1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Theses
  5. Item

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

  • No doi shows Citation Infomation
題名 內部控制與產品保證負債
Internal Control and Warranty Reserves
作者 陳怡君
Chen, Yi Chun
貢獻者 金成隆
Chin, Chen Lung
陳怡君
Chen, Yi Chun
關鍵詞 產品保證負債
傳訊
內控缺失
Warranty Reserves
Signaling
Internal Control Weaknesses
日期 2014
上傳時間 25-Aug-2014 15:14:26 (UTC+8)
摘要 過去研究指出產品保證負債具有多重角色，會計上以或有負債的方式認列之外，另扮演資訊傳遞的角色，能反應公司未來的成長績效，由於產品保證負債涉及管理當局的估計，也會被作為達到或擊敗盈餘門檻的盈餘管理工具。因此本研究擬探討沙賓法案404條款關於公司內部控制的揭露，是否有助於分辨產品保證負債資訊內涵角色及其他角色。
研究結果發現對於內控有效的公司，投資人會認為其產品保證負債係帶有資訊內涵的負債，相反的，對於揭露重大內控缺失的公司，產品保證負債就是單純的或有負債。從另一角度觀察，本研究發現內控缺失對異常產品保證費用和公司未來績效的關聯性有負向影響，而此影響主要由非故意的誤失而不是蓄意的錯誤報導所導致。本研究進一步將內控缺失作分類，發現當內控缺失是和收入與銷貨成本有關聯時，不論是投資人評價或是異常產品保證費用和公司未來績效的關聯性，內控缺失所造成的負面效果都更加明顯。綜論，本研究發現內控報告可以提供有用的資訊，藉以分辨產品保證負債資訊傳遞或是其他角色。
Prior studies indicate that warranty reserves present two major aspects: a contingent liability and an information signal of growth prospects; in addition, managers use warranty accruals as an earnings management tool to meet earnings targets. In this paper, I hypothesize that SOX Section 404 internal control disclosures can help to isolate the information signal role of warranty reserves from others. The results reveal that while warranty reserves serve as an information signal for firms with effective internal controls, they are merely liabilities for firms with internal control weakness (ICW firms). Specifically, I find that internal control weakness has an adverse effect on the relation between abnormal warranty accruals and future firm performance; this effect is primarily driven by unintentional errors, as opposed to intentional misstatements. Moreover, investors give a less negative valuation of warranty reserves for firms with effective internal controls than for ICW firms. Further analysis shows that the negative effect is more pronounced when these weaknesses relate to sales and cost of goods sold. Overall, I document that internal control reports can be used to discriminate an information signal role from other roles served by warranty accruals.
參考文獻 References
Aboody D. and B. Lev. 1998. The value relevance of intangibles: the case of software capitalization. Journal of Accounting Research 36:161-191.
Altamuro J. and A. Beatty. 2010. How does internal control regulation affect financial reporting? Journal of Accounting and Economics 49 (1-2): 58-74.
Anthony, J. H. and K. Ramesh. 1992. Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics 15 (2-3): 203-227.
Ashbaugh-Skaife, H., D. Collins, and W. Kinney. 2007. The discovery and reporting of internal control deficiencies prior to sox-mandated audits. Journal of Accounting and Economics 44: 166-192.
Ashbaugh-Skaife, H., D. Collins, W. Kinney, and R. LaFond. 2008. The effect of sox internal control deficiencies and their remediation on accrual quality. The Accounting Review 83: 217-250.
Ashbaugh-Skaife, H., D. Collins, W. Kinney, and R. LaFond. 2009. The effect of sox internal control deficiencies on firm risk and cost of equity capital. Journal of Accounting Research 47: 1-43.
Ball, R. and L. Shivakumar. 2008. How much new information is there in earnings? Journal of Accounting Research 46(5): 975-1016.
Barth, M. and G. Clinch. 2009. Scale effects in capital markets-based accounting research. Journal of Business, Finance and Accounting 36 (3-4): 253-288.
Barth, M., W. R. Landsman, M. Lang, and C. Williams. 2012. Are IFRS-based and US GAAP-based accounting amounts comparable? Journal of Accounting and Economics 54(1): 68-93.
Becker, C., M. DeFond, J. Jiambalvo, and K.R. Subramanyam. 1998. The effect of auditor quality on earnings management. Contemporary Accounting Research 15(1): 1-27.
Bedard, J., 2006. Sarbanes Oxley internal control requirements and earnings quality. Working paper, Laval University.
