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題名 XBRL、外國機構投資者與盈餘管理之關聯性研究
The Relationship between XBRL, Foreign Institutional Investors, and Earnings Management作者 童子嘉
Tung, Tzu-Chia貢獻者 周國華
Chou, Kuo-Hua
童子嘉
Tung, Tzu-Chia關鍵詞 XBRL
外國機構投資者
盈餘管理
XBRL
Foreign Institutional Investors
Earnings Management日期 2024 上傳時間 4-Aug-2025 14:49:32 (UTC+8) 摘要 本研究以台灣上市和上櫃公司為樣本，探討eXtensible Business ReportingLanguage（XBRL）的強制採用對於外國機構投資者的持股以及盈餘管理的影響。研究結果顯示，強制採用XBRL有助於降低企業管理階層的可裁量應計數，意謂著強制以XBRL的格式申報財務報表資訊有助於減少資訊不對稱從而抑制管理階層盈餘管理的行為，而外國機構投資者的持股並沒有如預期達到監督作用，抑制企業管理階層盈餘管理行為，然而在強制採用XBRL下，外國機構投資者能夠更容易取得資訊品質更好的資訊，有助於外國機構投資者更好的去監督被投資公司，因此公司管理階層較難透過可裁量應計的方式達到盈餘管理的目的。除此之外，本研究亦發現受益於XBRL的強制採用下，外國機構投資者的投資意願也會隨之增加。綜上所述，本研究證實了強制採用XBRL有助於提升資訊品質、減少資訊不對稱以及增加外國機構投資者的投資意願。
Using Taiwan listed and OTC companies as the sample, this study examines the impact of mandatory adoption of eXtensible Business Reporting Language (XBRL) on foreign institutional investors' shareholding and earnings management. The findings indicate that mandatory XBRL adoption helps reduce the discretionary accruals of corporate management, implying that mandatory XBRL reporting reduces information asymmetry and thus restrains management's earnings manipulation behavior. However, foreign institutional investors' shareholding does not perform the supervisory role as expected in restraining management's earnings manipulation. Nevertheless, under mandatory XBRL adoption, foreign institutional investors can more easily obtain higher quality information, which aids in better monitoring of the companies they invest in, making it more difficult for management to achieve earnings management through discretionary accruals. Additionally, the study finds that the mandatory adoption of XBRL increases foreign institutional investors' willingness to invest. In conclusion, this study confirms that mandatory adoption of XBRL helps improve information quality, reduce information asymmetry, and increase the investment willingness of foreign institutional investors.參考文獻 中文文獻 周國華，2005，周國華老師XBRL教學網站。 周濟群，2009，利用XBRL 技術設計可剖析的開放式企業報告架構，會計學報，第1卷第2期:1-35。 周濟群，2012，XBRL在各領域的應用現況。會計研究月刊，(315)，82-90。 周濟群，2013，配合 IFRS 導入制訂 XBRL 分類標準，證券暨期貨月刊，第 31卷，第2期，1-19。 邱彩容，2005，我國上市季盈餘管理動機之研究，逢甲大學會計系碩士班碩士論文。 邱麗卿，2021， 機構法人持股與公司盈餘管理. 會計與公司治理, 16(1), 1-35. 林佩佳，2005，股權結構, 盈餘管理與公司價值之關聯性-以我國上市公司為例，國立成功大學碩博士論文。 侯重宇，2010，公司治理機制對盈餘管理影響之實證研究 以台灣上市電子公司為例. 長榮大學經營管理研究所 (博) 學位論文, 2010, 1-90. 英文文獻 Aksoy, M., Yilmaz, M. K., Topcu, N., and Uysal, Ö. 2021. The impact of ownership structure, board attributes and XBRL mandate on timeliness of financial reporting:evidence from Turkey. Journal of Applied Accounting Research, 22(April):706-731. Alles, M. G., and Gray, G. L. 2012. A relative cost framework of demand for external assurance of XBRL filings. Journal of Information Systems, 26(March):103-126. Atik, A. 2009. Detecting income-smoothing behaviors of Turkish listed companies through empirical tests using discretionary accounting changes. Critical Perspectives on Accounting, 20(July):591-613. Ayers, B. C., Ramalingegowda, S., and Yeung, P. E. 2011. Hometown advantage: The effects of monitoring institution location on financial reporting discretion. Journal of Accounting and Economics, 52(June):41-61. Balsam, S., Bartov, E., and Marquardt, C. 2002. Accruals management, investor sophistication, and equity valuation: Evidence from 10–Q filings. Journal of Accounting Research, 40(December):987-1012. Bergstresser,D. and Philippon,T. 2006 .