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題名 CEO財務背景、分析師跟隨與分析師推薦 作者 黃禹瑄 貢獻者 林禹銘
黃禹瑄關鍵詞 CEO 財務會計背景
分析師行為
分析師推薦
分析師跟隨
CEO financial background
CEO accounting background
Analyst behavior
Analyst recommendation
Analyst following日期 2020 上傳時間 3-Aug-2020 17:27:02 (UTC+8) 摘要 本文主要探討外部分析師的行為，是否會因企業CEO具有財務背景而受到影響，聚焦在：（一）若企業之CEO具有財務背景，分析師是否較可能跟隨並報導該公司；（二）若企業之CEO具有財務背景，分析師是否較傾向推薦該公司。實證結果顯示，若企業之CEO具有財務背景，分析師雖較會跟隨該公司，但卻不傾向推薦。此外，本文進一步發現，若將純會計背景自CEO財務背景中分離出來單獨檢視，分析師除了較可能跟隨並報導該公司，也較傾向推薦該公司。由此可見，CEO背景之差異，確實會影響分析師行為。現今CEO財務背景影響的相關研究，多探討公司營運、揭露品質、財務及會計政策、以及內部控制品質等。本文發現，公司若任命具有財務背景之CEO，亦會對分析師跟隨與推薦造成影響，此結果不但補充相關學術研究，在實務上也可提供各企業於任用CEO時作為參考。
This paper aims to examine whether CEO financial background can affect analyst’s behavior or not. Our evidence reveals that analyst would tend to follow but not recommend those companies with financial background CEOs. Furthermore, analyst would tend to follow and recommend the companies that hire CEOs with pure accounting background. This study not only supplements the related research but also could be a reference for the companies finding CEOs. The issue in this study is important, especially during a trend that companies attempt to hire CEOs with such backgrounds.參考文獻 中文文獻：王遠湘，2006，中西方財務與會計關係差異分析，財會月刊(會計版)，第五期：50-51。林美鳳、金成隆與張淑慧，2011，投資人情緒與分析師行為之關聯性研究，管理學報，第二十八卷，第5期：447-474。林翠蓉、張力、侯啟娉、曾韻如與許雅棠，2011，家族所有權、公司治理與公司績效關係之實證研究，績效與策略研究，第八卷，第一期：59-78。易會華，2005，盈餘管理變數對分析師推薦行為影響之研究，國立臺灣大學國際企業研究所碩士論文。英文文獻：Barker, V. L., & Mueller, G. C. (2002). CEO Characteristics and Firm R&D Spending. Management Science, 48(6), 782–801.Barth, M. E., Kasznik, R., & Mcnichols, M. F. (2001). Analyst Coverage andIntangible Assets. Journal of Accounting Research, 39(1), 1–34.Bushee, B. J., & Noe, C. F. (2000). Disclosure Quality, Institutional Investors, and Stock Return Volatility. Journal of Accounting Research, 38, 171.Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳s work experience and firm׳s financial policies. Journal of Financial Economics, 114(1), 125–154.Farber, D. B., Huang, S. X., & Mauldin, E. (2016). Audit Committee Accounting Expertise, Analyst Following, and Market Liquidity. Journal of Accounting, Auditing & Finance, 33(2), 174–199.Firth, M., Lin, C., Liu, P., & Xuan, Y. (2012). The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations? Journal of Accounting Research, 51(1), 165–200.Gounopoulos, D., & Pham, H. (2018). Financial Expert CEOs and Earnings Management Around Initial Public Offerings. The International Journal of Accounting, 53(2), 102–117.Hoitash, R., Hoitash U., and Kurt A. C. 2016. Do accountants make better chief financial officers? Journal of Accounting and Economics 61( 2–3): 414-432Huang, H., & Zhang, W. (2019). Financial expertise and corporate tax avoidance. AsiaPacific Journal of Accounting & Economics, 1–15.Kalelkar, R., & Khan, S. (2016). CEO Financial Background and Audit Pricing. Accounting Horizons, 30(3), 325–339.Koopman, S. (2011). Firm Characteristic and Analysts’ Following; A Renewed Perspective, University of Amsterdam.Lakhal, F. (2007). Voluntary Disclosures and Financial Analysts Behavior in France. Working paper, Université de Paris XII.Lang, M. H., & Lundholm, R. J. (1996). Corporate Disclosure Policy and Analyst Behavior. The Accounting Review, 71(4), 467–492.Laohapolwatana, W. T., Smith, M., & Howieson, B. (2005). The Impact of Voluntary Disclosures on Sell-Side Analyst Stock Recommendations:Australian Evidence.Working paper, Edith Cowan University.Lin, M.C., Ho, P.H., & Chih, H.L. (2018). Effects