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題名 財務主管與簽證會計師間社會連結與公司迎合或擊敗財務分析師盈餘預測關聯性
Social Ties between CFOs and Engagement Audit Partners and Meeting or Beating Analysts’ Forecasts
作者 余友亭
貢獻者 詹凌菁
余友亭
關鍵詞 社會連結
盈餘管理
迎合或擊敗
分析師預測
日期 2013
上傳時間 29-Jul-2014 16:01:49 (UTC+8)
摘要 本研究探討財務主管和簽證會計師的社會連結與公司迎合或擊敗分析師盈餘預測的關聯。本研究採用教育背景衡量社會連結，針對台灣上市上櫃公司進行實證研究後發現，研究所階段的學校連結會增加公司迎合或擊敗分析師盈餘預測的頻率，但是大學階段的教育連結對於公司迎合或擊敗分析師盈餘預測有負向影響，而在職專班的學校連結則沒有顯著關聯。因此，研究結果顯示財務主管和簽證會計師的社會連結並沒有和公司進行盈餘管理以達到迎合或擊敗分析師盈餘預測有絕對相關。
參考文獻 一、中文部分

廖秀梅與洪筱雯，2010，非審計服務、會計師任期與審計品質，當代會計，第十一卷，第二期：151-178。
蘇裕惠，2005，會計師任期與審計品質，當代會計，第六卷，第二期：187-220。

二、英文部分

Athanasakou, V., N. C. Strong, and M. Walker. 2011. The market reward for 　achieving analyst earnings expectations: Does managing expectations or earnings matter?. Journal of Business Finance & Accounting, 38, 58-94.
________, ________, and ________. 2009. Earnings management or forecast guidance to meet analyst expectations?. Accounting and Business Research, 39, 3-35.
Bartov, E., D. Givoly, and C. Hayn. 2002. The rewards to meeting or beating earnings expectations. Journal of Accounting & Economics, 33(2), 173-204.
Barua, A., J. Legoria, and J. S. Moffitt. 2006. Accruals management to achieve earnings benchmarks: A comparison of pre-managed profit and loss firms. Journal of Business Finance & Accounting, 33(5-6), 653-70.
Beasley, M. S., J. V. Carcello, D. R. Hermanson, and T. L. Neal. 2009. The audit committee oversight process. Contemporary Accounting Research, 26(1), 65-122.
Brown, L.D. 2001. A temporal analysis of earnings surprises: profits versus losses. Journal of Accounting Research, 39(2), 221-241.
________, and M. L. Caylor. 2005. A temporal analysis of quarterly earnings thresholds: Propensities and valuation consequences. The Accounting Review, 80(2), 423-440.
Bruynseels, L., and E. Cardinaels. 2014. The audit committee: Management watchdog or personal friend of the CEO?.The Accounting Review, 89(1), 113-145.
Burgstahler, D., and M. J. Eames .2006. Management of earnings and analysts’ forecasts to achieve zero and small positive earnings surprises. Journal of Business Finance & Accounting 33, 633-652.
Cheng, Q., and R. D. Warfield. 2005. Equity incentives and earnings management. The Accounting Review, 80(2), 441-76.

Cohen, L., A. Frazzini, and C. Malloy. 2008. The small world of investing: board connections and mutual fund returns. Journal of Political Economy 116 (5): 951-979.
________, ________, and ________. 2010. Sell-side school ties. Journal of Finance 65 (4): 1409-1437.
Degeorge, F., J. Patel, and R. Zeckhauser. 1999. Earnings management to exceed thresholds. Journal of Business, 72(1), 1-33.
Easton, P., T. Harris, and J. Ohlson. 1992. Aggregate accounting earnings can explain most of security returns: The case of long return intervals. Journal of Accounting and Economics, 15, 119-42.
Engelberg, E., P. Gao, and C.A. Parsons. 2010. Friends with money. Working Paper, UNC Chapel Hill.
Farrell, K. A., and D. A. Whidbee. 2003. Impact of firm performance expectations on CEO turnover and replacement decisions. Journal of Accounting & Economics, 36, 165-96.
Fracassi, C., and G. Tate. 2012. External networking and internal firm governance. Journal of Finance, 67(1), 153-194.
Gaver, J. J., and J. S. Paterson. 2007. The influence of large clients on office-level auditor oversight: Evidence from the property-casualty insurance industry. Journal of Accounting and Economics, 43(2-3), 299-320.
Ghosh, A., and D. Moon. 2005. Auditor tenure and perceptions of audit quality. The Accounting Review, 80(2), 585-612.
Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The Economic implications of corporate financial reporting. Journal of Accounting & Economics, 40(1), 3-73.
Hwang, B-H., and S. Kim. 2009. It pays to have friends. Journal of Financial Economics 93 (1), 138-158.
Ishii, J., and Y. Xuan. 2011. Acquirer-target social ties and merger outcomes. Working Paper, Stanford University.
Kasznik, R., and M. McNichols. 2002. Does meeting expectations matter? Evidence from analyst forecast revisions and share prices. Journal of Accounting Research, 40(3), 727-59.
Kinney,W., D. Burgstahler, and R. Martin. 2002. The materiality of earnings surprises. Journal of Accounting Research, 40(5), 1297-1329.
Koh, K., D. Matsumoto, and S. Rajgopal. 2008. Meeting analyst forecasts in the post-scandals world: early evidence on stock market rewards and managerial actions. Contemporary Accounting Research, 25, 1067-1098.

