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題 名 | Earnings Management, Investor Type, and Firm Performance of Private Placements=盈餘管理、應募對象與私募發行公司之長期績效 |
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作 者 | 湯惠雯; | 書刊名 | 財務金融學刊 |
卷 期 | 24:1 2016.03[民105.03] |
頁 次 | 頁55-102 |
分類號 | 553.97 |
關鍵詞 | 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; |
語 文 | 英文(English) |
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. |
本系統中英文摘要資訊取自各篇刊載內容。