Boulding, W., and A. Kirmani. 1993. A consumer-side experimental examination of signaling theory: Do consumers perceive warranties as signals of quality. Journal of Consumer Research 20(1): 111-123.
Caliendo, M., and S. Kopeinig. 2008. Some practical guidance for the implementation of propensity score matching. Journal of Economic Surveys 22(1): 31-72.
Chan, K., B. Farrell, and P. Lee. 2008. Earnings management of firms reporting material internal control weaknesses under Section 404 of the Sarbanes-Oxley Act. Auditing: A Journal of Practice and Theory 27 (2): 161–179.
Cheng, M., D. Dhaliwal, and Y. Zhang. 2013. Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting? Journal of Accounting and Economics 56 (1): 1-18.
Cohen, D., M. Darrough, R. Huang, and T. Zach. 2011. Warranty reserve: Contingent liability, information signal, or earnings management tool? The Accounting Review 86: 569-604.
Cox, C. 2007. Testimony: Sarbanes-Oxley Section 404: New evidence on the cost for small companies. December 12.
DeAngelo, H., L. DeAngelo, and D. Skinner. 1994. Accounting choice in troubled companies. Journal of Accounting and Economics 17: 193–225.
Dechow, P., R. Sloan., and A. Sweeney. 1995. Detecting earnings management. The Accounting Review 70, 193-225.
Dechow, P. and I. Dichev. 2002. The quality of accruals and earnings. The Accounting Review 77: 35–59.
Dechow, P., W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics 50 (2-3): 344-401.
Dechow, P., A. Hutton, J. Kim, and R. Sloan. 2012. Detecting earnings management: A new approach. Journal of Accounting Research 50 (2): 275-334.
Dichev, I. D., J. R. Graham, C. R. Harvey, and S. Rajgopal. 2013. Earnings quality: Evidence from the field. Journal of Accounting and Economics. Forthcoming.
Doyle, J., W. Ge, and S. McVay. 2007a. Determinants of weaknesses in internal control over financial reporting. Journal of Accounting and Economics 44: 193–223.
Doyle, J., W. Ge, and S. McVay. 2007b. Accruals quality and internal control over financial reporting. The Accounting Review 82: 1141–1170.
Easton, P., and T. Harris. 1991. Earnings as an explanatory variable for returns. Journal of Accounting Research (Spring): 19-36.
Elliott, J. and J. Hanna. 1996. Repeated accounting write-offs and the information content of earnings. Journal of Accounting Research 34: 135-155.
Feng, M., C. Li, S. Mcvay. 2009. Internal control and management guidance. Journal of Accounting and Economics 48 (2-3): 190-209.
Financial Accounting Standards Board (FASB). 2002. Guarantor’s accounting and disclosure requirement for guarantees, including indirect guarantees of indebtedness of others. FASB Interpretation No. 45. Financial Accounting Series. Norwalk, CT: FASB.
Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory 18 (2): 17-34.
Ge, W., S. McVay. 2005. The disclosure of material weaknesses in internal control after the Sarbanes-Oxley Act. Accounting Horizons 19: 137–158.
Greene, W. 1990. Econometric Analysis. New York, NY: MacMillan Publishing Company.
Grossman, S. 1981. The informational role of warranties and private disclosure about product quality. Journal of Law and Economics 24 (3): 461-483.
Hammersley, J., L. Myers, and C. Shakespeare. 2008. Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under Section 302 of the Sarbanes Oxley Act of 2002. Review of Accounting Studies 13: 141–165.
Heckman, J. 1979. Sample selection bias as a specification error. Econometrica 47: 153–161.
Hribar, P. and D. Collins. 2002. Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research: 40: 105-134.
Hribar1, P. and D. Nichols. 2007. The use of unsigned earnings quality measures in tests of earnings management. Journal of Accounting Research 45: 1017–1053.
Kelley, C. A. 1988. An investigation of consumer product warranties as market signals of product reliability. Journal of the Academy of Marketing Science 16(2): 72-78.
LaLonde, R., 1986. Evaluating the econometric evaluations of training programs with experimental data. American Economic Review 76, 604–620.
Leuz, C., and R. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38: 91-124.
McNichols, M. 2003. Discussion of “Why are earnings kinky? An examination of the earnings management explanation”. Review of Accounting Studies 8: 385-391.
Murthy, D., and J. Djamaludin. 2002. New product warranty: A literature review. International Journal of Production Economics 79 (3): 231-260.
Ogneva, M., K. R. Subramanyam, and K. Raghunandan. 2007. Internal control weakness and cost of equity: Evidence from SOX Section 404 disclosures. The Accounting Review 82: 1255–1297.
