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題名 中國大陸申請上市企業盈餘管理問題的實證研究
An Empirical Study on Earnings Management in China
作者 施布恩
Buen, Shi
貢獻者 王信實<br>李文傑
Wong, Shinn Shyr<br>Lee, Jeff
施布恩
Shi Buen
關鍵詞 盈餘管理
產業發展規劃
實證研究
Earnings management
Industrial policies
Empirical study
日期 2014
上傳時間 1-Jul-2015 14:59:21 (UTC+8)
摘要 本研究首先利用修正的Jones模型對申請上市企業的盈餘管理狀況進行實證研究。然後再以政府的產業發展規劃作為切入點，利用實證研究的結果來找出政府的產業發展規劃對企業的盈餘管理行為產生影響的證據。
本研究的實證結果分別從行業之間的差別、年度之間的差別、申請上市板塊之間的差別三方面，為本研究提出的假設提供了證據，有力地支持了政府的產業發展規劃會對企業的盈餘管理行為產生影響這一觀點。
In this research the Modified Jones Model is introduced to detect the earnings management potentially existing in the private firms in the application process of initial public offerings. The planned industrial policy recently formulated by the Chinese government is hypothesized to influence the degree of earnings management for those pre-IPO firms in the specific industries highlighted by the governmental industrial policy. The empirical results support the facts the earnings management taken by pre-IPO firms is affected by the government’s industrial policies. Besides, this paper also provides evidence to conclude different pre-IPO firm’s earnings management in terms of industries, accounting years before first IPO applications, and targeted application boards. This research would shed some light on the regulation of manipulated earnings management of pre-IPO based on the rich empirical results provided.
參考文獻 [1] George J. Stigler(1971), The theory of economic regulation. The Bell Journal Economics and Management Science, Vol.2， No.1，pp.3-21.
[2] William R. Scott(1997), Financial Accounting Theory. Prentice-Hall, Inc.
[3] Katherine Schipper(1989), Commentary on earnings management. Accounting Horizons 1989, 3(4) , pp.91-02.
[4] Paul M. Healy and James M. Wahlen(1999), A Review of the Earnings Management Literature and its Implications for Standard Settings. Accounting Horizons, 13(4), pp.365-383.
[5] Coase R. H.(1937), The Nature of the Firm. Economic, 388.
[6] Watts L. W. and J. L. Zimmerman(1978), Towards a positive Theory of the Determination of Accounting Standards. The Accounting Review. Vol. 53, No.1, pp.112-134.
[7] Hans Stoll and Anthony J. Curley(1970), Small Business and the New Issues Market for Equities. Journal of Financial and Quantitative Analysis, Vol.5, Issue.3, pp.309-322.
[8] Roger G. Ibbotson(1975), Price performance of common stock new issues. Journal of Financial Economics Vol.2, Issue.3, pp.235–272.
[9] Stern and Bornstein(1985), Why New Issues Are Lousy Investments. Forbes, 2, December, pp.152-154.
[10] Ritter J.(1991), The Long-Run Performance of Initial Public Offerings. Journal of Finance, 46, pp.3-27.
[11] Stein J.（1989）,Efficient Capital Markets, Inefficient firms: A Model of Myopic Corporate Behavior. Quarterly Journal of Economics, pp.655-669.
[12] Aharony Joseph, Lin Chan-Jane, Loeb Martin P.(1993), Initial Public Offerings, Accounting Choices, and Earnings Management. Contemporary Accounting Research, 10(1), pp.61-81.
[13] Teoh S. H., T. J. Wong, and G. R. Rao(1993), Are Accruals During Initial Public Offerings Opportunistic? Review of Accounting Studies. 3(1/2): 175-208.
[14] Friedlan John M.(1994), Accounting Choices of Issues of Initial Public Offerings. Contemporary Accounting Research, 11(1), pp.1-32.
[15] Jain. Bharat A. and Omesh Kini(1994),The Post-issue Operating Performance of IPO Firms. Journal of Finance. Vol.49, No.5, pp.1699-1726.
[16] J. Aharony, C. J. Lee, and T. J. Wong（2000），Financial Packaging of IPO Firms in China. Journal of Accounting Research, 38, pp.103-126.
[17] Paul K Chaney, Craig M Lewis(1998), Income Smoothing and Underperformance in Initial Public Offerings. Journal of Corporate Finance. Vol4, Issue.1, pp.1-29.
