题名

財務報表品質檢驗：外國企業與本國企業之比較

并列篇名

Financial Reporting Quality Investigation: Evidence from Foreign Companies vs. Domestic Companies

DOI

10.6160/SYSMR.201806_26(2).0005

作者

王登仕(Teng-Shih Wang)；黃劭彥(Shaio-Yan Huang)；林鳳儀(Fengyi Lin)；張森河(Shen-Ho Chang)

关键词

外國企業 ； 財報品質 ； 公司治理 ； 綁定假說 ； Foreign Firms ； Financial Reporting Quality ； Corporate Governance ； Bonding Hypothesis

期刊名称

中山管理評論

卷期/出版年月

26卷2期（2018 / 06 / 01）

页次

277 - 330

内容语文

繁體中文
中文摘要

本研究主要透過Hope et al. (2013)以及Ball & Shivakumar (2005)分析模式檢驗本國企業與外國企業來台上市(櫃)的財務報表品質。蒐集2010-2013年台灣經濟新報資料庫所收錄財務資料，有完整財務報表品質及會計師事務所特徵樣本共3,723筆。本研究發現，相較於本國企業，外國企業財務報表品質比較差。此結果不論是在Heckman樣本選擇偏誤修正模式、傾向分數配對模式、透過不同財務報表品質衡量、與同時期IPO本國企業比較以及控制投資者保護機制後皆呈現一致性結果。再者，本研究發現內部公司治理機制對 於外國企業僅存在形式效果卻無法改善財務報表品質；然而外部公司治理機制之實施卻能有效提升財務報表品質。最後，本研究也發現再次融資亦可能為外國企業財務報表較差因素之一。
英文摘要