Ohlson, J. A., and P. Shroff. 1992. Change versus levels in earnings as explanatory variables for returns: Some theoretical considerations. Journal of Accounting Research (Autumn): 210-226.
Ohlson, J. A. 1995. Earnings, book values, and dividends in security valuation. Contemporary Accounting Research 11: pp. 661-687
Petersen, M. 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies 22: 435-480.
Rosenbaum, P. and D. Rubin. 1983. The central role of the propensity score in observational studies for causal effects. Biometrika 70 (1): 41-55.
Smith, J., and P. Todd. 2005. Does matching overcome Lalonde`s critique of nonexperimental estimators? Journal of Econometrics 125(1-2): 305-353.
Spence, M. 1977. Consumer misperceptions, product failure and producer liability. Review of Economic Studies 44 (3): 561-572.
Tucker, J. 2010. Selection bias and econometric remedies in accounting and finance research. Journal of Accounting Literature 29: 31-57.
Weygandt, J., P. Kimmel, and D. Kieso. 2012. Financial Accounting, IFRS Edition: 2nd Edition. John Wiley & Sons.
White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 (4): 817-38.
描述 碩士
國立政治大學
會計研究所
98353028
103
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098353028
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.advisor Chin, Chen Lungen_US
dc.contributor.author (Authors) 陳怡君zh_TW
dc.contributor.author (Authors) Chen, Yi Chunen_US
dc.creator (作者) 陳怡君zh_TW
dc.creator (作者) Chen, Yi Chunen_US
dc.date (日期) 2014en_US
dc.date.accessioned 25-Aug-2014 15:14:26 (UTC+8)-
dc.date.available 25-Aug-2014 15:14:26 (UTC+8)-
dc.date.issued (上傳時間) 25-Aug-2014 15:14:26 (UTC+8)-
dc.identifier (Other Identifiers) G0098353028en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/69183-
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) 98353028zh_TW
dc.description (描述) 103zh_TW
dc.description.abstract (摘要) 過去研究指出產品保證負債具有多重角色，會計上以或有負債的方式認列之外，另扮演資訊傳遞的角色，能反應公司未來的成長績效，由於產品保證負債涉及管理當局的估計，也會被作為達到或擊敗盈餘門檻的盈餘管理工具。因此本研究擬探討沙賓法案404條款關於公司內部控制的揭露，是否有助於分辨產品保證負債資訊內涵角色及其他角色。
研究結果發現對於內控有效的公司，投資人會認為其產品保證負債係帶有資訊內涵的負債，相反的，對於揭露重大內控缺失的公司，產品保證負債就是單純的或有負債。從另一角度觀察，本研究發現內控缺失對異常產品保證費用和公司未來績效的關聯性有負向影響，而此影響主要由非故意的誤失而不是蓄意的錯誤報導所導致。本研究進一步將內控缺失作分類，發現當內控缺失是和收入與銷貨成本有關聯時，不論是投資人評價或是異常產品保證費用和公司未來績效的關聯性，內控缺失所造成的負面效果都更加明顯。綜論，本研究發現內控報告可以提供有用的資訊，藉以分辨產品保證負債資訊傳遞或是其他角色。		zh_TW
dc.description.abstract (摘要) Prior studies indicate that warranty reserves present two major aspects: a contingent liability and an information signal of growth prospects; in addition, managers use warranty accruals as an earnings management tool to meet earnings targets. In this paper, I hypothesize that SOX Section 404 internal control disclosures can help to isolate the information signal role of warranty reserves from others. The results reveal that while warranty reserves serve as an information signal for firms with effective internal controls, they are merely liabilities for firms with internal control weakness (ICW firms). Specifically, I find that internal control weakness has an adverse effect on the relation between abnormal warranty accruals and future firm performance; this effect is primarily driven by unintentional errors, as opposed to intentional misstatements. Moreover, investors give a less negative valuation of warranty reserves for firms with effective internal controls than for ICW firms. Further analysis shows that the negative effect is more pronounced when these weaknesses relate to sales and cost of goods sold. Overall, I document that internal control reports can be used to discriminate an information signal role from other roles served by warranty accruals.en_US
dc.description.tableofcontents TABLE OF CONTENTS


LIST OF TABLES v
摘要 vi
ABSTRACT vii

CHAPTER
1. Introduction 1
2.Literature Review 5
2.1. Warranty Reserves 5
2.2. Internal Control and Accrual Quality 6
3. Hypothesis Development 6
4. Data and Variable Definition 8
4.1. Data and Sample Selection 8
4.2. The Measures of Abnormal Warranty Expenses and Warranty Claims 8