[18] Michael Firth(1998), IPO Profit Forecasts and Their Role in Signaling Firm Value and Explaining Post-listing Returns. Applied Financial Economics Vol8, Issue.1, pp.29-39.
[19] Larry L. Ducharme , Paul H. Malatesta , Stephan E. Sefcik (2001), Earnings Management: IPO Valuation and Subsequent Performance. Journal of Accounting Auditing and Finance. 16, pp.369-396.
[20] Gian Luca Clementi(2002), IPOs and The Growth of Firms. Garnegie Mellon University, Working Paper, No.04-23.
[21] Paul Hribar and Daniel W. Collins(2002), Errors in Estimating Accruals: Implications for Empirical Research. Journal of Accounting Research. Vol.40, Issue.1, pp.105-134.
[22] P. M. Healy(1985), The Effect of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics 7, pp.85-107.
[23] DeAngelo L.(1986), Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Shareholders. The Accounting Review, Vol.61, No.3, pp.400-420.
[24] Jones J. J.(1991), Earnings Management During Import Relief Investigations. Journal of Accounting Research. Vol.29, No.3, pp.193-228.
[25] Dechow P. M., Sloan R. G. and Sweeney, A. P.(1995), Detecting earnings management. The Accounting Review, Vol.70, No.2, pp.193-225.
[26] Dechow P. M., Sloan(1991), Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics. Vol.14, Issue.1, pp.51-89.
[27] Mark L. DeFond, James Jiambalvo(1994), Debt covenant violation and manipulation of accruals . Journal of Accounting & Economics. Vol.17, No.1-2, pp.145-176.
[28] S.P. Kothari (2005), Performance Matched Discretionary Accrual Measures. Journal of Accounting & Economics, Vol.39, No.1, pp.163–197.
[29] Christian Leuz, Dhananjay Nandab, Peter D. Wysockic(2003), Earnings management and investor protection: an international comparison. Journal of Financial Economics 69,pp.505–527.
[30] Guay W., Kothari, S., Watts, R.（1996）, A market-based evaluation of discretionary accrual models, Journal of Accounting Research 34, pp.83-105. [31] Eli Bartov Stephen R. Goldberg and Myung-Sun Kim(2001), The Valuation-relevance of Earnings and Cash Flows: an International Perspective. Journal of International Financial Management & Accounting Vol.12, Issue.2, pp.103-132.
[32] S.P. Kothari, Andrew Leone and Charles E. Wasley(2005), Performance matched discretionary accrual measures. Journal of Accounting and Economics, 2005, Vol.39, Issue.1, pp.163-197.
[33] Sok-Hyon Kang and K. Sivaramakrishnan(1995), Issues in Testing Earnings Management and an Instrumental Variable Approach. Journal of Accounting Research. Vol. 33, No.2, pp.353-367.
[34] Yoon S., and G. Miler(2002), Cash from Operations and Earnings Management in Korea. The International Journal of Accounting. Vol.37, No.4, pp.395-412.
[35] 張宗益，黃新建(2003)，我國上市公司首次公開發行股票中的盈餘管理實證研究。經濟論壇，10， pp.37-39。
[36] 陳武朝，張泓(2004)，盈餘管理、審計師變更與審計獨立性。會計研究，8，pp.81-86。
描述 碩士
國立政治大學
經濟學系
101258034
103
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101258034
資料類型 thesis
dc.contributor.advisor 王信實<br>李文傑zh_TW
dc.contributor.advisor Wong, Shinn Shyr<br>Lee, Jeffen_US
dc.contributor.author (Authors) 施布恩zh_TW
dc.contributor.author (Authors) Shi Buenen_US
dc.creator (作者) 施布恩zh_TW
dc.creator (作者) Buen, Shien_US
dc.date (日期) 2014en_US
dc.date.accessioned 1-Jul-2015 14:59:21 (UTC+8)-
dc.date.available 1-Jul-2015 14:59:21 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2015 14:59:21 (UTC+8)-
dc.identifier (Other Identifiers) G0101258034en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76244-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經濟學系zh_TW
dc.description (描述) 101258034zh_TW
dc.description (描述) 103zh_TW
dc.description.abstract (摘要) 本研究首先利用修正的Jones模型對申請上市企業的盈餘管理狀況進行實證研究。然後再以政府的產業發展規劃作為切入點，利用實證研究的結果來找出政府的產業發展規劃對企業的盈餘管理行為產生影響的證據。