“CEO incentives and earnings management”,Journal of FinancialEconomics, 80 (June):511-529. Biswas, D. 2004. Economics of information in the web economy: towards a new theory?. Journal of Business Research, 57(July):724-733. Blankespoor, E. A. 2012. The impact of investor information processing costs on firm disclosure choice: Evidence from the XBRL mandate (Doctoral dissertation, University of Michigan). Bushee, B. J. 1998. The influence of institutional investors on myopic R&D investment behavior. Accounting review, 73(July):305-333. Cao, L., Du, Y., and Hansen, J. Ø. 2017. Foreign institutional investors and dividend policy: Evidence from China. International Business Review, 26(October):816-827. Chen, X., Harford, J., and Li, K. 2007. Monitoring: Which institutions matter?. Journal of financial Economics, 86(November):279-305. Cheng, Q. and Warfield, T.D. 2005, “Equity incentives and earnings management”, The Accounting Review, 80(April):441-476. Chung, R., Firth, M., and Kim, J. B. 2002. Institutional monitoring and opportunistic earnings management. Journal of corporate finance, 8(January):29-48. Chung, R., Ho, S., and Kim, J. B. 2004. Ownership structure and the pricing of discretionary accruals in Japan. Journal of International Accounting, Auditing and Taxation, 13:1-20. Cohen, D. A., Dey, A., and Lys, T. Z. 2008. Real and accrual‐based earnings management in the pre‐and post‐Sarbanes‐Oxley periods. The accounting review, 83(May):757-787. Cohen, D. A., and Zarowin, P. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of accounting and Economics,50(May):2-19. Dechow, P. M., Sloan, R. G., and Sweeney, A. P. 1995. Detecting earnings management.Accounting review, 70(April):193-225. Demirag, I. S. 1998. Boards of Directors' short-term perceptions and evidence of managerial short-termism in the UK. The European Journal of Finance,4(October):195-211. Einer, M., and Söderqvist, J. 2016. Earnings management and female representation on the board of directors. Gothenburg University. Franz, D. R., HassabElnaby, H. R., and Lobo, G. J. 2014. Impact of proximity to debt covenant violation on earnings management. Review of Accounting Studies,19(October): 473-505. Gaver, J. J., Gaver, K. M., and Austin, J. R. 1995. Additional evidence on bonus plansand income management. Journal of accounting and Economics, 19(February):3-28. Graham, J. R., Harvey, C. R., and Rajgopal, S. 2005. The economic implications of corporate financial reporting. Journal of accounting and economics,40(December):3-73. Gul, F. A., S. Lynn, and J. Tsui. 2002. Audit quality, management ownership and the informativeness of accounting earnings. Journal of Accounting, Auditing and Finance17 (January): 25 – 49. Guthrie, K., and Sokolowsky, J. 2010. Large shareholders and the pressure to manage earnings. Journal of Corporate Finance, 16(June):302-319. Han, M., Ding, A., and Zhang, H. 2022. Foreign ownership and earnings management.International Review of Economics & Finance, 80(July):114-133. Han, J. C., and Wang, S. W. 1998. Political costs and earnings management of oil companies during the 1990 Persian Gulf crisis. Accounting review,73(January):103 117. Hirst, D. E., and Hopkins, P. E. 1998. Comprehensive income reporting and analysts'valuation judgments. Journal of Accounting research, 36: 47-75. Hodge, F. D., Kennedy, J. J., and Maines, L. A. 2004. Does search‐facilitating