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題名 人壽保險業財務報告窗飾行為之實證研究
An Empirical Study of Window Dressing Behavior in Taiwan Life Insurance Industry作者 王彥文
Wang, Yen Wen貢獻者 張士傑
Chang Bill S.
王彥文
Wang, Yen Wen關鍵詞 財務窗飾
盈餘操縱
保險業會計
金融資產分類
Window dressing
Earning management
Gains trading
Insurance accounting
Financial asset classification日期 2012 上傳時間 11-Jul-2013 16:58:51 (UTC+8) 摘要 在2006年台灣實施第三十四號會計公報後，台灣的公司被要求必須在財報上揭露「一般金融商品」及「衍生性金融商品」的分類及價值衡量。受此公報影響最大的產業莫過於投資許多商品的保險業，因此我們針對保險業研究，探討保險公司是否會藉由金融商品的分類以及金融商品投資的損益來美化窗飾財務報表。我們發現資產報酬率確實和保險公司的盈餘操縱行為呈現高度相關性，而股東權益報酬率則會影響保險公司對於金融投資商品的分類。另外我們還發現公司的財務槓桿和盈餘操縱行為呈現顯著的負向關係，以及資產流動比率對於公司金融資產分類有顯著影響，而對於盈餘操縱行為則有顯著正向關係。和過去文獻相比，我們提供一個不一樣的直觀角度來探討保險公司的金融商品分類行為以及盈餘操縱行為，提供會計制度的立法者從不同面向來設立規範，也為社會大眾提供評斷保險公司的基礎。
After the implementation of Statement of Financial Accounting Standard NO.34 (SFAS NO.34) in Taiwan in 2006, the companies have to disclose the securities investment information in the statement of financial reportings. The securities investment could mainly be divided into three categories: available-for-sale, for trading, and held to maturity. The insurance industry holds a large amount of securities investment, and is especially more affected by the SFAS NO.34 significantly than other industries. We develop several proxies to measure the characteristics of insurance companies which are more inclined to do earning management and gains trading through classification of securities investment. We find the insurance companies with higher return on assets (ROA) and return on equity (ROE) will tend to do more gains trading and classify more securities investment to for-trading category. We also find the leverage ratio plays an important role when insurance companies engage in gains trading, and the leverage ratio is negatively correlated with gains trading. On the other hand, the current ratio is also an important factor for insurance companies to engage in gains trading and classify the securities investment. Our research offers a different method to explore the window dressing behavior of insurance industry and further offer some suggestions for the accounting setter to take into account for the accounting standard setting in the future.參考文獻 Abarbanell, J., &Lehavy, R. (2003). Can stock recommendation predict earnings management and analysts` earning forecast errors? Journal of accounting research, 41(1), 1-31. Beatti, V., Brown, S., Ewers, D., John, B., Manson, S., Thomas, D., & Turner, M. (1994). Extraordinary items and income smoothing: a positive accounting approach. Journal of business finance and accounting, 21(6), 791-811. Beaver, W. H., &Mcnichols, M. F. (1998). The characteristics and valuation of loss reserves of property casualty insurers.Review of accounting studies, 3, 73-95. Beaver, W. H., Mcnichols, M. F., & Nelson, K. K. (2003).Management of the loss reserve accrual and the distribution of earnings in the property casualty insurance industry.Journal of accounting and economics, 35, 347-376. Bernard, V. L., & Thomas, J. K. (1990). Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of accounting and economics, 13(4), 305-340. Browne, M. W. (1973). Generalized least squares estimations in the analysis of covariance structures. South african statistical journal, 8, 1-24.Burgstahler, D., & Eames, M. (2006). Management of earning and analysts` forecast to achieve zero and small positive earnings surprises. Journal of business finance and accounting, 33(5), 633-652. Christie, A., (1990). Aggregation of test statistics: an evaluation of the evidence on contracting and size hypothesis. Journal of accounting and economics, 12, 15-36Clubb, C., &Naffi, M. (2007). The