本研究的實證結果分別從行業之間的差別、年度之間的差別、申請上市板塊之間的差別三方面，為本研究提出的假設提供了證據，有力地支持了政府的產業發展規劃會對企業的盈餘管理行為產生影響這一觀點。		zh_TW
dc.description.abstract (摘要) In this research the Modified Jones Model is introduced to detect the earnings management potentially existing in the private firms in the application process of initial public offerings. The planned industrial policy recently formulated by the Chinese government is hypothesized to influence the degree of earnings management for those pre-IPO firms in the specific industries highlighted by the governmental industrial policy. The empirical results support the facts the earnings management taken by pre-IPO firms is affected by the government’s industrial policies. Besides, this paper also provides evidence to conclude different pre-IPO firm’s earnings management in terms of industries, accounting years before first IPO applications, and targeted application boards. This research would shed some light on the regulation of manipulated earnings management of pre-IPO based on the rich empirical results provided.en_US
dc.description.tableofcontents 第一章 緒論……………………………………………………………01
第一節 研究背景與意義…………………………………………01
第二節 故事大綱…………………………………………………04
第二章 文獻回顧………………………………………………………08
第一節 關於盈餘管理基本理論的文獻回顧……………………08
第二節 關於IPO公司盈餘管理的文獻回顧……………………11
第三節 關於盈餘管理計量模型的文獻回顧……………………13
第三章 模型與變數介紹………………………………………………18
第一節 模型介紹…………………………………………………18
第二節 變數介紹…………………………………………………20
第四章 資料的介紹、搜集與整理 ………………………………… 22
第五章 敘述統計與主要假說…………………………………………27
第一節 敘述統計…………………………………………………27
第二節 主要假說…………………………………………………34
第六章 實證結果………………………………………………………35
第一節 模型參數估計結果………………………………………35
第二節 預披露企業盈餘管理程度………………………………37
第七章 結論……………………………………………………………41
第八章 參考文獻………………………………………………………42
附錄一 A股市場公開發行股票中法律制度及相關規定……………45
附錄二 預披露機制出臺的背景………………………………………46
附錄三 公司盈餘管理的主要方法……………………………………47
附錄四 模型回歸結果表………………………………………………50
附錄五 預披露企業盈餘管理程度匯總………………………………54		zh_TW
dc.format.extent 1131291 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101258034en_US
dc.subject (關鍵詞) 盈餘管理zh_TW
dc.subject (關鍵詞) 產業發展規劃zh_TW
dc.subject (關鍵詞) 實證研究zh_TW
dc.subject (關鍵詞) Earnings managementen_US
dc.subject (關鍵詞) Industrial policiesen_US
dc.subject (關鍵詞) Empirical studyen_US
dc.title (題名) 中國大陸申請上市企業盈餘管理問題的實證研究zh_TW
dc.title (題名) An Empirical Study on Earnings Management in Chinaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) [1] George J. Stigler(1971), The theory of economic regulation. The Bell Journal Economics and Management Science, Vol.2， No.1，pp.3-21.
[2] William R. Scott(1997), Financial Accounting Theory. Prentice-Hall, Inc.
[3] Katherine Schipper(1989), Commentary on earnings management. Accounting Horizons 1989, 3(4) , pp.91-02.
[4] Paul M. Healy and James M. Wahlen(1999), A Review of the Earnings Management Literature and its Implications for Standard Settings. Accounting Horizons, 13(4), pp.365-383.
[5] Coase R. H.(1937), The Nature of the Firm. Economic, 388.
[6] Watts L. W. and J. L. Zimmerman(1978), Towards a positive Theory of the Determination of Accounting Standards. The Accounting Review. Vol. 53, No.1, pp.112-134.
[7] Hans Stoll and Anthony J. Curley(1970), Small Business and the New Issues Market for Equities. Journal of Financial and Quantitative Analysis, Vol.5, Issue.3, pp.309-322.
[8] Roger G. Ibbotson(1975), Price performance of common stock new issues. Journal of Financial Economics Vol.2, Issue.3, pp.235–272.
[9] Stern and Bornstein(1985), Why New Issues Are Lousy Investments. Forbes, 2, December, pp.152-154.
[10] Ritter J.(1991), The Long-Run Performance of Initial Public Offerings. Journal of Finance, 46, pp.3-27.
[11] Stein J.（1989）,Efficient Capital Markets, Inefficient firms: A Model of Myopic Corporate Behavior. Quarterly Journal of Economics, pp.655-669.