technology improve the transparency of financial reporting?. The Accounting Review, 79(July): 687-703. Hsieh, T. S., Wang, Z., and Abdolmohammadi, M. 2019. Does XBRL disclosure management solution influence earnings release efficiency and earnings management?. International Journal of Accounting & Information Management,27(March):74-95. Huang, R. D., and Shiu, C. Y. 2009. Local effects of foreign ownership in an emerging financial market: Evidence from qualified foreign institutional investors in Taiwan.Financial management, 38(September):567-602. Hunton, J. E., Libby, R., and Mazza, C. L. 2006. Financial reporting transparency and earnings management (retracted). The Accounting Review, 81(January):135-157. Jones, J. J. 1991. Earnings management during import relief investigations. Journal of accounting research, 29:193-228. Kang and Kim. 2010. Do foreign investors exhibit a corporate governance disadvantage?An information asymmetry perspective. Journal of International Business Studies 41(May) :1415–1438. Kim, J. B., Kim, J. W., and Lim, J. H. 2019. Does XBRL adoption constrain earnings management? Early evidence from mandated US filers. Contemporary Accounting Research, 36(March):2610-2634. Kim, J., Li, B., Liu, Z., 2019. Information‐Processing Costs and Breadth of Ownership.Contemporary Accounting Research, 36:2408-2436. Kim, I., Miller, S., Wan, H., and Wang, B. 2016. Drivers behind the monitoring effectiveness of global institutional investors: Evidence from earnings management.Journal of Corporate Finance, 40(October): 24-46. Koh, P. S. 2007. Institutional investor type, earnings management and benchmark beaters. Journal of Accounting and Public Policy, 26(May): 267-299. Lai, Syouching, and Hungchih Li.2021.Mandatory Adoption of XBRL and Corporate Earnings Management: The Effect of Corporate Governance. 財務金融學刊,29(September): 91-122. Lel, U. 2019. The role of foreign institutional investors in restraining earnings management activities across countries. Journal of International Business Studies,50(November):895-922. Leuz, C., Nanda, D., and Wysocki, P. D. 2003. Earnings management and investorprotection: an international comparison. Journal of financial economics,69(September): 505-527. Liu, C., O'Farrell, G., 2013. The role of accounting values in the relation between XBRL and forecast accuracy. International Journal of Accounting & Information Management 21 (October):297–313. Liu, C., Wang, T., and Yao, L. J. 2014. XBRL’s impact on analyst forecast behavior: An empirical study. Journal of accounting and public policy, 33(January): 69-82. Malikov, K., Manson, S., and Coakley, J. 2018. Earnings management using classification shifting of revenues. The British Accounting Review, 50(April):291 305. McConnell, J. J., and Servaes, H. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial economics, 27(October):595-612. McVay, S. E. 2006. Earnings management using classification shifting: An examination of core earnings and special items. The accounting review, 81(May):501-531. Meckling, W. H., and Jensen, M. C. 2019. Theory of the Firm. Managerial Behavior,Agency Costs and Ownership Structure. Corporate governance:77-132. Pan, L., Mao, W., Pan, X., Liang, Q., 2022. Influence of Foreign Investors on Corporate Real Activities Manipulation in Emerging Markets: Evidence from China. Emerging Markets Finance and Trade,58(March):3309-3323. Peng, E. Y., Shon, J., and Tan, C. 2011. XBRL and accruals: Empirical evidence from China. Accounting Perspectives, 10(August):109-138. Rajgopal, S., Venkatachalam, M., and Jiambalvo, J. J. 1999. Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings?(May). Ronen, J., Yaari, V., Ronen, J., and Yaari, V. 2008. Definition of earnings management.Earnings management: Emerging insights in theory, practice, and research:25-38. Roychowdhury, S. 2006. Earnings management through real activities manipulation.Journal of accounting and economics, 42(December):335-370. Schipper, K. 1989. Earnings management. Accounting horizons, 3(December), 91-102. SEC, 2009. Interactive Data to Improve Financial Reporting. Securities and Exchange Commission, Washington, DC.(January). Sial, M. S., Vo, X. V., Al-Haddad, L., and Trang, T. N. 2019. Impact of female directors on the board and foreign institutional investors on earning manipulation of Chinese listed companies.11(Septembe):288-300.Asia-Pacific Journal of Business Administration, Sohn, B. C. 2016. The effect of accounting comparability on the accrual-based and real earnings management. Journal of Accounting and Public Policy, 35(September): 513 539. Strand, C. A., McGuire, B. L., Watson, L. A., and Hoffman, C. 2001. The XBRL potential. Strategic Finance, 82(June):58. Vasarhelyi, M. A., Chan, D. Y., and Krahel, J. P. 2012. Consequences of XBRL standardization on financial statement data. Journal of Information Systems,26(March): 155-167. Vo, X. V., and Chu, T. K. H. 2019. Do foreign shareholders improve corporate earnings quality in emerging markets? Evidence from Vietnam. Cogent Economics & Finance,7(November). Watts, R. L., and Zimmerman, J. L. 1990. Positive accounting theory: a ten year perspective. Accounting review, 65(January):131-156. Yoon, Zo, Ciganek. 2011. Does XBRL adoption reduce information asymmetry?.Journal of Business Research, 64(February):157-163. 描述 碩士
國立政治大學
會計學系
111353025資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353025 資料類型 thesis dc.contributor.advisor 周國華 zh_TW dc.contributor.advisor Chou, Kuo-Hua en_US dc.contributor.author (Authors) 童子嘉 zh_TW dc.contributor.author (Authors) Tung, Tzu-Chia en_US dc.creator (作者) 童子嘉 zh_TW dc.creator (作者) Tung, Tzu-Chia en_US dc.date (日期) 2024 en_US dc.date.accessioned 4-Aug-2025 14:49:32 (UTC+8) - dc.date.available 4-Aug-2025 14:49:32 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2025 14:49:32 (UTC+8) - dc.identifier (Other Identifiers) G0111353025 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158648 - 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) 111353025 zh_TW dc.description.abstract (摘要) 本研究以台灣上市和上櫃公司為樣本，探討eXtensible Business ReportingLanguage（XBRL）的強制採用對於外國機構投資者的持股以及盈餘管理的影響。研究結果顯示，強制採用XBRL有助於降低企業管理階層的可裁量應計數，意謂著強制以XBRL的格式申報財務報表資訊有助於減少資訊不對稱從而抑制管理階層盈餘管理的行為，而外國機構投資者的持股並沒有如預期達到監督作用，抑制企業管理階層盈餘管理行為，然而在強制採用XBRL下，外國機構投資者能夠更容易取得資訊品質更好的資訊，有助於外國機構投資者更好的去監督被投資公司，因此公司管理階層較難透過可裁量應計的方式達到盈餘管理的目的。除此之外，本研究亦發現受益於XBRL的強制採用下，外國機構投資者的投資意願也會隨之增加。綜上所述，本研究證實了強制採用XBRL有助於提升資訊品質、減少資訊不對稱以及增加外國機構投資者的投資意願。 