Kothari, S. P., and R. G. Sloan. 1992. Information in prices about future earnings: Implications for earnings response coefficients. Journal of Accounting and Economics, 15(June), 143-71.
Krishnan, G.V., K. K. Raman, K. Yang, and W. Yu. 2011. CFO/CEO-board social ties, Sarbanes-Oxley, and earnings management. Accounting Horizons, 25(3), 537-557.
Kwon, S. Y., and Y. Han. 2012. Do social ties between CEOs and engagement audit partners affect audit fees and audit quality?. Working Paper, Korea University.
Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review, 71, 467–493.
Lennox, C. S. 2005. Audit quality and executive officers` affiliations with CPA firms. Journal of Accounting and Economics, 39(2), 201-231.
Mande, V., and M. Son. 2012. CEO centrality and meeting or beating analysts’ earnings forecasts. Journal of Business Finance & Accounting, 39(1-2), 82-112.
Matsumoto, D. 2002. Management`s incentives to avoid negative earnings surprises. The Accounting Review, 77(3), 483-514.
Matsunaga, S. R., and C. W. Park. 2001. The effect of missing a quarterly earnings benchmark on the CEO’s annual bonus. The Accounting Review, 76(3), 313-32.
McVay, S. E. 2006. Earnings management using classification shifting: An examination of core earnings and special items. The Accounting Review, 81, 501-31.
Menon, K., and D. Williams. 2004. Former audit partners and abnormal accruals. The Accounting Review, 79(4), 1095-1118.
Myers, J., L. Myers, and T. Omer. 2003. Exploring the term of the auditor-client relationship and the quality of earnings: A case for mandatory rotation?. The Accounting Review, 78(3), 779-799.
Nelson, M. W., J. A. Elliot, R. L. Tarpley. 2002. Evidence from auditors about managers’ and auditors’ earnings management decisions. The Accounting Review, 77, 175-202.
________, ________, and ________. 2003. How are earnings managed? examples from auditors. Accounting Horizons, 17 (Supplement), 17–35.
Nguyen, B. D. 2010. Does the rolodex matter? Corporate elite’s small world and the effectiveness of boards of directors. Working Paper, University of Cambridge.
Reynolds, J. K., and J. Francis. 2000. Does size Matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30(3), 375-400.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics, 42, 335-370.
Schmidt, B. 2009. Costs and benefits of `friendly` boards during mergers and acquisitions. Working Paper, Emory University.
Skinner, D. J., and R. G. Sloan. 2002. Earnings surprises, growth expectations, and stock returns or don’t let an earnings torpedo sink your portfolio. Review of Accounting Studies, 7(2-3), 289-312.
Uzzi, B. 1996. The sources and consequences of embeddedness for the economic performance of organizations: the network effect. American Sociological Review, 61, 674–698.
Zang, A. 2012. Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675–703.
描述 碩士
國立政治大學
會計研究所
101353010
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101353010
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 余友亭zh_TW
dc.creator (作者) 余友亭zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 29-Jul-2014 16:01:49 (UTC+8)-
dc.date.available 29-Jul-2014 16:01:49 (UTC+8)-
dc.date.issued (上傳時間) 29-Jul-2014 16:01:49 (UTC+8)-
dc.identifier (Other Identifiers) G0101353010en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67849-
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) 101353010zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本研究探討財務主管和簽證會計師的社會連結與公司迎合或擊敗分析師盈餘預測的關聯。本研究採用教育背景衡量社會連結，針對台灣上市上櫃公司進行實證研究後發現，研究所階段的學校連結會增加公司迎合或擊敗分析師盈餘預測的頻率，但是大學階段的教育連結對於公司迎合或擊敗分析師盈餘預測有負向影響，而在職專班的學校連結則沒有顯著關聯。因此，研究結果顯示財務主管和簽證會計師的社會連結並沒有和公司進行盈餘管理以達到迎合或擊敗分析師盈餘預測有絕對相關。zh_TW
dc.description.tableofcontents 目錄 I
表目錄 II
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第二章　文獻探討 5
第一節　社會連結 5
第二節　迎合或擊敗分析師預測 12
第三章　研究設計 22
第一節　研究假說 22
第二節　樣本選取與資料來源 24
第三節　研究變數設計 24
第四節　實證模型及研究方法 32
第四章 實證結果與分析 34
第一節 敘述性統計分析 34
第二節 相關係數分析 38
第三節 迴歸結果與分析 42
第四節 額外測試 50
第五章 研究結論與建議 53
第一節 研究結論 53
第二節 研究建議 53
文獻參考 55		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101353010en_US
dc.subject (關鍵詞) 社會連結zh_TW
dc.subject (關鍵詞) 盈餘管理zh_TW
dc.subject (關鍵詞) 迎合或擊敗zh_TW
dc.subject (關鍵詞) 分析師預測zh_TW
dc.title (題名) 財務主管與簽證會計師間社會連結與公司迎合或擊敗財務分析師盈餘預測關聯性zh_TW
dc.title (題名) Social Ties between CFOs and Engagement Audit Partners and Meeting or Beating Analysts’ Forecastsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部分

