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題 名 | 盈餘管理與我國上市櫃公司股票購回後之營運績效=Earnings Management and Operating Performance of Taiwanese Firms after Open-Market Share Repurchases |
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作 者 | 王祝三; 黃介良; 墨家靜; | 書刊名 | 企業管理學報 |
卷 期 | 81 2009.06[民98.06] |
頁 次 | 頁1-42 |
分類號 | 553.97 |
關鍵詞 | 盈餘管理; 可裁決應計項目; 分析師盈餘預測; Earnings management; Discretionary accruals; Analysts forecasts; |
語 文 | 中文(Chinese) |
中文摘要 | 國內外研究一致指出,市場投資人對股票購回宣告存在正向反應。國外文獻且證實企業在宣告股票購回後,營運表現會隨之轉佳。然而國內相關文獻卻發現,我國股票購回公司在購回宣告後,營運績效反而有衰退之情形。為探討我國股票購回公司之宣告後績效並未有所改善的成因為何,本文提出盈餘管理假說作為可能之解釋。實證結果顯示,股票購回公司會在購回宣告前藉提高可裁決性應計項目進行正向盈餘管理,但購回宣告後,因可裁決性應計項目回轉而造成營運績效衰退之現象。因此,本文證實了盈餘管理的確是我國股票購回公司宣告後績效不彰之可能原因。此外,本文尚發現我國分析師可察覺股票購回公司在宣告前的盈餘管理行為,並在購回宣告前後調降盈餘預測。 |
英文摘要 | Prior studies report that investors react positively on the announcements of open-market share repurchases. The U.S. evidence further reveals that share-repurchasing firms enjoy improvement in operating performance after the announcements. The evidence from the Taiwan market, however, reports post-announcement underperformance instead. To investigate the possible explanation for the distinct difference between the two markets, this paper studies share repurchase events in Taiwan and proposes the earnings management hypothesis. The results show that share-repurchasing firms inflate their earnings before the repurchase announcements by adjusting discretionary accruals upwards. After the announcements, the reversion of discretionary accruals results in the underperformance. Therefore, the earnings management hypothesis is strongly supported. In addition, this paper finds that analysts can detect the earnings management of repurchasing firms and lower the earnings forecasts correspondingly. |
本系統中英文摘要資訊取自各篇刊載內容。