题名

Earnings Management, Investor Type, and Firm Performance of Private Placements

并列篇名

盈餘管理、應募對象與私募發行公司之長期績效

DOI

10.6545/JFS.2016.24(1).3

作者

湯惠雯(Hui-Wen Tang)

关键词

應計基礎盈餘管理 ； 應募對象 ； 私募發行 ； 實質盈餘管理 ； 策略引資 ； Accrual-based earnings management ； investor type ； private placement ； real earnings management ； strategic private placement

期刊名称

財務金融學刊

卷期/出版年月

24卷1期（2016 / 03 / 31）

页次

55 - 102

内容语文

英文
中文摘要

本研究檢測臺灣上市櫃公司私募發行前盈餘管理的決定因素及其對後續經營績效的影響。研究發現，策略引資與非策略引資公司在發行前具有顯著不同的實質盈餘管理。相較應計基礎盈餘管理，實質盈餘管理對發行後長期績效的負向影響更顯著。非策略引資公司的實質盈餘管理對長期績效具顯著負向影響，但此影響在策略引資公司不顯著。
英文摘要

This study investigates the determinants of accrual-based earnings management and real earnings management (REM), and explores the influences of these earnings management activities on post-issue performance of private placements in Taiwan. The results show that investor type influences a firm’s REM activities before a private placement. Compared with discretionary current accruals, REM leads to significantly reduced long-term performance. Notably, the relationship between pre-issue REM and long-run performance is significantly negative for non-strategic private placement firms, whereas the relationship is insignificant for strategic private placement firms.
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
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被引用次数
  1. Tang, Hui-Wen(2017).CEO Duality, Corporate Governance, and Firm Performance - The Role of External Environment.中山管理評論,25(4),967-1008.
  2. 湯惠雯,陳振遠(2021).CEO Compensation, Director Compensation, and Earnings Management: Does Compensation Structure Matter?.財務金融學刊,29(2),1-36.
  3. 顏盟峯,林嘉慧,王政翰(2020)。異常報酬、公司治理與私募股權折價之關係。會計審計論叢，10(1)，79-120。
  4. (2024)。董事會與總經理真的願意推動企業社會責任嗎？。證券市場發展季刊，36(3)，123-175。
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