. 75, No. 1 (Jan., 2000)\r\nCaffey A. Andrew “The Most Valuable Information in the Franchise Disclosure\r\nDocument”\r\nChung, K. H., Elder, J.&Kim, J.-C. (2010). “Corporate Governance and\r\nLiquidity.”Journal of Financial and Quantitative Analysis,45\r\nCore, John E., Guay, Wayne R. and Larcker, David F. (2003). “Executive Equity\r\nCompensation and Incentives: A Survey. ” Federal Reserve Bank of New York\r\nEconomic Policy Review, 9\r\nCurran, Leslie D. &Mitchell, Benjamin L. (2014). “The Art and Science of FDD\r\nDrafting”\r\nElgin, Jeff (2008). “The Anatomy of an FDD”\r\nGandhi, V. Honey (2014). “Franchising in the United States”, 20 Law & Bus. Rev.\r\nAm. 3\r\nGhorbel, Faten Hakim&Omri, Mohamed Ali (2013). “Does auditor changes reduce\r\ninformation asymmetry?An examination of the effect on bid-ask spread using a big\r\nor non-big auditor classification.” International Journal of Business Continuity and\r\nRisk Management. Vol. 4. No. 2.\r\nGrossman, S., (1981). “The Informational Role of Warranties and Private Disclosure\r\nabout Product Quality ”Journal of Law and Economics 24.\r\nHakim, F.&Omri, M. A. (2010). “Quality of the external auditor, information\r\nasymmetry, and bidask spread: Case of the listed Tunisian firms.”International\r\nJournal of Accounting and Information Management, 18,5-18\r\nHealy, P. M., and Wahlen , J. M. (1999) . “A review of the earnings management\r\nliterature and its implications for standard setting”Accounting Horizons 13\r\nHershman, Stuart (2008). “The Disclosure Process —Uncertainties, Ambiguities And\r\nUnresolved Issues”\r\nJustis, R. T.&Judd, R. J. (1998). “Franchising” DAME\r\nKyle, Albert S. (1985). “Continuous Auctions and Insider Trading, ”Econometrica,\r\nVol. 53.\r\nLeuz, C. and Verrecchia, R. E,(2000),“The Economic Consequences of Increased\r\nDisclosure,” Journal of Accounting Research, 38\r\nMilgrom, P., (1981). “Good News and Bad News: Representation Theorems and\r\nApplications”Bell Journal of Economics 12.\r\nMokoaleli-Mokoteli, Th.&Iatridis, G. (2017). “Big 4 auditing companies, earningsmanipulation and earnings conservatism: evidence from an emerging\r\nmarket.”Investment Management and Financial Innovations, 14(1),\r\nPalea, V. (2007). “The Effects of the IAS/IFRS Adoption in the European Union on\r\nthe Financial Industry” The European Union Review, 12(1-2)\r\nPalmrose, Z.-V., Richardson, V. J., &Scholz, S. (2004). “Determinants of market\r\nreactions to restatement announcements.”Journal of Accounting and Economics 37\r\nPrice, R. (2000). “Who Reports Earnings When Reporting is Optional? ” The Market\r\nfor New Franchises”Journal of Accounting and Economics,Vol. 28, No. 3,.\r\nTeixeira Ed (2015). “One Item in the FDD Can Say a Lot about the Franchisor”\r\nVeronica, S., &Bachtiar, Y. (2005). “Corporate Governance, Information Asymmetry,\r\nand Earnings Management. ”JurnalAkuntansidanKeuangan Indonesia, Vol. 2 (1).\r\nWelker, M. (1995). “Disclosure policy, information asymmetry and liquidity in equity\r\nmarkets. ”Contemporary Accounting Research 11 (Spring) 描述 碩士
國立政治大學
財務管理學系
106357004資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106357004 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan-Chen en_US dc.contributor.author (Authors) 顏千惠 zh_TW dc.contributor.author (Authors) Yen, Chien-Hui en_US dc.creator (作者) 顏千惠 zh_TW dc.creator (作者) Yen, Chien-Hui en_US dc.date (日期) 2018 en_US dc.date.accessioned 5-Jul-2018 16:49:38 (UTC+8) - dc.date.available 5-Jul-2018 16:49:38 (UTC+8) - dc.date.issued (上傳時間) 5-Jul-2018 16:49:38 (UTC+8) - dc.identifier (Other Identifiers) G0106357004 en_US dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=136199 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 106357004 zh_TW dc.description.abstract (摘要) 本研究旨在探討加盟公司公開文件之變更與財務資訊之關聯，分析在美國加盟公司公開申報FDD中Item20近三年店家數的揭露重述(修正)情形、Item19財務績效表現揭露程度與類別變更情形、上市母公司簽證會計師事務所、經理人與股票選擇權連結之酬勞比重等因素與資訊不對稱之關聯。