This paper compare the financial reporting quality of foreign firms with and domestic firms listed in Taiwan stock market by adopting the model of Hope et al. (2013) and Ball & Shivakumar (2005). Based on the data from Taiwan Economics Journal from 2010 to 2013, we find that domestic firms have higher financial reporting quality than foreign firms. Our results are robust after we using Heckman two stage model, propensity score matching, and other different financial reporting quality measurement, to compare with domestic IPO firms and control investor protection mechanism. Moreover, we also show that the internal corporate governance (i.e. board component) for foreign firms appears effective in form but is not in substance. However, the external corporate governance mechanism (i.e. substantive review) can enhance financial reporting quality for foreign firms in substance and support legal bonding. Finally, we find foreign firms are more likely to issue convert bond after initial public offerings. This alter evidence demonstrates that foreign firms have more incentive to manipulate earnings which result in poor financial reporting quality.
主题分类 社會科學 > 管理學
参考文献
  1. 柯承恩、陳耀宗、吳姍穎(2010)。董監事治理與盈餘管理之關連性研究。東吳會計學報，2(2)，25-60。
    連結：
  2. 張瑞當、方俊儒、曾玉琦(2007)。核心代理問題與盈餘管理：董事會結構與外部監督機制之探討。管理學報，24(1)，17-39。
    連結：
  3. 陳俞如、金成隆、謝存瑞(2009)。海外投資與盈餘品質：資訊不對稱的觀點。管理學報，26(4)，353-376。
    連結：
  4. 陳俞如、謝存瑞(2011)。集團內部所有權與分子企業盈餘管理：國際多角化與家族連結之影響。管理學報，28(1)，65-80。
    連結：
  5. 廖秀梅、李建然、吳祥華(2006)。董事會結構特性與公司績效關係之研究─兼論台灣家族企業因素的影響。東吳經濟商學學報，54，117-160。
    連結：
  6. 薛敏正、林嬋娟、林秀鳳(2008)。董事會特性與財務報告重編。交大管理學報，28(2)，73-103。
    連結：
  7. Ang, J. S.,Jiang, Z.,Wu, C.(2016).Good Apples, Bad Apples: Sorting among Chinese Companies Traded in the U.S..Journal of Business Ethics,134(4),611-629.
  8. Ball, R.,Robin, A.,Wu, J.(2003).Incentives Versus Standards: Properties of Accounting Income in Four East Asian Countries.Journal of Accounting & Economics,36(1-3),235-270.
  9. Ball, R.,Shivakumar, L.(2005).Earnings Quality in U.K. Private Firms: Comparative Loss Recognition Timeliness.Journal of Accounting and Economics,39(1),83-128.
  10. Bartov, E.,Givoly, D.,Hayn, C.(2002).The Rewards to Meeting or Beating Earnings Expectations.Journal of Accounting and Economics,33(2),173-204.
  11. Beasley, M. S.(1996).An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud.The Accounting Review,71(4),4443-465.
  12. Bergstresser, D.,Philippon, T.(2006).CEO Incentives and Earnings Management.Journal of Financial Economics,80(3),511-529.
  13. Bradshaw, M. and Miller, G., 2004, “Will Harmonizing Accounting Standards Really Harmonize Accounting? Evidence from Non-U.S. Firms Adopting U.S. GAAP,” Working paper, Harvard University.
  14. Burgstahler, D.,Dichev, I.(1997).Earnings Management to Avoid Earnings Decreases and Losses.Journal of Accounting and Economics,24(1),99-126.
  15. Burgstahler, D.,Hail, L.,Leuz, C.(2006).The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms.The Accounting Review,81(5),983-1016.
  16. Chaney, P.,Faccio, M.,Parsley, D.(2011).The Quality of Accounting Information in Politically Connected Firms.Journal of Accounting and Economics,51(1-2),58-76.
  17. Chang, R. D.,Tseng, Y. C.,Chang, C. P.(2010).The Issuance of Convertible Bonds and Earnings Management: Evidence from Taiwan.Review of Accounting and Finance,9(1),65-87.
  18. Chen, K. C.,Cheng, Q.,Lin, Y. C.,Lin, Y. C.,Xiao, X.(2016).Financial Reporting Quality of Chinese Reverse Merger Firms: The Reverse Merger Effect or the Weak Country Effect?.The Accounting Review,91(5),1363-1390.
  19. Cheng, Q.,Warfield, T. D.(2005).Equity Incentives and Earnings Management.The Accounting Review,80(2),441-476.
  20. Chi, W.,Huang, H.(2005).Discretionary Accruals, Audit-firm Tenure and Audit-partner Tenure: Empirical Evidence from Taiwan.Journal of Contemporary Accounting & Economics,1(1),65-92.
  21. Christensen, H. B.,Hail, L.,Leuz, C.(2012).Mandatory IFRS Reporting and Changes in Enforcement.Proceedings of the Journal of Accounting and Economics Conference,Rochester, New York:
  22. Coffee, J. C.(1999).The Future as History: The Prospects for Global Convergence in Corporate Governance and Its Implications.Northwestern University Law Review,93(3),641-708.