[12] Aharony Joseph, Lin Chan-Jane, Loeb Martin P.(1993), Initial Public Offerings, Accounting Choices, and Earnings Management. Contemporary Accounting Research, 10(1), pp.61-81.
[13] Teoh S. H., T. J. Wong, and G. R. Rao(1993), Are Accruals During Initial Public Offerings Opportunistic? Review of Accounting Studies. 3(1/2): 175-208.
[14] Friedlan John M.(1994), Accounting Choices of Issues of Initial Public Offerings. Contemporary Accounting Research, 11(1), pp.1-32.
[15] Jain. Bharat A. and Omesh Kini(1994),The Post-issue Operating Performance of IPO Firms. Journal of Finance. Vol.49, No.5, pp.1699-1726.
[16] J. Aharony, C. J. Lee, and T. J. Wong（2000），Financial Packaging of IPO Firms in China. Journal of Accounting Research, 38, pp.103-126.
[17] Paul K Chaney, Craig M Lewis(1998), Income Smoothing and Underperformance in Initial Public Offerings. Journal of Corporate Finance. Vol4, Issue.1, pp.1-29.
[18] Michael Firth(1998), IPO Profit Forecasts and Their Role in Signaling Firm Value and Explaining Post-listing Returns. Applied Financial Economics Vol8, Issue.1, pp.29-39.
[19] Larry L. Ducharme , Paul H. Malatesta , Stephan E. Sefcik (2001), Earnings Management: IPO Valuation and Subsequent Performance. Journal of Accounting Auditing and Finance. 16, pp.369-396.
[20] Gian Luca Clementi(2002), IPOs and The Growth of Firms. Garnegie Mellon University, Working Paper, No.04-23.
[21] Paul Hribar and Daniel W. Collins(2002), Errors in Estimating Accruals: Implications for Empirical Research. Journal of Accounting Research. Vol.40, Issue.1, pp.105-134.
[22] P. M. Healy(1985), The Effect of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics 7, pp.85-107.
[23] DeAngelo L.(1986), Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Shareholders. The Accounting Review, Vol.61, No.3, pp.400-420.
[24] Jones J. J.(1991), Earnings Management During Import Relief Investigations. Journal of Accounting Research. Vol.29, No.3, pp.193-228.
[25] Dechow P. M., Sloan R. G. and Sweeney, A. P.(1995), Detecting earnings management. The Accounting Review, Vol.70, No.2, pp.193-225.
[26] Dechow P. M., Sloan(1991), Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics. Vol.14, Issue.1, pp.51-89.
[27] Mark L. DeFond, James Jiambalvo(1994), Debt covenant violation and manipulation of accruals . Journal of Accounting & Economics. Vol.17, No.1-2, pp.145-176.
[28] S.P. Kothari (2005), Performance Matched Discretionary Accrual Measures. Journal of Accounting & Economics, Vol.39, No.1, pp.163–197.
[29] Christian Leuz, Dhananjay Nandab, Peter D. Wysockic(2003), Earnings management and investor protection: an international comparison. Journal of Financial Economics 69,pp.505–527.
[30] Guay W., Kothari, S., Watts, R.（1996）, A market-based evaluation of discretionary accrual models, Journal of Accounting Research 34, pp.83-105. [31] Eli Bartov Stephen R. Goldberg and Myung-Sun Kim(2001), The Valuation-relevance of Earnings and Cash Flows: an International Perspective. Journal of International Financial Management & Accounting Vol.12, Issue.2, pp.103-132.
[32] S.P. Kothari, Andrew Leone and Charles E. Wasley(2005), Performance matched discretionary accrual measures. Journal of Accounting and Economics, 2005, Vol.39, Issue.1, pp.163-197.
[33] Sok-Hyon Kang and K. Sivaramakrishnan(1995), Issues in Testing Earnings Management and an Instrumental Variable Approach. Journal of Accounting Research. Vol. 33, No.2, pp.353-367.
[34] Yoon S., and G. Miler(2002), Cash from Operations and Earnings Management in Korea. The International Journal of Accounting. Vol.37, No.4, pp.395-412.
[35] 張宗益，黃新建(2003)，我國上市公司首次公開發行股票中的盈餘管理實證研究。經濟論壇，10， pp.37-39。
[36] 陳武朝，張泓(2004)，盈餘管理、審計師變更與審計獨立性。會計研究，8，pp.81-86。		zh_TW