zh_TW dc.description.abstract (摘要) Using Taiwan listed and OTC companies as the sample, this study examines the impact of mandatory adoption of eXtensible Business Reporting Language (XBRL) on foreign institutional investors' shareholding and earnings management. The findings indicate that mandatory XBRL adoption helps reduce the discretionary accruals of corporate management, implying that mandatory XBRL reporting reduces information asymmetry and thus restrains management's earnings manipulation behavior. However, foreign institutional investors' shareholding does not perform the supervisory role as expected in restraining management's earnings manipulation. Nevertheless, under mandatory XBRL adoption, foreign institutional investors can more easily obtain higher quality information, which aids in better monitoring of the companies they invest in, making it more difficult for management to achieve earnings management through discretionary accruals. Additionally, the study finds that the mandatory adoption of XBRL increases foreign institutional investors' willingness to invest. In conclusion, this study confirms that mandatory adoption of XBRL helps improve information quality, reduce information asymmetry, and increase the investment willingness of foreign institutional investors. en_US dc.description.tableofcontents 壹、緒論 1 一、研究動機與目的 1 二、研究問題 3 貳、文獻探討 4 一、XBRL制度背景 4 二、XBRL與盈餘管理 5 三、機構投資者與盈餘管理 10 四、外國機構投資人與盈餘管理 12 五、外國機構投資人與XBRL 16 叄、研究方法 18 一、研究假說 18 二、實證模型 19 三、資料來源與來源處理 21 四、資料結構 21 肆、實證研究結果 24 一、敘述性統計 24 二、相關性分析 26 三、實證結果分析 28 四、穩健性測試 32 伍、結論 38 參考文獻 39 zh_TW dc.format.extent 1327146 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353025 en_US dc.subject (關鍵詞) XBRL zh_TW dc.subject (關鍵詞) 外國機構投資者 zh_TW dc.subject (關鍵詞) 盈餘管理 zh_TW dc.subject (關鍵詞) XBRL en_US dc.subject (關鍵詞) Foreign Institutional Investors en_US dc.subject (關鍵詞) Earnings Management en_US dc.title (題名) XBRL、外國機構投資者與盈餘管理之關聯性研究 zh_TW dc.title (題名) The Relationship between XBRL, Foreign Institutional Investors, and Earnings Management en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻 周國華，2005，周國華老師XBRL教學網站。 周濟群，2009，利用XBRL 技術設計可剖析的開放式企業報告架構，會計學報，第1卷第2期:1-35。 周濟群，2012，XBRL在各領域的應用現況。會計研究月刊，(315)，82-90。 周濟群，2013，配合 IFRS 導入制訂 XBRL 分類標準，證券暨期貨月刊，第 31卷，第2期，1-19。 邱彩容，2005，我國上市季盈餘管理動機之研究，逢甲大學會計系碩士班碩士論文。 邱麗卿，2021， 機構法人持股與公司盈餘管理. 會計與公司治理, 16(1), 1-35. 林佩佳，2005，股權結構, 盈餘管理與公司價值之關聯性-以我國上市公司為例，國立成功大學碩博士論文。 侯重宇，2010，公司治理機制對盈餘管理影響之實證研究 以台灣上市電子公司為例. 長榮大學經營管理研究所 (博) 學位論文, 2010, 1-90. 英文文獻 Aksoy, M., Yilmaz, M. K., Topcu, N., and Uysal, Ö. 2021. The impact of ownership structure, board attributes and XBRL mandate on timeliness of financial reporting:evidence from Turkey. Journal of Applied Accounting Research, 22(April):706-731. Alles, M. G., and Gray, G. L. 2012. A relative cost framework of demand for external assurance of XBRL filings. Journal of Information Systems, 26(March):103-126. Atik, A. 2009. Detecting income-smoothing behaviors of Turkish listed companies through empirical tests using discretionary accounting changes. Critical Perspectives on Accounting, 20(July):591-613. Ayers, B. C., Ramalingegowda, S., and Yeung, P. E. 2011. Hometown advantage: The effects of monitoring institution location on financial reporting discretion. Journal of Accounting and Economics, 52(June):41-61. Balsam, S., Bartov, E., and Marquardt, C. 2002. Accruals management, investor sophistication, and equity valuation: Evidence from 10–Q filings. Journal of Accounting Research, 40(December):987-1012. Bergstresser,D. and Philippon,T. 2006 .