廖秀梅與洪筱雯，2010，非審計服務、會計師任期與審計品質，當代會計，第十一卷，第二期：151-178。
蘇裕惠，2005，會計師任期與審計品質，當代會計，第六卷，第二期：187-220。

二、英文部分

Athanasakou, V., N. C. Strong, and M. Walker. 2011. The market reward for 　achieving analyst earnings expectations: Does managing expectations or earnings matter?. Journal of Business Finance & Accounting, 38, 58-94.
________, ________, and ________. 2009. Earnings management or forecast guidance to meet analyst expectations?. Accounting and Business Research, 39, 3-35.
Bartov, E., D. Givoly, and C. Hayn. 2002. The rewards to meeting or beating earnings expectations. Journal of Accounting & Economics, 33(2), 173-204.
Barua, A., J. Legoria, and J. S. Moffitt. 2006. Accruals management to achieve earnings benchmarks: A comparison of pre-managed profit and loss firms. Journal of Business Finance & Accounting, 33(5-6), 653-70.
Beasley, M. S., J. V. Carcello, D. R. Hermanson, and T. L. Neal. 2009. The audit committee oversight process. Contemporary Accounting Research, 26(1), 65-122.
Brown, L.D. 2001. A temporal analysis of earnings surprises: profits versus losses. Journal of Accounting Research, 39(2), 221-241.
________, and M. L. Caylor. 2005. A temporal analysis of quarterly earnings thresholds: Propensities and valuation consequences. The Accounting Review, 80(2), 423-440.
Bruynseels, L., and E. Cardinaels. 2014. The audit committee: Management watchdog or personal friend of the CEO?.The Accounting Review, 89(1), 113-145.
Burgstahler, D., and M. J. Eames .2006. Management of earnings and analysts’ forecasts to achieve zero and small positive earnings surprises. Journal of Business Finance & Accounting 33, 633-652.
Cheng, Q., and R. D. Warfield. 2005. Equity incentives and earnings management. The Accounting Review, 80(2), 441-76.

