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| Title: | 公司投資層級與實質盈餘管理
Pyramidal Layers and Real Earnings Management |
| Authors: | 蔡佩柔
Tsai, Pei-Rou |
| Contributors: | 翁嘉祥
Weng, Chia-Hsiang
蔡佩柔
Tsai, Pei-Rou |
| Keywords: | 金字塔結構
公司投資層級
實質盈餘管理
應計基礎盈餘管理
租稅天堂
Pyramidal layers
Pyramidal structure
Real earnings management
Accrual-based earnings management
Tax haven |
| Date: | 2021 |
| Issue Date: | 2021-07-01 17:13:09 (UTC+8) |
| Abstract: | 本文探討公司金字塔結構的投資層級多寡與實質盈餘管理行為的關聯性。由於投資鏈越長的公司意味著更大的資訊不對稱性與代理問題，為數眾多的投資層使外部投資者較難了解公司如何在金字塔結構內運作，且最終控制者與底層公司間的資訊傳遞會消耗更多的時間和成本。本研究以2009年至2019年間台灣上市上櫃公司為研究對象，實證結果可知，投資階層的數量多寡會影響公司從事實質盈餘管理之行為，投資層數較高的公司較少從事實質盈餘管理，可能由於公司可以選擇成本更低的方式進行盈餘管理以達成目標，因此較少選擇使用實質盈餘管理。然而投資層數較高的公司其應計基礎盈餘管理與實質盈餘管理間之替代效果較強，也就是說高投資層數的公司越可能經由應計基礎盈餘管理與實質盈餘管理間的轉換達成最終之管理目的。整體而言，本文發現金字塔結構下投資層數較高的公司，其所屬集團之租稅天堂比率越高時母公司愈容易從事實質盈餘管理之行為。
This study investigates the relationship between the company`s pyramidal structure and the real earnings management behavior. Since longer investment chains imply greater information asymmetry and agency problems, the large number of investment layers makes it more difficult for outside investors to understand how the company operates within the pyramid structure, and the transfer of information between the ultimate controller and the bottom company consumes more time and costs. Using a sample of publicly traded non-financial firms of Taiwan from 2009 to 2019, we find that the span of corporate pyramids which is measured by the number of ownership layers affects the behavior of companies engaging in real earnings management. Companies with higher investment layers are less likely to engage in real earnings management, probably because they can choose a less costly way to manage earnings to achieve their goals. However, the substitution effect between accrual-based earnings management and real earnings management is stronger for companies with higher number of investment layers, which means that companies with higher number of investment layers are more likely to achieve their objectives by switching between accrual-based earnings management and real earnings management. Overall, this paper finds that the higher the number of investment layers under the corporate pyramid and the higher the tax haven ratio, the more likely the parent company is to engage in real earnings management. |
| Reference: | 中文文獻
江家瑜、簡凌慧與薛敏正 (2014)。公司特質對應計與實質盈餘管理選擇的影響。中華會計學刊，10(1)，頁1-32。
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| Description: | 碩士
國立政治大學
會計學系
108353103 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108353103 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100616 |
| Appears in Collections: | [會計學系] 學位論文
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