of managerial overconfidence on analyst recommendations. Review of Quantitative Finance and Accounting, 53(1), 73–99.Luo, X., Homburg, C., & Wieseke, J. (2010). Customer Satisfaction, Analyst Stock Recommendations, and Firm Value. Journal of Marketing Research, 47(6), 1041–1058.Matsunaga, S. R., & Yeung, E. R. (2008). Evidence on the Impact of a CEOs Financial Experience on the Quality of the Firms Financial Reports and Disclosures. AAA 2008 Financial Accounting and Reporting Section (FARS) Paper.Matsunaga, S. R., Wang, S., & Yeung, P. E. (2013). Does Appointing a Former CFO as CEO Influence a Firms Financial Reporting, Disclosure and Tax Policies? Working paper, University of Oregon, Cornell University.Oradi, J., Asiaei, K., & Rezaee, Z. (2020). CEO financial background and internal control weaknesses. Corporate Governance: An International Review, 28(2), 119–140.Schmidtová, A. (2016). The Value of CEO and CFO Financial Expertise. Master dissertation, Amsterdam Business School.Song, M., Stanford, M. H., & Lobo, G. J. (2006). Accruals Quality and Analyst Coverage. Working paper, University of Houston, Idaho, Texas Christian University. 描述 碩士
國立政治大學
會計學系
107353010資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353010 資料類型 thesis dc.contributor.advisor 林禹銘 zh_TW dc.contributor.author (Authors) 黃禹瑄 zh_TW dc.creator (作者) 黃禹瑄 zh_TW dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:27:02 (UTC+8) - dc.date.available 3-Aug-2020 17:27:02 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:27:02 (UTC+8) - dc.identifier (Other Identifiers) G0107353010 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130927 - 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) 107353010 zh_TW dc.description.abstract (摘要) 本文主要探討外部分析師的行為，是否會因企業CEO具有財務背景而受到影響，聚焦在：（一）若企業之CEO具有財務背景，分析師是否較可能跟隨並報導該公司；（二）若企業之CEO具有財務背景，分析師是否較傾向推薦該公司。實證結果顯示，若企業之CEO具有財務背景，分析師雖較會跟隨該公司，但卻不傾向推薦。此外，本文進一步發現，若將純會計背景自CEO財務背景中分離出來單獨檢視，分析師除了較可能跟隨並報導該公司，也較傾向推薦該公司。由此可見，CEO背景之差異，確實會影響分析師行為。現今CEO財務背景影響的相關研究，多探討公司營運、揭露品質、財務及會計政策、以及內部控制品質等。本文發現，公司若任命具有財務背景之CEO，亦會對分析師跟隨與推薦造成影響，此結果不但補充相關學術研究，在實務上也可提供各企業於任用CEO時作為參考。 zh_TW dc.description.abstract (摘要) This paper aims to examine whether CEO financial background can affect analyst’s behavior or not. Our evidence reveals that analyst would tend to follow but not recommend those companies with financial background CEOs. Furthermore, analyst would tend to follow and recommend the companies that hire CEOs with pure accounting background. This study not only supplements the related research but also could be a reference for the companies finding CEOs. The issue in this study is important, especially during a trend that companies attempt to hire CEOs with such backgrounds. 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 研究架構 2第貳章 文獻探討 3第一節 經理人財務背景相關文獻 3第二節 分析師行為相關文獻 5第參章 研究設計及方法 7第一節 研究假說 7第二節 實證模型及變數衡量 9第三節 樣本說明 11第肆章 實證結果與分析 13第一節 敘述性統計 13第二節 相關係數分析 14第三節 實證結果與分析 16第四節 額外測試 18第伍章 研究結論 21第一節 研究結果 21第二節 研究限制與建議 22參考文獻 23中文文獻 23英文文獻 24 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353010 en_US dc.subject (關鍵詞) CEO 財務會計背景 zh_TW dc.subject (關鍵詞) 分析師行為 zh_TW dc.subject (關鍵詞) 分析師推薦 zh_TW dc.subject (關鍵詞) 分析師跟隨 zh_TW dc.subject (關鍵詞) CEO financial background en_US dc.subject (關鍵詞) CEO accounting background en_US dc.subject (關鍵詞) Analyst behavior en_US dc.subject (關鍵詞) Analyst recommendation en_US dc.subject (關鍵詞) Analyst following en_US dc.title (題名) CEO財務背景、分析師跟隨與分析師推薦 zh_TW dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻：王遠湘，2006，中西方財務與會計關係差異分析，財會月刊(會計版)，第五期：50-51。