| dc.contributor.advisor | 康榮寶 | zh_TW |
| dc.contributor.advisor | Jung-Pao Kang | en_US |
| dc.contributor.author (Authors) | 官月緞 | zh_TW |
| dc.contributor.author (Authors) | Yue-Duan Guan | en_US |
| dc.creator (作者) | 官月緞 | zh_TW |
| dc.creator (作者) | Yue-Duan Guan | en_US |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 2009-09-18 | - |
| dc.date.available | 2009-09-18 | - |
| dc.date.issued (上傳時間) | 2009-09-18 | - |
| dc.identifier (Other Identifiers) | G0087353501 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34180 | - |
| 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) | 87353501 | zh_TW |
| dc.description (描述) | 91 | zh_TW |
| dc.description.abstract (摘要) | 摘要本文主要檢視中國大陸連續虧損公司面臨下市緩衝機制壓力時之盈餘管理行為。本文所謂的下市緩衝機制係指特別處理(簡稱ST)與特別轉讓(簡稱PT)的管制。具體而言，ST管制要求連續兩年虧損的公司，必須冠上ST標記，漲跌幅限制為5%(一般股票為10%)，中報需審計；PT管制要求連續三年虧損的公司，必須冠上PT標記，同樣有停板限制，僅允許週五交易。ST與PT管制設計原意係希望提高整體市場新陳代謝與營造理性投資的環境，但盈餘基礎的本質與保守的配套措施反而衍生盈餘管理與投機炒股。此下市緩衝機制實質之經濟後果為管制機關與投資大眾高度關注，但過去相關研究相當有限，本文希望藉由下列研究問題的探索以補充文獻缺口。第一，中國大陸上市公司面臨下市緩衝機制漸進懲處時，管理當局如何進行盈餘管理以因應連續虧損門檻？第二，各群虧損公司次年扭虧次數與盈餘管理行為差異為何？第三，零損失的法規門檻如何引發盈餘分配的特殊型態；操控前盈餘與盈餘管理關係為何？依據1998年至2000年267家虧損公司樣本，實證結果簡要彙總如下：第一，虧損公司裁決性應計數字(營業外所得)顯著降低盈餘，特別在虧損第一個年度，此結果顯示管理當局意圖儲存盈餘以因應未來更嚴格制裁之緩衝。第二，ST股與PT股盈餘劇烈震盪，其盈餘型態分別呈現V字型與W字型。第三，1998與1999年連續三年虧損的公司次年扭虧百分比小於其他虧損公司；但2000年結果相反。主要理由乃中國證監會於2001年2月22日要求PT股在未來一年扭虧(過去為三年)，否則必須下市。第四，虧損公司次年盈餘分配集中於略高於零損失門檻的區間，隱含實質小虧的公司預支未來盈餘，實質大盈的公司儲存本期盈餘的可能性。第五，虧損公司次年扭虧時，操控前盈餘與盈餘管理呈現負向關係，且操控前盈餘越小的組別其盈餘管理越大。但持續虧損公司操控前盈餘與盈餘管理的關係並沒有系統性的結論。本文實證結果顯示，中國大陸下市緩衝機制由於仰賴會計基礎管制，衍生相當普遍的盈餘管理行為。建議中國證監會應在下市決策中考量非盈餘資訊，投資大眾亦應關注盈餘以外的訊息以避免功能固著的迷失。 | zh_TW |
| dc.description.abstract (摘要) | AbstractThis study investigates earnings management of Chinese listed companies subject to delisting buffer mechanism for reporting losses for consecutive years. The delisting buffer mechanism in China means Special Treatment (ST) and Particular Transfer (PT) regulations. Specifically, it requires that companies with two and three consecutive losses be labeled as ST shares and PT shares respectively. ST shares are subject to 5% price limits (one half of common shares) and their interim reports should be audited. PT shares are also subject to price limits and they are allowed be traded only on Friday. Although these regulations originally aim to maintain market’s metabolism and foster rational investment environment, their earnings-based nature and conservative schemes are likely to induce pervasive earnings management and speculation. Their economic consequences are a source of concern by regulators and investors, but previous study is relatively limited. Thus, this