實質盈餘管理對會計資訊價值攸關性之影響

The Effect of Real Earnings Management on the Value-Relevance of Accounting Information

10.6226/NTUMR.2015.JAN.R11055

范宏書(Hung-Shu Fan)；林彥廷(Yan-Ting Lin)；陳慶隆(Ching-Lung Chen)

實質盈餘管理 ； 價值攸關性 ； 會計資訊 ； real earnings management ； value-relevance ； accounting information

臺大管理論叢

25卷3期（2015 / 09 / 01）

163 - 196

繁體中文

本文採用Roychowdhury（2006）、Cohen, Dey, and Lys（2008）之實質盈餘管理衡量方式，探討實質盈餘管理對於盈餘、權益帳面價值的價值攸關性之影響。當公司之實質盈餘管理行為程度越大，當期盈餘越無法提供有關公司未來超常盈餘資訊，則盈餘價值攸關性越低；同時，在盈餘與權益帳面價值的價值攸關性存在互相消長的現象下，投資人對於權益帳面價值所提供之正常盈餘或清算價值資訊之依賴程度越高，故權益帳面價值的價值攸關性越高。本研究利用股價－盈餘－權益帳面價值模式，以1990年至2008年之台灣上市櫃公司來進行實證研究，實證結果支持上述預期。本文之額外測試顯示，在其他條件不變之情況下，無論增加負債比率、負盈餘虛擬變數及股東權益報酬率三控制變數測試、以不同實質盈餘管理指標測試、以非平衡式追蹤資料固定效果測試，實證結果仍具強韌性。

This study is aimed at exploring the effect of real earnings management on the valuerelevance of accounting information. Following Roychowdhury (2006) and Cohen, Dey, and Lys (2008), this study uses abnormal cash flow from operating, abnormal discretionary expense, and abnormal production cost to proxy real earnings management. This study hypothesizes that real earnings management will hamper earnings persistence and thus reduce the value-relevance of earnings. Concurrently, real earnings management will make investors rely more on equity book value in pricing stock shares when the value-relevance of earnings decreases, and thus enhance the value-relevance of equity book value. Based on the empirical results via price-earnings-book value model and sample firms during 1990-2008, the hypotheses of this study gain solid support. These results are robust to control for liability to assets ratio, negative earnings, return on equity, usage of other real earnings, and to conduct unbalanced panel-data test.

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