| dc.contributor.advisor | 李怡宗<br>陳聖賢 | zh_TW |
| dc.contributor.advisor | Lee, Yi-Tsung<br>Chen, Sheng-Syan | en_US |
| dc.contributor.author (Authors) | 賴淑妙 | zh_TW |
| dc.contributor.author (Authors) | Lai, Shu-Miao | en_US |
| dc.creator (作者) | 賴淑妙 | zh_TW |
| dc.creator (作者) | Lai, Shu-Miao | en_US |
| dc.date (日期) | 2008 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:39:50 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:39:50 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:39:50 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0923535011 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30322 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 92353501 | zh_TW |
| dc.description (描述) | 97 | zh_TW |
| dc.description.abstract (摘要) | 本研究主要探討盈餘重編宣告如何影響重編公司之供應商的股價評價與實質投資決策。首先，本研究假設並發現，盈餘重編宣告除了導致重編公司的股價顯著下跌外，亦誘發其上游供應商的股價顯著下跌。實證進一步發現，供應商的股價依盈餘重編之資訊內涵而調整，促使投資人關注重編事件對上游供應商的預期盈餘之影響，也提醒投資人去關心上游供應商的財務報表品質。其次，本研究假設，盈餘重編宣告傳遞有關重編公司未來前景不佳及財務報表不實的資訊，將影響其供應商對投入特定關係資產所能獲得收益之預期，進而影響其對重編公司所投入的特定關係資產投資決策。實證結果支持前述假說，重編公司之供應商於重編宣告年度後將減少其研究發展支出，且此研究發展支出之變動與重編宣告所引起的股價變動具顯著關聯性。最後本文假設，重編公司扭曲其實際盈餘數字將影響供應商的投資決策，進而影響供應商的投資效率性。研究發現，供應商在重編公司財務報表誤述期間有顯著超額投資之現象。然而，此供應商之超額投資現象在盈餘重編宣告年度後不再顯著。 | zh_TW |
| dc.description.abstract (摘要) | This dissertation extends prior research on earnings restatements by examining the effects of earnings restatements on valuation and investment decisions of restating firms’ suppliers. First, this paper hypothesizes and finds that earnings restatements that adversely affect stock price of the restating firms also induce their suppliers’ stock price declines. These stock price declines are related to changes in analysts’ earnings forecasts and seem to reflect investors’ financial reporting quality concerns. Second, I hypothesize that earnings restatements contain information about the value of relationship-specific investments by suppliers. This information causes suppliers to revise their belief about the value of relationship-specific investments, and therefore affects their subsequent relationship-specific investment decisions. Consistent with my prediction, I find that changes in suppliers’ relationship-specific investments after restatement announcements are related to information in the restatements. Finally, I predict and find that a restating firm misreporting financial results induces its suppliers to make excess investments during the misreporting period, while excess investment is no longer positive after the restatement announcement. | en_US |
| dc.description.tableofcontents | 謝辭 i Abstract ii Table of contents iii List of tables v 1. Introduction 1 2. The vertical information transfer effects of earnings restatements along the supply chain 4 2.1. Introduction 4 2.2. Literature review and hypothesis development 8 2.2.1. Earnings restatements and valuation effects 8 2.2.2. Earnings restatements and intra-industry information transfers 9 2.2.3. Vertical information transfer hypotheses 10 2.3. Data 14 2.3.1. Sample selection 14 2.3.2. Characteristics of suppliers 16 2.4. Empirical results 16 2.4.1. Abnormal returns to restating firms and suppliers 16 2.4.2. Supplier contagion returns and analysts’ earnings forecast revisions 19 2.4.3. Supplier contagion returns and accounting quality of suppliers 20 2.5. Robustness checks and sensitivity tests 27 2.5.1. Industry-level information transfer effects 27 2.5.2. Restatements with negative valuation effects 28 2.5.3. Alternative measure of accounting quality 28 2.6 Summary 29 3. The impact of earnings restatements on suppliers’ relationship-specific investments 37 3.1. Introduction 37 3.2. Literature review and hypothesis development 41 3.2.1. Financial reporting and suppliers’ investment decisions 41 3.2.2. Earnings restatements and relationship-specific investments by suppliers 42 2.2.3. Hypotheses 44 3.3. Research design 45 3.3.1. Proxy for relationship-specific investments by suppliers 46 3.3.2. Changes in suppliers’ relationship-specific investments 46 3.3.3. Empirical model 47 3.3.4 Sample 49 3.4. Empirical results 51 3.4.1. Changes in suppliers’ R&D intensity 52 3.4.2. Changes in suppliers’ R&D intensity and restatement news 52 3.4.3. Cross-sectional variation analysis 55 3.4.4. Earnings restatements and duration of supplier and the restating firm relationships 56 3.5. Summary 59 4. Earnings restatements and the efficiency of supply chain capital investments 67 4.1. Introduction 67 4.2. Literature review and hypotheses 70 4.2.1.Financial reporting quality and investment decisions 70 4.2.2. Financial reporting quality and suppliers’ investment decisions 71 4.2.3. Hypothesis development 73 4.3. Research design 74 4.3.1. Identifying excess investment of suppliers 74 4.3.2. Empirical procedures 75 4.3.3. Sample 76 4.4. Empirical results 78 4.4.1. Descriptive statistics 78 4.4.2. Primary results 79 4.5. Summary 83 5. Conclusions 91 References 92 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0923535011 | en_US |
| dc.subject (關鍵詞) | 盈餘重編 | zh_TW |
| dc.subject (關鍵詞) | 資訊移轉效果 | zh_TW |
| dc.subject (關鍵詞) | 對特定關係資產投資 | zh_TW |
| dc.subject (關鍵詞) | 投資無效率 | zh_TW |
| dc.subject (關鍵詞) | 供應商 | zh_TW |
| dc.subject (關鍵詞) | earnings restatements | en_US |
| dc.subject (關鍵詞) | information transfer effects | en_US |
| dc.subject (關鍵詞) | relationship-specific investments | en_US |
| dc.subject (關鍵詞) | investment inefficiency | en_US |
| dc.subject (關鍵詞) | suppliers | en_US |
| dc.title (題名) | 盈餘重編之供應鏈外溢效果 | zh_TW |
| dc.title (題名) | The Spillover Effects of Earnings Restatements Along the Supply Chain | en_US |
| dc.type (資料類型) | thesis | en |
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