\r\n另外，本研究發現入選Entrepreneur`s Franchise 500 List之公司所揭露的加盟直營店家數與官方FDD所呈現之數據仍有差異，且於500 List高估之樣本過往發生Item 19、Item 20改變與修正的比例較高，可見約束力較FDD小的500 List具有廣告性質，其針對修正頻繁之加盟企業給予較有利的資訊，因此本研究呼籲資訊使用者須謹慎評估資訊的真實性，並多方參考其他約束力較足夠的文件例如年報，再進行後續的投資行為。\r\n本研究並針對美國FTC於2007 年修法後發佈並公告之FDD進行分析加盟資訊改變與修正對上市加盟企業買賣價差的影響，研究結果顯示加盟資訊改變與修正並未顯著影響公司在市場上的股票買賣價差，但其經理人股票及選擇權酬勞佔總酬勞的比重卻顯著與買賣價差呈現負相關。 zh_TW dc.description.abstract (摘要) This study investigates the association between revision of franchise disclosure document and financial information. We examine the relationship between the revision of the number of past 3 year outlets in Item 20、the extent of disclosure and the change of types in Item 19、CPA firm of listed parent company and the ratio of stock option-based managerial compensation and information asymmetry proxy, bid-ask spreads of listed franchised firms.\r\nWe find that the number of franchised and company owned outlets provided by Entrepreneur`s Franchise 500 List are different from the information provided in official FDD. Moreover, we find that franchise companies tend to overestimate the number of outlets and have higher proportion of revisions in Items 19 and 20. It can be seen that the Entrepreneur`s Franchise 500 list, which is less binding than FDD, has an advertising effects which may help frequent revised companies provide more favorable information to solicit franchisees. Therefore, this study calls for information users to be cautious in assessing the authenticity of information and compare it with more binding document like annual report before investment in franchised opportunities.\r\nWe retrieve information from FDD amended in 2007 required by the FTC and analyzes the impact of the revisions of the franchise information on the bid-ask spread of listed franchise firms. The empirical results show that the relationship between the revision on FDD and bid ask spread is insignificant and the relationship between the ratio of stock option-based managerial compensation and the bid-ask spread is significant. en_US dc.description.tableofcontents 第一章 緒論 1\r\n第一節 研究動機 1\r\n第二節 美國加盟連鎖訊息公開文件說明 3\r\n第三節 研究架構 10\r\n第二章 文獻回顧及假說建立 11\r\n第一節 加盟業主資訊揭露品質 11\r\n第二節 資訊變更、重述對市場的影響 12\r\n第三節 簽證會計師事務所聲望、經理人酬勞與買賣價差關係 13\r\n第三章 研究設計 15\r\n第一節 樣本選取 15\r\n第二節 變數衡量 17\r\n第三節 研究模型 19\r\n第四章 實證結果 20\r\n第一節 敘述性統計與相關性分析 20\r\n第二節 迴歸分析 21\r\n第三節 ITEM 20重述情形分析 21\r\n第四節 ITEM 20與ENTREPRENEUR`S FRANCHISE 500 LIST(以下簡稱500 LIST)的差異 22\r\n第六章 研究結論、限制及建議 23\r\n第一節 研究結論 23\r\n第二節 研究限制與建議 24\r\n附表 25\r\n參考資料 36 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106357004 en_US dc.subject (關鍵詞) 加盟公開文件 zh_TW dc.subject (關鍵詞) 經理人薪酬 zh_TW dc.subject (關鍵詞) 重述 zh_TW dc.subject (關鍵詞) 股票買賣價差 zh_TW dc.subject (關鍵詞) 簽證會計師事務所聲望 zh_TW dc.subject (關鍵詞) Franchise disclosure document en_US dc.subject (關鍵詞) Managerial compensation en_US dc.subject (關鍵詞) Restatement en_US dc.subject (關鍵詞) Bid-Ask spread en_US dc.subject (關鍵詞) CPA firm reputation en_US dc.title (題名) 加盟公司公開文件之變更與財務資訊之關聯探討-以美國連鎖餐飲食品業為例 zh_TW dc.title (題名) The association between revision of Franchise Disclosure Document and financial information: evidence from food and restaurant industry in the U.S. market en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文部分\r\n魏筠潔(民106年)，影響加盟業主揭露財務資訊多寡因素之探討—以美國連鎖餐\r\n飲食品業為例，國立政治大學財務管理學研究所碩士論文，2017年6月。\r\n陳明輝(民98年)，企業社會責任與財務報表品質之關聯性分析—以財報重編為\r\n例，國立成功大學會計學研究所碩士論文，2009年6月。\r\n王佑生(民94年)，自願性財務預測制度與資訊揭露，國立政治大學經營管理學系\r\n碩士論文，2005年6月。