  23. Coffee, J. C.(2002).Racing Towards the Top? The Impact of Cross-listings and Stock Market Competition on International Corporate Governance.Columbia Law Review,102(7),1757-1831.
  24. Cohen, D. A.,Dey, A.,Lys, T.(2008).Real and Accrual Based Earnings Management in the Pre and Post Sarbanes Oxley Periods.The Accounting Review,83(3),757-787.
  25. Cohen, D. A.,Zarowin, P.(2010).Accrual-based and Real Earnings Management Activities around Seasoned Equity Offerings.Journal of Accounting and Economics,50(1),2-19.
  26. Dechow, P.,Dichev, I.(2002).The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors.The Accounting Review,77(Supplement),35-59.
  27. Dechow, P.,Ge, W.,Schrand, C.(2010).Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences.Journal of Accounting and Economics,50(2-3),344-401.
  28. Dechow, P.,Skinner, D.(2000).Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators.Accounting Horizons,14(2),232-250.
  29. Degeorge, F.,Patel, J.,Zeckhauser, R.(1999).Earnings Management to Exceed Thresholds.The Journal of Business,72(1),1-33.
  30. Dittmar, A.,Mahrt-Smith, J.(2007).Corporate Governance and the Value of Cash Holdings.Journal of Financial Economics,83(3),599-634.
  31. Francis, J.,LaFond, R.,Olsson, P.,Schipper, K.(2005).The Market Pricing of Accrual Quality.Journal of Accounting and Economics,39(2),295-327.
  32. Francis, J.,Maydew, L. E.,Sparks, H. C.(1999).The Role of Big 6 Auditors in the Credible Reporting of Accruals.Auditing: A Journal of Practice & Theory,18(2),17-34.
  33. Ghosh, D.,Olson, L.(2009).Environmental Uncertainty and Managers' Use of Discretionary Accruals.Accounting, Organizations and Society,34(2),188-205.
  34. Givoly, D.,Hayn, C.,Katz, S. P.(2010).Does Public Ownership of Equity Improve Earnings Quality?.The Accounting Review,85(1),195-225.
  35. He, X., Wong, T. J., and Young, D., 2012, “US Listing of Chinese Firms: Bonding vs. Adverse Selection,” Working paper, Shanghai University of Finance and Economics.
  36. Heckman, J. J.(1979).Sample Selection Bias as a Specification Error.Econometrica: Journal of the Econometric Society,47(1),153-161.
  37. Hope, O.,Kang, T.,Zang, Y.(2007).Bonding to the Improved Disclosure Environment in the United States: Firms' Listing Choices and Their Capital Market Consequences.Journal of Contemporary Accounting and Economics,3(1),1-33.
  38. Hope, O.,Thomas, W.,Vyas, D.(2013).Financial Reporting Quality in U.S. Private Firms.The Accounting Review,88(5),1715-1742.
  39. Hribar, P.,Nichols, D.(2007).The Use of Unsigned Earnings Quality Measures in Tests of Earnings Management.Journal of Accounting Research,45(4),1017-1053.
  40. Jensen, M. C.(1993).The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems.The Journal of Finance,48(3),831-880.
  41. Jindra, J., Voetmann, T., and Walkling, R. A., 2012, “Reverse Mergers: the Chinese Experience,” Working paper, The Ohio State University.
  42. Karolyi, G. A.(2012).Corporate Governance, Agency Problems and International Cross-listings: A Defense of the Bonding Hypothesis.Emerging Markets Review,13(4),516-547.
  43. Kothari, S. P.(2000).The Role of Financial Reporting in Reducing Rinancial Risks in the Market. Building an Infrastructure for Financial Stability.Federal Reserve Bank of Boston Conference Series,44,89-102.
  44. Kothari, S. P.,Leone, A. J.,Wasley, C. E.(2005).Performance Matched Discretionary Accrual Measures.Journal of Accounting and Economics,39(1),163-197.
  45. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(2002).Investor Protection and Corporate Valuation.The Journal of Finance,57(3),1147-1170.
  46. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(2000).Investor Protection and Corporate Governance.Journal of Financial Economics,58(1-2),3-27.
  47. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(1997).Legal Determinants of External Finance.The Journal of Finance,52(3),1131-1150.
  48. Lail, B. E.(2014).Do Cross-listers Bond to U.S. Markets? An Examination of Earnings Quality around SOX.Advances in Accounting,30(2),354-366.
