题名

盈餘管理是否會造成股票錯誤定價？

并列篇名

Do Stocks Mispricing Caused by Earnings Management?

作者

李永全(Yung-Chuan Lee)；馬黛(Tai Ma)

关键词

盈餘管理 ； 裁決性應計項目 ； 股票錯誤定價 ； Earnings Management ； Discretionary Accruals ； Stocks Mis-pricing

期刊名称

管理與系統

卷期/出版年月

14卷4期（2007 / 10 / 01）

页次

545 - 572

内容语文

繁體中文
中文摘要

本硏究主要是在驗證盈餘管理是否會導致股票錯誤定價，假如投資人無法查出管理當局盈餘管理的方法與財務報表中盈餘相關科目被操縱的主要部份，可能會進行高於公司本身實際盈收的虛增盈餘管理或降低公司本身實際盈收的盈餘管理。本研究衡量有重大盈餘管理公司的超額報酬以觀察股票錯誤定價的可能性。本硏究使用了五種各自獨立不同的方法來衡量超額報酬，本硏究發現有明確的證據指出，在有進行重大盈餘管理公司的股票交易中有顯著的超額報酬。硏究的結果也指出股價的錯誤定價與盈餘管理有關聯。
英文摘要

This paper aims to provide a test of whether stocks mis-pricing are caused by earnings management. If investors unable to detect the direction and magnitude of the managed portion of reported earnings then firms may tend to adopt income-increasing earnings management to over-value or income-decreasing earnings management to under-value. This paper examines the possibility of stocks mis-pricing by measuring future abnormal returns based on the magnitude of earnings management. Using five separate and distinct methodologies, this study find consistent evidence of significant negative abnormal trading returns from a hedge portfolio based on the magnitude of earnings management. These results represent evidence of significant mis-pricing associated with earnings management.
主题分类 基礎與應用科學 > 統計
社會科學 > 財金及會計學
社會科學 > 管理學
参考文献
  1. 夏侯欣榮(2000)。台灣增資新股(SEO)上市後長期績效之整體研究。管理評論，19(2)，1-33。
    連結：
  2. Abarbanell, J.,Bushee, B.(1998).Abnormal Returns to a Fundamental Analysis Strategy.The Accounting Review,37(1),19-45.
  3. Beneish, M. D.(1997).Detecting GAAP Violation: Implications for Assessing Earnings Management among Firms with Extreme Financial Performance.Journal of Accounting and Public Policy,16(3),271-309.
  4. Burgstahler, D.,Dichev, I.(1997).Earnings Management to Avoid Earnings Decreases and Losses.Journal of Accounting and Economics,24(1),99-126.
  5. Burgstahler, D.,Eames, M.(2006).Management of Earnings and Analysts` Forecasts to Achieve Zero and Small Positive Earnings Surprises.Journal of Business Finance & Accounting,33(5-6),631-652.
  6. Cheng, C.S.A.,Peng, H.,Thomas, W.(2005)."Comparison of Abnormal Accrual Estimation Procedures in the Context of Investor Mispricing," working paper.
  7. DeAngelo, L.(1988).Managerial Competition, Information Costs, and Corporate Governance: The Use of Accounting Performance Measures in Proxy Contents.Journal of Accounting and Economics,10(1),113-143.
  8. Dechow, P.,Sloan, R.,Sweeney, A.(1995).Detecting Earnings Management.The Accounting Review,70(2),193-225.
  9. DeFond, M.,Jiambalvo, J.(1994).Debt Covenant Violation and Manipulation of Accruals: Accounting Choices in Troubles Companies.Journal of Accounting and Economics,70(2),145-176.
  10. Desai, H.,Rajgopal, S.,Venkatachalam M.(2004).Value-glamour and Accrual Mispricing: One Anomaly or Two?.The Accounting Review,79(2),355-385.
  11. Easton, P.(1997).Use of Comparisons of Patterns of Stock Return and Accounting Data in Understanding Apparently Anomalous Returns to Accounting-based Trading Strategies.Contemporary Accounting Research,4(1),137-151.
  12. Erickson, M.,Wang, S.(1998).Earnings Management by Acquiring Firms in Stock for Stock Mergers.Journal of Accounting and Economics,27(2),149-176.
  13. Fama, E.(1998).Market Efficiency, Long-term Returns, and Behavioral Finance.Journal of Financial Economics,49(3),283-306.