“CEO incentives and earnings management”,Journal of FinancialEconomics, 80 (June):511-529. Biswas, D. 2004. Economics of information in the web economy: towards a new theory?. Journal of Business Research, 57(July):724-733. Blankespoor, E. A. 2012. The impact of investor information processing costs on firm disclosure choice: Evidence from the XBRL mandate (Doctoral dissertation, University of Michigan). Bushee, B. J. 1998. The influence of institutional investors on myopic R&D investment behavior. Accounting review, 73(July):305-333. Cao, L., Du, Y., and Hansen, J. Ø. 2017. Foreign institutional investors and dividend policy: Evidence from China. International Business Review, 26(October):816-827. Chen, X., Harford, J., and Li, K. 2007. Monitoring: Which institutions matter?. Journal of financial Economics, 86(November):279-305. Cheng, Q. and Warfield, T.D. 2005, “Equity incentives and earnings management”, The Accounting Review, 80(April):441-476. Chung, R., Firth, M., and Kim, J. B. 2002. Institutional monitoring and opportunistic earnings management. Journal of corporate finance, 8(January):29-48. Chung, R., Ho, S., and Kim, J. B. 2004. Ownership structure and the pricing of discretionary accruals in Japan. Journal of International Accounting, Auditing and Taxation, 13:1-20. Cohen, D. A., Dey, A., and Lys, T. Z. 2008. Real and accrual‐based earnings management in the pre‐and post‐Sarbanes‐Oxley periods. The accounting review, 83(May):757-787. Cohen, D. A., and Zarowin, P. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of accounting and Economics,50(May):2-19. Dechow, P. M., Sloan, R. G., and Sweeney, A. P. 1995. Detecting earnings management.Accounting review, 70(April):193-225. Demirag, I. S. 1998. Boards of Directors' short-term perceptions and evidence of managerial short-termism in the UK. The European Journal of Finance,4(October):195-211. Einer, M., and Söderqvist, J. 2016. Earnings management and female representation on the board of directors. Gothenburg University. Franz, D. R., HassabElnaby, H. R., and Lobo, G. J. 2014. Impact of proximity to debt covenant violation on earnings management. Review of Accounting Studies,19(October): 473-505. Gaver, J. J., Gaver, K. M., and Austin, J. R. 1995. Additional evidence on bonus plansand income management. Journal of accounting and Economics, 19(February):3-28. Graham, J. R., Harvey, C. R., and Rajgopal, S. 2005. The economic implications of corporate financial reporting. Journal of accounting and economics,40(December):3-73. Gul, F. A., S. Lynn, and J. Tsui. 2002. Audit quality, management ownership and the informativeness of accounting earnings. Journal of Accounting, Auditing and Finance17 (January): 25 – 49. Guthrie, K., and Sokolowsky, J. 2010. Large shareholders and the pressure to manage earnings. Journal of Corporate Finance, 16(June):302-319. Han, M., Ding, A., and Zhang, H. 2022. Foreign ownership and earnings management.International Review of Economics & Finance, 80(July):114-133. Han, J. C., and Wang, S. W. 1998. Political costs and earnings management of oil companies during the 1990 Persian Gulf crisis. Accounting review,73(January):103 117. Hirst, D. E., and Hopkins, P. E. 1998. Comprehensive income reporting and analysts'valuation judgments. Journal of Accounting research, 36: 47-75. Hodge, F. D., Kennedy, J. J., and Maines, L. A. 2004. Does search‐facilitating technology improve the transparency of financial reporting?. The Accounting Review, 79(July): 687-703. Hsieh, T. S., Wang, Z., and Abdolmohammadi, M. 2019. Does XBRL disclosure management solution influence earnings release efficiency and earnings management?. 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