| dc.contributor.advisor | 汪泱若 | zh_TW |
| dc.contributor.author (Authors) | 胡書展 | zh_TW |
| dc.contributor.author (Authors) | Hu, Shu-Chan | en_US |
| dc.creator (作者) | 胡書展 | zh_TW |
| dc.creator (作者) | Hu, Shu-Chan | en_US |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 18-Sep-2009 09:11:54 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 09:11:54 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 09:11:54 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0923530311 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34271 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 92353031 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | 本研究以1998年至2003年曾發生財務危機之上市櫃公司為研究樣本，採配對樣本研究設計，依McKeown et al. (1991)之樣本分類方法，將樣本公司區分為四類：(1)失敗/財務危機公司(FS)、(2)非失敗/財務危機公司(NFS)、(3)失敗/非財務危機公司(FNS)及(4)非失敗/非財務危機公司(NFNS)，探討不同分類下之公司其盈餘操縱行為是否存在差異。其次，針對台灣證券交易所及櫃檯買賣中心近期修訂之危機預警指標，分析其偵測財務危機之能力。最後則綜合證交所及櫃買中心之預警指標，並參考相關文獻指標及實務作法，建立財務危機預測模型。 實證結果顯示，除FNS公司與NFNS公司僅部分變數有差異外，其他各組樣本之間在各類盈餘操縱變數上都具有顯著差異，代表財務危機公司在發生危機之前，確實有操縱盈餘之行為。對投資人而言，這些存在顯著差異的變數可能代表曾被危機公司所操縱而在事前沒有顯現異常之會計科目。 針對證交所及櫃買中心之危機預警指標，實證結果顯示相較於正常公司，危機公司在稅後損益及稅前損益之表現上惡化的程度較嚴重，有較高的長期負債到期還款疑慮，在預付款項上有較異常的變動情形。不過，在現金及約當現金佔資本額比率上，危機公司並無較正常公司惡化之情形，顯示多數的危機公司在發生財務危機前，通常不會列示較高的現金餘額。另外，本研究所發展之其他預警指標發現，危機公司在發生危機之前，有較正常公司顯著不足支應下期日常營運支出之情形；危機公司董監事持股質押比例，以及控制股東之董監席次控制權與盈餘分配權之偏離程度，顯著高於正常公司，代表危機公司的內部治理環境較差。 本研究所建立之實證模型顯示，綜合考量證交所及櫃買中心指標後，各指標惡化程度越高、董監事質押比例越高、董監席次控制權與盈餘分配權偏離程度越大之公司，發生財務危機的機率越高。分析結果亦顯示，危機發生前流動性及償債能力越弱、營運報酬能力越差之公司，發生財務危機之可能性較高。 | zh_TW |
| dc.description.abstract (摘要) | This thesis focuses on a group of firms listed in Taiwan Securities Exchange (TSE) and Over the Counter (OTC) experienced financial distress over the period of 1998 to 2003, by applied to a control sample design approach. Based on the pre/after criteria employed in McKeown et al. (1991), this thesis classifies the sample into four subgroups: (1)failure/distress (FS), (2)nonfailure/distress (NFS), (3)failure/nondistress (FNS), and (4)nonfailure/nondistress(NFNS). This thesis first examines the difference in earnings manipulation behavior between the four subgroups. The detecting ability of the precaution indices recently amended by the TSE and OTC is also investigated. Finally, an empirical model is proposed by this research by inclusion of the precaution indices, governance structures and variables employed by the practice communities. The empirical findings indicate that with exception of FNS and NFNS firms, significant differences in all variables are found, representing that the distress firms manipulate earnings before the crisis taken place. The results may imply that these variables might be manipulated by distressed firms to cover the financial failing signals ex ante. For the precaution indices proposed by the TSE and OTC, the empirical findings indicate that compared to healthy firms, the distress firms are found to have worse after-tax/pretax earnings, higher doubt of repaying long-term debts, and unusual fluctuation in prepaid items. The results show that distressed firms have less cash before the occurrence of crisis. As to the indices proposed in this thesis, the analysis shows that distressed firms usually cannot generate adequate cash flow to pay the operation expenses necessary for the next year. It is also found that the distressed firms have higher pledge ratio of share held by the board members and larger deviation in control right from cash flow right. The empirical results of the proposed model show that firms with worse situation indicated by the indices suggested by TSE and OTC, higher share pledge ratio by the board member, larger deviation between control right and cash flow right, have higher probability of experiencing financial crisis. Firms are weak in liquidity, cash imbursement ability and operating return would have relatively higher possibility to face financial distress. | en_US |
| dc.description.tableofcontents | 第一章 緒論 第一節 研究動機與目的 第二節 研究問題與研究架構 第三節 論文結構第二章 文獻探討 第一節 財務危機之定義 第二節 財務危機與盈餘管理 第三節 財務危機預測模型第三章 研究方法 第一節 研究假說 第二節 研究變數之設計 第三節 實證模型與分析方法 第四節 研究期間、樣本與資料來源第四章 實證結果與分析 第一節 盈餘操縱行為分析 第二節 財務危機預警指標分析 第三節 財務危機預測模型之建立與分析 78第五章 結論與建議 85 第一節 研究結論 85 第二節 研究限制 90 第三節 未來研究建議 91參考文獻 92附 錄 95表目錄表3-1 盈餘操縱變數彙總表表3-2 財務危機預警指標彙總表表3-3 財務變數彙總表表3-4 研究樣本產業及年度分佈一覽表表3-5 財務報表重編公司及影響年度表4-1 樣本公司敘述性統計值及無母數差異檢定分析表4-2 假說H1-1至H1-8八類變數之t檢定、中位數檢定與Wilcoxon Sign-Rank檢定結果表－S與NS之公司-年模型表4-3 H2-1至H2-8八類變數之t檢定、中位數檢定與Wilcoxon Sign-Rank 檢定結果表－NFS與NFNS之公司-年模型表4-4 假說H3-1至H3-8之t檢定、中位數檢定與Wilcoxon Sign-Rank檢定結果表－NFS與FS之公司-年模型表4-5 假說H4-1至H4-8之t檢定、中位數檢定與Wilcoxon Sign-Rank檢定結果表－FNS與NFNS之公司-年模型表4-6 連續虧損指標表4-7 稅前損益大幅衰退指標表4-8 長期負債到期疑慮指標表4-9 現金比率異常指標表4-10 預付款項異常變動指標表4-11 管理程序預警指標區別率彙總表表4-12 管理程序指標分數平均數t檢定及中位數檢定表表4-13 營業活動現金對營業費用比指標表4-14 其他預警指標平均數t檢定及中位數檢定表表4-15 因素分析摘要彙總表表4-16 財務屬性因素相關矩陣表4-17 斜交轉軸因素結構分析表4-18 財務危機預測模型Logit迴歸分析表4-19 研究假說與實證結果圖目錄圖1-1 研究問題之觀念性架構 | 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/#G0923530311 | en_US |
| dc.subject (關鍵詞) | 盈餘操縱 | zh_TW |
| dc.subject (關鍵詞) | 危機預警指標 | zh_TW |
| dc.subject (關鍵詞) | 財務危機預測模型 | zh_TW |
| dc.subject (關鍵詞) | Earnings manipulation | en_US |
| dc.subject (關鍵詞) | Distress precaution indices | en_US |
| dc.subject (關鍵詞) | Financial distress prediction model | en_US |
| dc.title (題名) | 財務危機公司盈餘操縱行為與預測模型之探討 | zh_TW |
| dc.type (資料類型) | thesis | en |
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