  14. Fama, E.,French, K.(1993).Common Risk Factors in the Returns on Stocks and Bonds.Journal of Financial Economics,33(1),3-56.
  15. Fama, E.,French, K.(1992).The Cross-section of Expected Stock Returns.Journal of Finance,47(2),427-765.
  16. Francis, J.,LaFond, R.,Olsson, P.,Schipper, K.(2003)."Accounting Anomalies and Information Uncertainty," working paper.
  17. Guay, W.,Kothari, S. P.,Watts, R.(1996).A Market-based Evaluation of Discretionary Accrual Models.Journal of Accounting Research,34,83-105.
  18. Healy, P.(1985).The Effect of Bonus Schemes on Accounting Decisions.Journal of Accounting and Economics,7(1-3),85-107.
  19. Holthausen, R.,Larcker, D.,Sloan, R.(1995).Annual Bonus Schemes and the Manipulation of Earnings.Journal of Accounting and Economics,19(1),29-74.
  20. Jaffe, J.(1974).Special Information and Insider Trading.Journal of Business,47(3),11-428.
  21. Jones, J.(1991).Earnings Management during Import Relief Investigations.Journal of Accounting Research,27(2),193-228.
  22. Kasznik, R.(1999).On the Association between Voluntary Disclosure and Earnings Management.Journal of Accounting Research,37(1),57-81.
  23. Kim, Y.,Park, M. S.(2005).Pricing of Seasoned Equity Offers and Earnings Management.Journal of Financial and Quantitative Analysis,40(2),435-463.
  24. Kormendi, R.,Lipe, R.(1987).Earnings Innovations, Earnings Persistence, and Stock Returns.Journal of Business,60(3),323-345.
  25. University of Hong Kong, working paper
  26. Mandelker, G.(1974).Risk and Return: The Case of Merging Firms.Journal of Financial Economics,1(4),303-335.
  27. Miller, M.,Rock, K.(1985).Dividend Policy under Asymmetric Information.Journal of Finance,40(4),1031-1052.
  28. Mitchell, M.,Stafford, E.(2000).Managerial Decisions and Long-term Stock Price Performance.Journal of Business,73(3),287-329.
  29. Payne, J.,Robb, S.(2000).Earnings Management: The Effect of Ex Ante Earnings Expectations.Journal of Accounting, Auditing and Finance,15(3),371-392.
  30. Perry, S.,Williams, T.(1994).Earnings Management Preceding Management Buyout Offers.Journal of Accounting and Economics,18(2),157-179.
  31. Scholes, M.,Williams, J.(1977).Estimating Betas from Nonsynchronous Data.Journal of Financial Economics,5(3),309-328.
  32. Sloan, R.(1996).Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?.The Accounting Review,71(3),289-315.
  33. Smith, C.,Watts, R.(1992).The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies.Journal of Financial Economics,32(3),263-292.
  34. Subramanyam, K.(1996).The Pricing of Discretionary Accruals.Journal of Accounting and Economics,22(8),249-281.
  35. Teoh, S.,Welch, I.,Wong, T.(1998).Earnings Management and the Underperformance of Seasoned Equity Offerings.Journal of Financial Economics,50(1),63-99.
  36. Teoh, S.,Welch, I.,Wong, T.(1998).Earnings Management and the Long-run Market Performance of Initial Public Offerings.Journal of Finance,53(6),1935-1974.
  37. Teoh, S.,Wong, T.,Rao, G.(1998).Are Accruals during Initial Public Offerings Opportunistic?.Review of Accounting Studies,3(2),175-208.
  38. Xie, H.(2001).The Mispricing of Abnormal Accruals.The Accounting Review,76(3),357-373.
  39. 吳壽山、蕭子誼、林昱成(2003)。運用橫斷面二階段迴歸檢定企業盈餘管理有效力之實證研究。證券市場發展季刊，15(3)，105-136。
  40. 金成隆、林修葳、黃書楣(2000)。國內現金增資企業盈餘管理之實證研究。中山管理評論，8(4)，709-744。
被引用次数
  1. 歐仁和、林雅慧、李永全(2013)。實質活動操縱的盈餘管理對股價的衝擊。風險管理學報，15(1)，3-29。
  2. 謝存瑞、陳俞如、金成隆(2009)。海外投資與盈餘品質：資訊不對稱觀點。管理學報，26(4)，353-376。
  3. 張元,林子卉(2023)。董事會多樣性與盈餘管理－兼論家族企業的調節角色。會計與公司治理，18(1)，1-50。
print cancel