usefulness of book-to-market and ROE expectations for explaining UK stock returns. Journal of business finance and accounting 34, 1-32.Ding, L., Velicer, W. F., & Harlow, L. L. (1995). Effects of estimation methods nuber of indicators per factor, and improper solutions on strucural equation modeling fit indices. Structural equation modeling: a multidisciplinary journal, 2(2), 119-143. Godwin, N., Petroni, K., & Wahlen, J. (1998). Fair value accounting for property-liability insurers and classification decision under FAS 115.Journal of accounting, auditing, and finance, 13(3), 207-242. Guenther, D. A. (1994).Earining management in response to corporate tax rate changes: evidence from the 1986 tax reform act. The accounting review, 69(1), 230-243. Haavelmo, T. (1944). The probability approach in econometrics.Econometrica: Journal of the econometric society, 12, 1-115. Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting.Accounting horizons, 13(4), 365-383. Hsieh, S. T., & Ho, M. F. (2010). Evidence from SFAS NO.34 and the financial crisis on the firm use of derivatives.Journal of commercial modernization, 1.5(3), 97-116. Jordan, C. E., Clark, S. J., & Anderson, M. H. (2011a). Preliminary evidence of SFAS NO.130`s effect on gains trading in the insurance industry. Journal of applied business research, 19(4), 39-47. Jordan, C. E., Clark, S. J., & Smith, W. R. (2011b). Earning management under SFAS NO.115: evidence from the insurance industry. Journal of applied business research, 14(1), 49-56. Lee, M. J. (2002). Panel data econometrics, methods of moments and limited dependent variables. Academic press. Mcnichols, M. F. (2000). Research design issues in earnings management studies. Journal of accounting and public policy, 19, 313-345. Petroni, K. R. (1992). Optimistic reporting in the property-casualty insurance industry.Journal of accounting and economics, 15, 485-508. Petroni, K. R., Ryan, S. G., &Wahlen, J. M. (2000). Discretionary and Non-discretionary revisions of loss reserves by property-casualty insurers: differential implications for future profitability, risk and market value. Review of accounting studies, 5, 95-125. Petroni, K. R., &Wahlen, J. M. (1995). Fair values of equity and debt securities and share prices of property-liability insurers. Journal of risk and insurance, 62(4), 719-737. Taylor, W. E. “small sample considerations in estimation from panel data, “Journal of econometrics, vol. 13, 1980. pp. 203-223”中文部分Wang, Y.-J., Chang, C.-C., & Cheng, L.-Y. (2010). The impact of statement of financial accounting standards NO.34 on financial and electronic industries: evidence from market microstructure perspective. 中山管理評論, 18(4), 1009﹣1050. Wu, P. H. (2010). SFAS No.34 and income smoothing.中興大學財務管理系碩士論文. 紀登順. (2007). 金融商品財務報導之價值悠關性.臺北大學會計學系碩士論文黃劭彥, 陳雪如, 邱安安, &陳慧貞. (2011). 我國金融商品分類決策之探討﹣以財務危機公司為例.朝陽商管評論, 10(2), 67﹣94. 蘇薇君. (2007). 財會準則三十四號公報之資本市場反應與盈餘組成份子資訊內涵之變化.淡江大學會計學系碩士論文 描述 碩士
國立政治大學
風險管理與保險研究所
101358009
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101358009 資料類型 thesis dc.contributor.advisor 張士傑 zh_TW dc.contributor.advisor Chang Bill S. en_US dc.contributor.author (Authors) 王彥文 zh_TW dc.contributor.author (Authors) Wang, Yen Wen en_US dc.creator (作者) 王彥文 zh_TW dc.creator (作者) Wang, Yen Wen en_US dc.date (日期) 2012 en_US dc.date.accessioned 11-Jul-2013 16:58:51 (UTC+8) - dc.date.available 11-Jul-2013 16:58:51 (UTC+8) - dc.date.issued (上傳時間) 11-Jul-2013 16:58:51 (UTC+8) - dc.identifier (Other Identifiers) G0101358009 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/58808 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 風險管理與保險研究所 zh_TW dc.description (描述) 101358009 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) 在2006年台灣實施第三十四號會計公報後，台灣的公司被要求必須在財報上揭露「一般金融商品」及「衍生性金融商品」的分類及價值衡量。