5. Results 9
5.1. Descriptive Statistics 9
5.2. Multivariate Analysis 11
5.2.1 Internal Control and the Signaling Effect of Warranty Accruals 11
5.2.2. Decreased Warranty Accruals is Driven by Unintentional Errors or 13
Intentional Misstatements
5.2.3 Internal control and Market Valuation of Warranty Reserves 18


6. The Type of Material Weaknesses and Warranty Reserves 19
6.1 Future Performance Analysis 19
6.2 Valuation Analysis 21
7. Robustness Checks 22
7.1 Return Analysis 22
7.2 Heckman Two-Stage Model 25
7.3 Propensity Score Matching 26
7.4. The Effect of Auditor Type 26
8. Conclusions 27

Appendix 29
References 31		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098353028en_US
dc.subject (關鍵詞) 產品保證負債zh_TW
dc.subject (關鍵詞) 傳訊zh_TW
dc.subject (關鍵詞) 內控缺失zh_TW
dc.subject (關鍵詞) Warranty Reservesen_US
dc.subject (關鍵詞) Signalingen_US
dc.subject (關鍵詞) Internal Control Weaknessesen_US
dc.title (題名) 內部控制與產品保證負債zh_TW
dc.title (題名) Internal Control and Warranty Reservesen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) References
Aboody D. and B. Lev. 1998. The value relevance of intangibles: the case of software capitalization. Journal of Accounting Research 36:161-191.
Altamuro J. and A. Beatty. 2010. How does internal control regulation affect financial reporting? Journal of Accounting and Economics 49 (1-2): 58-74.
Anthony, J. H. and K. Ramesh. 1992. Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics 15 (2-3): 203-227.
Ashbaugh-Skaife, H., D. Collins, and W. Kinney. 2007. The discovery and reporting of internal control deficiencies prior to sox-mandated audits. Journal of Accounting and Economics 44: 166-192.
Ashbaugh-Skaife, H., D. Collins, W. Kinney, and R. LaFond. 2008. The effect of sox internal control deficiencies and their remediation on accrual quality. The Accounting Review 83: 217-250.
Ashbaugh-Skaife, H., D. Collins, W. Kinney, and R. LaFond. 2009. The effect of sox internal control deficiencies on firm risk and cost of equity capital. Journal of Accounting Research 47: 1-43.
Ball, R. and L. Shivakumar. 2008. How much new information is there in earnings? Journal of Accounting Research 46(5): 975-1016.
Barth, M. and G. Clinch. 2009. Scale effects in capital markets-based accounting research. Journal of Business, Finance and Accounting 36 (3-4): 253-288.
Barth, M., W. R. Landsman, M. Lang, and C. Williams. 2012. Are IFRS-based and US GAAP-based accounting amounts comparable? Journal of Accounting and Economics 54(1): 68-93.
Becker, C., M. DeFond, J. Jiambalvo, and K.R. Subramanyam. 1998. The effect of auditor quality on earnings management. Contemporary Accounting Research 15(1): 1-27.
Bedard, J., 2006. Sarbanes Oxley internal control requirements and earnings quality. Working paper, Laval University.
Boulding, W., and A. Kirmani. 1993. A consumer-side experimental examination of signaling theory: Do consumers perceive warranties as signals of quality. Journal of Consumer Research 20(1): 111-123.
Caliendo, M., and S. Kopeinig. 2008. Some practical guidance for the implementation of propensity score matching. Journal of Economic Surveys 22(1): 31-72.
Chan, K., B. Farrell, and P. Lee. 2008. Earnings management of firms reporting material internal control weaknesses under Section 404 of the Sarbanes-Oxley Act. Auditing: A Journal of Practice and Theory 27 (2): 161–179.
Cheng, M., D. Dhaliwal, and Y. Zhang. 2013. Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting? Journal of Accounting and Economics 56 (1): 1-18.
Cohen, D., M. Darrough, R. Huang, and T. Zach. 2011. Warranty reserve: Contingent liability, information signal, or earnings management tool? The Accounting Review 86: 569-604.
Cox, C. 2007. Testimony: Sarbanes-Oxley Section 404: New evidence on the cost for small companies. December 12.
DeAngelo, H., L. DeAngelo, and D. Skinner. 1994. Accounting choice in troubled companies. Journal of Accounting and Economics 17: 193–225.