  49. Lang, M. H.,Raedy, J. S.,Wilson, W.(2006).Earnings Management and Cross-listing: Are Reconciled Earnings Comparable to U.S. Earnings?.Journal of Accounting and Economics,42(2),255-283.
  50. Lee, M. C.,Li, K.,Zhang, R.(2015).Shell Games: The Long-term Performance of Chinese Reverse-merger Firms.The Accounting Review,90(4),1547-1589.
  51. Leuz, C.(2006).Cross Listing, Bonding and Firms' Reporting Incentives: A Discussion of Lang, Raedy and Wilson (2006).Journal of Accounting and Economics,42(1-2),285-299.
  52. Leuz, C.(2003).IAS versus US GAAP: Information-asymmetry Based Evidence from Germany's New Market.Journal of Accounting Research,41(3),445-472.
  53. Licht, A. N.(2003).Cross-listing and Corporate Governance: Bonding or Avoiding?.Chicago Journal of International Law,4(1),141-163.
  54. Lipton, M.,Lorsch, J. W.(1992).A Modest Proposal for Improved Corporate Governance.Business Lawyer,48(1),59- 77.
  55. Liu, M. and Wysocki, P., 2007, “Cross-sectional Determinants of Information Quality Proxies and Cost of Capital Measures,” Working Paper, MIT Sloan School of Management.
  56. McNichols, M. F.(2002).Discussion of the Quality of Accruals and Earnings: The Role of Accrual Estimation Errors.The Accounting Review,77(Supplement),77-61.
  57. McNichols, M. F.,Stubben, S. R.(2008).Does Earnings Management Affect Firms' Investment Decisions?.The Accounting Review,83(6),1571-1603.
  58. Menon, K.,Williams, D.(2004).Former Auditpartners and Abnormal Accruals.The Accounting Review,79(4),1095-1118.
  59. Rajgopal, S.,Venkatachalam, M.(2011).Financial Reporting Quality and Idiosyncratic Return Volatility.Journal of Accounting and Economics,51(1-2),1-20.
  60. Rangan, S.(1998).Earnings Management and the Performance of Seasoned Equity Offerings.Journal of Financial Economics,50(1),101-122.
  61. Reese, W. A.,Weisbach, M. S.(2002).Protection of Minority Shareholder Interests, Cross Listings in the United States, and Subsequent Equity Offerings.Journal of Financial Economics,66(1),65-104.
  62. Rosenbaum, P. R.,Rubin, D. B.(1983).The Central Role of the Propensity Score in Observational Studies for Causal Effects.Biometrika,70(1),41-55.
  63. Siegel, J.(2005).Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?.Journal of Financial Economics,75(2),319-359.
  64. Siegel, J. I. and Wang, Y., 2013, “Cross-border Reverse Mergers: Causes and Consequences,” Working paper, Harvard Business School.
  65. Stubben, S.(2010).Discretionary Revenues as a Measure of Earnings Management.The Accounting Review,85(2),695-717.
  66. Stulz, R. M.(1999).Globalization, Corporate Finance, and the Cost of Capital.Journal of Applied Corporate Finance,12(3),7-25.
  67. Teoh, S. H.,Welch, I.,Wong, T. J.(1998).Earnings Management and the Underperformance of Seasoned Equity Offerings.Journal of Financial Economics,50(1),63-99.
  68. Teoh, S. H.,Welch, I.,Wong, T. J.(1998).Earnings Management and the Subsequent Market Performance of Initial Public Offerings.Journal of Finance,53(6),1935-1974.
  69. Watts, R. L.,Zimmerman, J. L.(1986).Positive Accounting Theory.Englewood Cliffs, NJ:Prentice-Hall.
  70. Wilford, L.(2016).Internal Control Reporting and Accounting Standards: A Cross-country Comparison.Journal of Accounting and Public Policy,35(3),276-302.
  71. Yermack, D.(1996).Higher Market Valuation of Companies with a Small Board of Directors.Journal of Financial Economics,40(2),185-211.
  72. Zhu, T.,Lu, M.,Shan, Y.,Zhang, Y.(2015).Accrual-based and Real Activity Earnings Management at the Back Door: Evidence from Chinese Reverse Mergers.Pacific-Basin Finance Journal,35(PartA),317-339.
  73. 王睦舜(2010)。財務資訊品質與現金寬裕度─代理理論觀點。臺灣銀行季刊，61(3)，76-93。
  74. 丘智謀(2011)。企業如何善用公司債籌資以強化財務結構。證券暨期貨月刊，29(4)，5-23。
  75. 張元、沈中華、張珮芬(2012)。亞洲新興市場國家外資銀行與本國銀行的績效比較─利用配對方法調整選擇偏誤。經濟與管理論叢，8(1)，59-100。
  76. 張明輝(2011)。外國企業成功來台上市（櫃）實戰手冊。台北=Taipei:財團法人資誠教育基金會=PWC Education Funding。
  77. 劉芝婷(2012)。國立中山大學管理學院高階經營碩士學程在職專班=National Sun Yat-sen University。
  78. 蔡朝安，2009，「法律構面看海外企業回台上市」，經濟日報，4 月6 日，D3 版。(Tsai, C. A., 2009, “Listing in Taiwan by Foreign Issuers: a Perspective from Legal Aspect,” Economic Daily News, April 6th, D3.)
被引用次数
  1. 蔡岳霖,葛俊佑(2019)。海外來台第一上市櫃企業公司治理與股利政策之關聯。當代會計，20(2)，265-295。
  2. (2024)。獨立董事特徵對財務報表品質之影響。管理與系統，31(3)，413-457。
print cancel