\r\n二、 英文部分\r\nAnderson, Kirsten L. &Yohn, Teri Lombardi(2002) . “The Effect of 10k Restatements\r\non Firm Value, Information Asymmetries, and Investors` Reliance on Earnings”\r\n(September 2002).\r\nBenoliel, U. (2017). “Are Disclosures Really Standardized? An Empirical Analysis”\r\nVillanova Law Review, 62, 1–26.\r\nBloomfield, Robert J. &Wilks, Jeffrey T. (2000). “Disclosure effects in the\r\nlaboratory: Liquidity, depth, and the cost of capital ”The Accounting Review,\r\nVol. 75, No. 1 (Jan., 2000)\r\nCaffey A. Andrew “The Most Valuable Information in the Franchise Disclosure\r\nDocument”\r\nChung, K. H., Elder, J.&Kim, J.-C. (2010). “Corporate Governance and\r\nLiquidity.”Journal of Financial and Quantitative Analysis,45\r\nCore, John E., Guay, Wayne R. and Larcker, David F. (2003). “Executive Equity\r\nCompensation and Incentives: A Survey. ” Federal Reserve Bank of New York\r\nEconomic Policy Review, 9\r\nCurran, Leslie D. &Mitchell, Benjamin L. (2014). “The Art and Science of FDD\r\nDrafting”\r\nElgin, Jeff (2008). “The Anatomy of an FDD”\r\nGandhi, V. Honey (2014). “Franchising in the United States”, 20 Law & Bus. Rev.\r\nAm. 3\r\nGhorbel, Faten Hakim&Omri, Mohamed Ali (2013). “Does auditor changes reduce\r\ninformation asymmetry?An examination of the effect on bid-ask spread using a big\r\nor non-big auditor classification.” International Journal of Business Continuity and\r\nRisk Management. Vol. 4. No. 2.\r\nGrossman, S., (1981). “The Informational Role of Warranties and Private Disclosure\r\nabout Product Quality ”Journal of Law and Economics 24.\r\nHakim, F.&Omri, M. A. (2010). “Quality of the external auditor, information\r\nasymmetry, and bidask spread: Case of the listed Tunisian firms.”International\r\nJournal of Accounting and Information Management, 18,5-18\r\nHealy, P. M., and Wahlen , J. M. (1999) . “A review of the earnings management\r\nliterature and its implications for standard setting”Accounting Horizons 13\r\nHershman, Stuart (2008). “The Disclosure Process —Uncertainties, Ambiguities And\r\nUnresolved Issues”\r\nJustis, R. T.&Judd, R. J. (1998). “Franchising” DAME\r\nKyle, Albert S. (1985). “Continuous Auctions and Insider Trading, ”Econometrica,\r\nVol. 53.\r\nLeuz, C. and Verrecchia, R. E,(2000),“The Economic Consequences of Increased\r\nDisclosure,” Journal of Accounting Research, 38\r\nMilgrom, P., (1981). “Good News and Bad News: Representation Theorems and\r\nApplications”Bell Journal of Economics 12.\r\nMokoaleli-Mokoteli, Th.&Iatridis, G. (2017). “Big 4 auditing companies, earningsmanipulation and earnings conservatism: evidence from an emerging\r\nmarket.”Investment Management and Financial Innovations, 14(1),\r\nPalea, V. (2007). “The Effects of the IAS/IFRS Adoption in the European Union on\r\nthe Financial Industry” The European Union Review, 12(1-2)\r\nPalmrose, Z.-V., Richardson, V. J., &Scholz, S. (2004). “Determinants of market\r\nreactions to restatement announcements.”Journal of Accounting and Economics 37\r\nPrice, R. (2000). “Who Reports Earnings When Reporting is Optional? ” The Market\r\nfor New Franchises”Journal of Accounting and Economics,Vol. 28, No. 3,.\r\nTeixeira Ed (2015). “One Item in the FDD Can Say a Lot about the Franchisor”\r\nVeronica, S., &Bachtiar, Y. (2005). “Corporate Governance, Information Asymmetry,\r\nand Earnings Management. ”JurnalAkuntansidanKeuangan Indonesia, Vol. 2 (1).\r\nWelker, M. (1995). “Disclosure policy, information asymmetry and liquidity in equity\r\nmarkets. ”Contemporary Accounting Research 11 (Spring) zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.Finance.012.2018.F07 -
