盈餘管理與企業價值－聯立方程模型之應用

Earnings Management and Firm Value-The Application of Simultaneous Equation Models

10.30142/RAAS.201106.0003

毛治文(Chih-Wen Mao)；卓世昇(Shih-Sheng Jhuo)

盈餘管理 ； 裁決性應計數 ； 企業價值 ； 聯立方程模型 ； Earnings management ； Discretionary accruals ； Firm value ； Simultaneous equation models

會計審計論叢

1卷1期（2011 / 06 / 01）

61 - 99

繁體中文

本文探討盈餘管理與企業價值之關聯性。先前文獻證實盈餘管理會影響企業價值，本研究認為企業價值之高低極可能是管理階層進行盈餘管理之考量因素之一，遂利用聯立方程模型探討盈餘管理與企業價值之內生關係。實證結果顯示：第一，盈餘管理確實會影響企業價值，若管理階層進行正向盈餘管理，企業價值會隨著盈餘增加而上升；反之，企業價值會隨著盈餘減少而下跌。第二，企業價值高低亦會影響盈餘管理，結果發現當企業價值越高，則管理當局越可能進行正向盈餘管理；若市場價值越低，則管理當局會進行負向之盈餘管理。

This study aims at the association between earnings management and firm value. Previous studies verified earnings management affected firm value; the study is of the opinion that the level of firm value is most likely one of the consideration factors of earnings management for management. Therefore, by means of simultaneous equation models, the study examines the endogenous relationship between earnings management and firm value. The empirical results show that: firstly, earnings management does affect firm value. If the earnings management is positive, firm value will increase with the earnings increase; on the other hand, firm value will decrease with the earnings decline. Secondly, the level of firm value also will affect earnings management. The results demonstrate that the higher firm value, the more likely positive earnings management; the lower firm value, the management would proceed negative earnings management.

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