paper explores the following research questions to fill this void.First, how do Chinese listed firms manage earnings in response to consecutive loss thresholds, while facing the progressive sanctions of the delisting buffer mechanism? Second, what differences in positive earnings frequencies and earnings management exist among different group of loss firms in the following year? Third, how does the zero-loss regulatory threshold induce specific types of earnings distribution, and what relationship can be found between pre-managed earnings and earnings management?Based on a sample of 267 loss firms from 1998 to 2000, the empirical results are briefly summarized as follows. First, discretionary accruals (nonoperating income) of loss firms show significant earnings decreases, especially in the initial loss year, which is consistent with managerial incentives to save earnings for future more severe regulations’ cushion. Second, ST shares and PT shares experience large earnings volatility, and the patterns of ST shares and PT shares’ earnings generally look like V and W respectively. Third, percentage of positive earnings of firms with 3-year losses in the following year is less than that of other loss firms in 1998 and 1999, but more than in 2000. The underlying reason is the Chinese Securities Regulatory Committee requires PT shares have positive earnings within the next year rather than next three years after Feb 22, 2001, otherwise they are delisted. Fourth, earnings distribution of loss firms heavily clusters slightly above zero-loss threshold in the following year, which implies firms with small latent losses likely to borrow future earnings and firms with large latent earnings likely to save current earnings. Fifth, the pre-managed earnings and earnings management for loss firms reporting profits in the following year are negatively correlated. Furthermore, the smaller the pre-managed earnings are, the larger the earnings management is. However, the data reveal no systematic relationship between pre-managed earnings and earnings management for firms with persistent losses.Overall, the empirical results indicate that China’s delisting buffer mechanism, relying mainly on accounting-based regulation, induces pervasive earnings management. The findings therefore suggest that the Chinese Securities Regulatory Committee should consider non-earnings information into delisting decisions and investors look beyond bottom-line to avoid functional fixation. | en_US |