Cohen, L., A. Frazzini, and C. Malloy. 2008. The small world of investing: board connections and mutual fund returns. Journal of Political Economy 116 (5): 951-979.
________, ________, and ________. 2010. Sell-side school ties. Journal of Finance 65 (4): 1409-1437.
Degeorge, F., J. Patel, and R. Zeckhauser. 1999. Earnings management to exceed thresholds. Journal of Business, 72(1), 1-33.
Easton, P., T. Harris, and J. Ohlson. 1992. Aggregate accounting earnings can explain most of security returns: The case of long return intervals. Journal of Accounting and Economics, 15, 119-42.
Engelberg, E., P. Gao, and C.A. Parsons. 2010. Friends with money. Working Paper, UNC Chapel Hill.
Farrell, K. A., and D. A. Whidbee. 2003. Impact of firm performance expectations on CEO turnover and replacement decisions. Journal of Accounting & Economics, 36, 165-96.
Fracassi, C., and G. Tate. 2012. External networking and internal firm governance. Journal of Finance, 67(1), 153-194.
Gaver, J. J., and J. S. Paterson. 2007. The influence of large clients on office-level auditor oversight: Evidence from the property-casualty insurance industry. Journal of Accounting and Economics, 43(2-3), 299-320.
Ghosh, A., and D. Moon. 2005. Auditor tenure and perceptions of audit quality. The Accounting Review, 80(2), 585-612.
Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The Economic implications of corporate financial reporting. Journal of Accounting & Economics, 40(1), 3-73.
Hwang, B-H., and S. Kim. 2009. It pays to have friends. Journal of Financial Economics 93 (1), 138-158.
Ishii, J., and Y. Xuan. 2011. Acquirer-target social ties and merger outcomes. Working Paper, Stanford University.
Kasznik, R., and M. McNichols. 2002. Does meeting expectations matter? Evidence from analyst forecast revisions and share prices. Journal of Accounting Research, 40(3), 727-59.
Kinney,W., D. Burgstahler, and R. Martin. 2002. The materiality of earnings surprises. Journal of Accounting Research, 40(5), 1297-1329.
Koh, K., D. Matsumoto, and S. Rajgopal. 2008. Meeting analyst forecasts in the post-scandals world: early evidence on stock market rewards and managerial actions. Contemporary Accounting Research, 25, 1067-1098.

Kothari, S. P., and R. G. Sloan. 1992. Information in prices about future earnings: Implications for earnings response coefficients. Journal of Accounting and Economics, 15(June), 143-71.
Krishnan, G.V., K. K. Raman, K. Yang, and W. Yu. 2011. CFO/CEO-board social ties, Sarbanes-Oxley, and earnings management. Accounting Horizons, 25(3), 537-557.
Kwon, S. Y., and Y. Han. 2012. Do social ties between CEOs and engagement audit partners affect audit fees and audit quality?. Working Paper, Korea University.
Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review, 71, 467–493.
Lennox, C. S. 2005. Audit quality and executive officers` affiliations with CPA firms. Journal of Accounting and Economics, 39(2), 201-231.
Mande, V., and M. Son. 2012. CEO centrality and meeting or beating analysts’ earnings forecasts. Journal of Business Finance & Accounting, 39(1-2), 82-112.
Matsumoto, D. 2002. Management`s incentives to avoid negative earnings surprises. The Accounting Review, 77(3), 483-514.
Matsunaga, S. R., and C. W. Park. 2001. The effect of missing a quarterly earnings benchmark on the CEO’s annual bonus. The Accounting Review, 76(3), 313-32.
McVay, S. E. 2006. Earnings management using classification shifting: An examination of core earnings and special items. The Accounting Review, 81, 501-31.
Menon, K., and D. Williams. 2004. Former audit partners and abnormal accruals. The Accounting Review, 79(4), 1095-1118.
Myers, J., L. Myers, and T. Omer. 2003. Exploring the term of the auditor-client relationship and the quality of earnings: A case for mandatory rotation?. The Accounting Review, 78(3), 779-799.
Nelson, M. W., J. A. Elliot, R. L. Tarpley. 2002. Evidence from auditors about managers’ and auditors’ earnings management decisions. The Accounting Review, 77, 175-202.
________, ________, and ________. 2003. How are earnings managed? examples from auditors. Accounting Horizons, 17 (Supplement), 17–35.
Nguyen, B. D. 2010. Does the rolodex matter? Corporate elite’s small world and the effectiveness of boards of directors. Working Paper, University of Cambridge.
Reynolds, J. K., and J. Francis. 2000. Does size Matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30(3), 375-400.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics, 42, 335-370.
Schmidt, B. 2009. Costs and benefits of `friendly` boards during mergers and acquisitions. Working Paper, Emory University.
Skinner, D. J., and R. G. Sloan. 2002. Earnings surprises, growth expectations, and stock returns or don’t let an earnings torpedo sink your portfolio. Review of Accounting Studies, 7(2-3), 289-312.
Uzzi, B. 1996. The sources and consequences of embeddedness for the economic performance of organizations: the network effect. American Sociological Review, 61, 674–698.
Zang, A. 2012. Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675–703.		zh_TW