受此公報影響最大的產業莫過於投資許多商品的保險業，因此我們針對保險業研究，探討保險公司是否會藉由金融商品的分類以及金融商品投資的損益來美化窗飾財務報表。我們發現資產報酬率確實和保險公司的盈餘操縱行為呈現高度相關性，而股東權益報酬率則會影響保險公司對於金融投資商品的分類。另外我們還發現公司的財務槓桿和盈餘操縱行為呈現顯著的負向關係，以及資產流動比率對於公司金融資產分類有顯著影響，而對於盈餘操縱行為則有顯著正向關係。和過去文獻相比，我們提供一個不一樣的直觀角度來探討保險公司的金融商品分類行為以及盈餘操縱行為，提供會計制度的立法者從不同面向來設立規範，也為社會大眾提供評斷保險公司的基礎。 zh_TW dc.description.abstract (摘要) After the implementation of Statement of Financial Accounting Standard NO.34 (SFAS NO.34) in Taiwan in 2006, the companies have to disclose the securities investment information in the statement of financial reportings. The securities investment could mainly be divided into three categories: available-for-sale, for trading, and held to maturity. The insurance industry holds a large amount of securities investment, and is especially more affected by the SFAS NO.34 significantly than other industries. We develop several proxies to measure the characteristics of insurance companies which are more inclined to do earning management and gains trading through classification of securities investment. We find the insurance companies with higher return on assets (ROA) and return on equity (ROE) will tend to do more gains trading and classify more securities investment to for-trading category. We also find the leverage ratio plays an important role when insurance companies engage in gains trading, and the leverage ratio is negatively correlated with gains trading. On the other hand, the current ratio is also an important factor for insurance companies to engage in gains trading and classify the securities investment. Our research offers a different method to explore the window dressing behavior of insurance industry and further offer some suggestions for the accounting setter to take into account for the accounting standard setting in the future. en_US dc.description.tableofcontents 摘要 IAbstract II謝誌 IIIContents IVTable Contents VChapter 1 Introduction 1Chapter 2 Literature review 5Chapter 3 Hypothesis Development and Methodology 103.1 Dependent variables 113.2 independent variables 123.3 Methodology 15Chapter 4 Data description and Empirical result analysis 214.1 Data description 214.2 data analysis 23Chapter 5 Conclusion 32References 35Appendix 38 zh_TW dc.format.extent 540074 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101358009 en_US dc.subject (關鍵詞) 財務窗飾 zh_TW dc.subject (關鍵詞) 盈餘操縱 zh_TW dc.subject (關鍵詞) 保險業會計 zh_TW dc.subject (關鍵詞) 金融資產分類 zh_TW dc.subject (關鍵詞) Window dressing en_US dc.subject (關鍵詞) Earning management en_US dc.subject (關鍵詞) Gains trading en_US dc.subject (關鍵詞) Insurance accounting en_US dc.subject (關鍵詞) Financial asset classification en_US dc.title (題名) 人壽保險業財務報告窗飾行為之實證研究 zh_TW dc.title (題名) An Empirical Study of Window Dressing Behavior in Taiwan Life Insurance Industry en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Abarbanell, J., &Lehavy, R. (2003). Can stock recommendation predict earnings management and analysts` earning forecast errors? Journal of accounting research, 41(1), 1-31. Beatti, V., Brown, S., Ewers, D., John, B., Manson, S., Thomas, D., & Turner, M. (1994). Extraordinary items and income smoothing: a positive accounting approach. Journal of business finance and accounting, 21(6), 791-811. Beaver, W. H., &Mcnichols, M. F. (1998). The characteristics and valuation of loss reserves of property casualty insurers.Review of accounting studies, 3, 73-95. Beaver, W. H., Mcnichols, M. F., & Nelson, K. K. (2003).Management of the loss reserve accrual and the distribution of earnings in the property casualty insurance industry.Journal of accounting and economics, 35, 347-376. Bernard, V. L., & Thomas, J. K. (1990). Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of accounting and economics, 13(4), 305-340. Browne, M. W. (1973). Generalized least squares estimations in the analysis of covariance structures. South african statistical journal, 8, 1-24.Burgstahler, D., & Eames, M. (2006). Management of earning and analysts` forecast to achieve zero and small positive earnings surprises. Journal of business finance and accounting, 33(5), 633-652. Christie, A., (1990). Aggregation of test statistics: an evaluation of the evidence on contracting and size hypothesis. Journal of accounting and economics, 12, 15-36Clubb, C., &Naffi, M. (2007). The usefulness of book-to-market and ROE expectations for explaining UK stock returns. Journal of business finance and accounting 34, 1-32.Ding, L., Velicer, W. F., & Harlow, L. L. (1995). Effects of estimation methods nuber of indicators per factor, and improper solutions on strucural equation modeling fit indices. Structural equation modeling: a multidisciplinary journal, 2(2), 119-143. Godwin, N., Petroni, K., & Wahlen, J. (1998). Fair value accounting for property-liability insurers and classification decision under FAS 115.Journal of accounting, auditing, and finance, 13(3), 207-242. Guenther, D. A. (1994).Earining management in response to corporate tax rate changes: evidence from the 1986 tax reform act. The accounting review, 69(1), 230-243. Haavelmo, T. (1944). The probability approach in econometrics.Econometrica: Journal of the econometric society, 12, 1-115. Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting.Accounting horizons, 13(4), 365-383. Hsieh, S. T., & Ho, M. F. (2010). Evidence from SFAS NO.34 and the financial crisis on the firm use of derivatives.Journal of commercial modernization, 1.5(3), 97-116. Jordan, C. E., Clark, S. J., & Anderson, M. H. (2011a). Preliminary evidence of SFAS NO.130`s effect on gains trading in the insurance industry. Journal of applied business research, 19(4), 39-47. Jordan, C. E., Clark, S. J., & Smith, W. R. (2011b). Earning management under SFAS NO.115: evidence from the insurance industry. Journal of applied business research, 14(1), 49-56. Lee, M. J. (2002). Panel data econometrics, methods of moments and limited dependent variables. Academic press. Mcnichols, M. F. (2000). Research design issues in earnings management studies. Journal of accounting and public policy, 19, 313-345. Petroni, K. R. (1992). Optimistic reporting in the property-casualty insurance industry.Journal of accounting and economics, 15, 485-508. Petroni, K. R., Ryan, S. G., &Wahlen, J. M. (2000). Discretionary and Non-discretionary revisions of loss reserves by property-casualty insurers: differential implications for future profitability, risk and market value. Review of accounting studies, 5, 95-125. Petroni, K. R., &Wahlen, J. M. (1995). Fair values of equity and debt securities and share prices of property-liability insurers. Journal of risk and insurance, 62(4), 719-737. Taylor, W. E. “small sample considerations in estimation from panel data, “Journal of econometrics, vol. 13, 1980. pp. 203-223”中文部分Wang, Y.-J., Chang, C.-C., & Cheng, L.-Y. (2010). The impact of statement of financial accounting standards NO.34 on financial and electronic industries: evidence from market microstructure perspective. 中山管理評論, 18(4), 1009﹣1050. Wu, P. H. (2010). SFAS No.34 and income smoothing.中興大學財務管理系碩士論文. 紀登順. (2007). 金融商品財務報導之價值悠關性.臺北大學會計學系碩士論文黃劭彥, 陳雪如, 邱安安, &陳慧貞. (2011). 我國金融商品分類決策之探討﹣以財務危機公司為例.朝陽商管評論, 10(2), 67﹣94. 蘇薇君. (2007). 財會準則三十四號公報之資本市場反應與盈餘組成份子資訊內涵之變化.淡江大學會計學系碩士論文 zh_TW