| dc.description.tableofcontents | 目錄第一章 緒論第一節 研究背景與動機 1第二節 研究問題與預期貢獻 5第三節 研究方法概述與研究架構 8第二章 下市緩衝機制第一節 下市緩衝機制法令規範 11第二節 台灣相關法令概述 13第三章 文獻探討第一節 盈餘管理誘因 16第二節 下市緩衝機制相關文獻與延伸 23第三節 盈餘管理手段與衡量 26第四節 盈餘管理制約機制 30第四章 公司治理與盈餘管理第一節 證券市場特性與盈餘管理 33第二節 代理問題與盈餘管理 41第三節 下市緩衝機制與盈餘管理 46第五章 研究方法第一節 觀念性架構 48第二節 研究假說 49第三節 實證設計與模式 55第四節 變數衡量 58第五節 資料分析方法、選樣設計與資料來源 65第六章 實證結果分析第一節 敘述性統計與相關分析 72第二節 各群虧損公司盈餘管理行為與盈餘型態 78第三節 各群虧損公司次年扭虧成效與盈餘管理 99第四節 零損失門檻規範與盈餘管理 104第五節 投資損益與盈餘管理 124第七章 結論、研究限制與建議第一節 結論 130第二節 研究限制 136第三節 研究建議 137參考文獻 139附錄 149表次【表5-4-1】變數定義表 63【表5-5-1】各群虧損公司選樣標準 67【表5-5-2】研究樣本產業年度分布 68【表6-1-1】研究樣本公司特性 73【表6-1-2】修正Jones模式敘述性統計量 74【表6-1-3】迴歸變數敘述性統計 75【表6-1-4】扭虧公司迴歸變數相關係數矩陣 76【表6-1-5】續虧公司迴歸變數相關係數矩陣 77【表6-2-1】QST財務變數縱剖面 82【表6-2-2】各年QST財務變數縱剖面 83【表6-2-3】ST財務變數縱剖面 89【表6-2-4】各年ST財務變數縱剖面 90【表6-2-5】PT財務變數縱剖面 96【表6-2-6】各年PT財務變數縱剖面 97【表6-3-1】各群虧損公司次年扭虧與續虧次數與百分比分配表 100【表6-3-2】各群虧損公司次年扭虧與續虧次數Chi-Square檢定 100【表6-3-3】各群虧損公司次年裁決性應計數字變動值、裁決性流動應計數字變動值、營業外所得變動值平均數與中位數 102【表6-3-4】各群虧損公司次年裁決性應計數字變動值、裁決性流動應計數字變動值、營業外所得變動值t檢定與Wilcoxon Two-Sample test 102【表6-4-1】各群虧損公司次年盈餘敘述統計量與零損失門檻檢定統計量 106【表6-4-2】QST與ST盈餘門檻檢定 106【表6-4-3】PT與POOL盈餘門檻檢定 107【表6-4-4】QST零損失門檻迴歸結果 112【表6-4-5】ST零損失門檻迴歸結果 113【表6-4-6】PT零損失門檻迴歸結果 114【表6-4-7】POOL零損失門檻迴歸結果 115【表6-4-8】QST次年扭虧與續虧分組樣本盈餘管理行為 117【表6-4-9】ST次年扭虧與續虧分組樣本盈餘管理行為 119【表6-4-10】PT次年扭虧與續虧分組樣本盈餘管理行為 121【表6-4-11】POOL次年扭虧與續虧分組樣本盈餘管理行為 122【表6-5-1】部分QST財務變數縱剖面 125【表6-5-2】部分ST財務變數縱剖面 126【表6-5-3】部分PT財務變數縱剖面 127【表6-5-4】各群虧損公司部分樣本次年盈餘管理變動值比較 128【表6-5-5】部分POOL扭虧與續虧分組樣本盈餘管理行為 129【表7-1-1】研究主題一實證結果彙總表 133【表7-1-2】研究主題二實證結果彙總表 134【表7-1-3】研究主題三實證結果彙總表 135【附表1】QST公司名稱與代碼 149【附表2】ST公司名稱與代碼 150【附表3】PT公司名稱與代碼 151【附表4】名詞或符號對照 152圖次【圖1-3-1】論文架構圖 10【圖6-2-1】QST與各年QST財務變數趨勢圖 81【圖6-2-2】ST與各年ST財務變數趨勢圖 88【圖6-2-3】PT與各年PT財務變數趨勢圖 95【圖6-4-1】各群虧損公司次年盈餘分配直方圖 105【圖6-4-2】QST次年盈餘管理分組圖 117【圖6-4-3】ST次年盈餘管理分組圖 118【圖6-4-4】PT次年盈餘管理分組圖 120【圖6-4-5】POOL次年盈餘管理分組圖 122 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0087353501 | en_US |
| dc.subject (關鍵詞) | 盈餘管理 | zh_TW |
| dc.subject (關鍵詞) | 公司治理 | zh_TW |
| dc.subject (關鍵詞) | 特別處理 | zh_TW |
| dc.subject (關鍵詞) | 特別轉讓 | zh_TW |
| dc.subject (關鍵詞) | 應計數字 | zh_TW |
| dc.subject (關鍵詞) | 營業外所得 | zh_TW |
| dc.subject (關鍵詞) | Earnings Management | en_US |
| dc.subject (關鍵詞) | Corporate Governance | en_US |
| dc.subject (關鍵詞) | Special treatment | en_US |
| dc.subject (關鍵詞) | Particular Transfer | en_US |
| dc.subject (關鍵詞) | Accruals | en_US |
| dc.subject (關鍵詞) | Nonoperating Income | en_US |
| dc.title (題名) | 中國大陸下市緩衝機制與盈餘管理之實證研究 | zh_TW |
| dc.title (題名) | An Empirical Study of the Chinese Delisting Buffer Mechanism and Earnings Management | en_US |
| dc.type (資料類型) | thesis | en |
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