林美鳳、金成隆與張淑慧，2011，投資人情緒與分析師行為之關聯性研究，管理學報，第二十八卷，第5期：447-474。林翠蓉、張力、侯啟娉、曾韻如與許雅棠，2011，家族所有權、公司治理與公司績效關係之實證研究，績效與策略研究，第八卷，第一期：59-78。易會華，2005，盈餘管理變數對分析師推薦行為影響之研究，國立臺灣大學國際企業研究所碩士論文。英文文獻：Barker, V. L., & Mueller, G. C. (2002). CEO Characteristics and Firm R&D Spending. Management Science, 48(6), 782–801.Barth, M. E., Kasznik, R., & Mcnichols, M. F. (2001). Analyst Coverage andIntangible Assets. Journal of Accounting Research, 39(1), 1–34.Bushee, B. J., & Noe, C. F. (2000). Disclosure Quality, Institutional Investors, and Stock Return Volatility. Journal of Accounting Research, 38, 171.Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳s work experience and firm׳s financial policies. Journal of Financial Economics, 114(1), 125–154.Farber, D. B., Huang, S. X., & Mauldin, E. (2016). Audit Committee Accounting Expertise, Analyst Following, and Market Liquidity. Journal of Accounting, Auditing & Finance, 33(2), 174–199.Firth, M., Lin, C., Liu, P., & Xuan, Y. (2012). The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations? Journal of Accounting Research, 51(1), 165–200.Gounopoulos, D., & Pham, H. (2018). Financial Expert CEOs and Earnings Management Around Initial Public Offerings. The International Journal of Accounting, 53(2), 102–117.Hoitash, R., Hoitash U., and Kurt A. C. 2016. Do accountants make better chief financial officers? Journal of Accounting and Economics 61( 2–3): 414-432Huang, H., & Zhang, W. (2019). Financial expertise and corporate tax avoidance. AsiaPacific Journal of Accounting & Economics, 1–15.Kalelkar, R., & Khan, S. (2016). CEO Financial Background and Audit Pricing. Accounting Horizons, 30(3), 325–339.Koopman, S. (2011). Firm Characteristic and Analysts’ Following; A Renewed Perspective, University of Amsterdam.Lakhal, F. (2007). Voluntary Disclosures and Financial Analysts Behavior in France. Working paper, Université de Paris XII.Lang, M. H., & Lundholm, R. J. (1996). Corporate Disclosure Policy and Analyst Behavior. The Accounting Review, 71(4), 467–492.Laohapolwatana, W. T., Smith, M., & Howieson, B. (2005). The Impact of Voluntary Disclosures on Sell-Side Analyst Stock Recommendations:Australian Evidence.Working paper, Edith Cowan University.Lin, M.C., Ho, P.H., & Chih, H.L. (2018). Effects of managerial overconfidence on analyst recommendations. Review of Quantitative Finance and Accounting, 53(1), 73–99.Luo, X., Homburg, C., & Wieseke, J. (2010). Customer Satisfaction, Analyst Stock Recommendations, and Firm Value. Journal of Marketing Research, 47(6), 1041–1058.Matsunaga, S. R., & Yeung, E. R. (2008). Evidence on the Impact of a CEOs Financial Experience on the Quality of the Firms Financial Reports and Disclosures. AAA 2008 Financial Accounting and Reporting Section (FARS) Paper.Matsunaga, S. R., Wang, S., & Yeung, P. E. (2013). Does Appointing a Former CFO as CEO Influence a Firms Financial Reporting, Disclosure and Tax Policies? Working paper, University of Oregon, Cornell University.Oradi, J., Asiaei, K., & Rezaee, Z. (2020). CEO financial background and internal control weaknesses. Corporate Governance: An International Review, 28(2), 119–140.Schmidtová, A. (2016). The Value of CEO and CFO Financial Expertise. Master dissertation, Amsterdam Business School.Song, M., Stanford, M. H., & Lobo, G. J. (2006). Accruals Quality and Analyst Coverage. Working paper, University of Houston, Idaho, Texas Christian University. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000933 en_US