Dechow, P., R. Sloan., and A. Sweeney. 1995. Detecting earnings management. The Accounting Review 70, 193-225.
Dechow, P. and I. Dichev. 2002. The quality of accruals and earnings. The Accounting Review 77: 35–59.
Dechow, P., W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics 50 (2-3): 344-401.
Dechow, P., A. Hutton, J. Kim, and R. Sloan. 2012. Detecting earnings management: A new approach. Journal of Accounting Research 50 (2): 275-334.
Dichev, I. D., J. R. Graham, C. R. Harvey, and S. Rajgopal. 2013. Earnings quality: Evidence from the field. Journal of Accounting and Economics. Forthcoming.
Doyle, J., W. Ge, and S. McVay. 2007a. Determinants of weaknesses in internal control over financial reporting. Journal of Accounting and Economics 44: 193–223.
Doyle, J., W. Ge, and S. McVay. 2007b. Accruals quality and internal control over financial reporting. The Accounting Review 82: 1141–1170.
Easton, P., and T. Harris. 1991. Earnings as an explanatory variable for returns. Journal of Accounting Research (Spring): 19-36.
Elliott, J. and J. Hanna. 1996. Repeated accounting write-offs and the information content of earnings. Journal of Accounting Research 34: 135-155.
Feng, M., C. Li, S. Mcvay. 2009. Internal control and management guidance. Journal of Accounting and Economics 48 (2-3): 190-209.
Financial Accounting Standards Board (FASB). 2002. Guarantor’s accounting and disclosure requirement for guarantees, including indirect guarantees of indebtedness of others. FASB Interpretation No. 45. Financial Accounting Series. Norwalk, CT: FASB.
Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory 18 (2): 17-34.
Ge, W., S. McVay. 2005. The disclosure of material weaknesses in internal control after the Sarbanes-Oxley Act. Accounting Horizons 19: 137–158.
Greene, W. 1990. Econometric Analysis. New York, NY: MacMillan Publishing Company.
Grossman, S. 1981. The informational role of warranties and private disclosure about product quality. Journal of Law and Economics 24 (3): 461-483.
Hammersley, J., L. Myers, and C. Shakespeare. 2008. Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under Section 302 of the Sarbanes Oxley Act of 2002. Review of Accounting Studies 13: 141–165.
Heckman, J. 1979. Sample selection bias as a specification error. Econometrica 47: 153–161.
Hribar, P. and D. Collins. 2002. Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research: 40: 105-134.
Hribar1, P. and D. Nichols. 2007. The use of unsigned earnings quality measures in tests of earnings management. Journal of Accounting Research 45: 1017–1053.
Kelley, C. A. 1988. An investigation of consumer product warranties as market signals of product reliability. Journal of the Academy of Marketing Science 16(2): 72-78.
LaLonde, R., 1986. Evaluating the econometric evaluations of training programs with experimental data. American Economic Review 76, 604–620.
Leuz, C., and R. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38: 91-124.
McNichols, M. 2003. Discussion of “Why are earnings kinky? An examination of the earnings management explanation”. Review of Accounting Studies 8: 385-391.
Murthy, D., and J. Djamaludin. 2002. New product warranty: A literature review. International Journal of Production Economics 79 (3): 231-260.
Ogneva, M., K. R. Subramanyam, and K. Raghunandan. 2007. Internal control weakness and cost of equity: Evidence from SOX Section 404 disclosures. The Accounting Review 82: 1255–1297.
Ohlson, J. A., and P. Shroff. 1992. Change versus levels in earnings as explanatory variables for returns: Some theoretical considerations. Journal of Accounting Research (Autumn): 210-226.
Ohlson, J. A. 1995. Earnings, book values, and dividends in security valuation. Contemporary Accounting Research 11: pp. 661-687
Petersen, M. 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies 22: 435-480.
Rosenbaum, P. and D. Rubin. 1983. The central role of the propensity score in observational studies for causal effects. Biometrika 70 (1): 41-55.
Smith, J., and P. Todd. 2005. Does matching overcome Lalonde`s critique of nonexperimental estimators? Journal of Econometrics 125(1-2): 305-353.
Spence, M. 1977. Consumer misperceptions, product failure and producer liability. Review of Economic Studies 44 (3): 561-572.
Tucker, J. 2010. Selection bias and econometric remedies in accounting and finance research. Journal of Accounting Literature 29: 31-57.
Weygandt, J., P. Kimmel, and D. Kieso. 2012. Financial Accounting, IFRS Edition: 2nd Edition. John Wiley & Sons.
White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 (4): 817-38.		zh_TW