政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30322
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113392/144379 (79%)
造访人次 : 51225009      在线人数 : 898
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30322


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/30322


    题名: 盈餘重編之供應鏈外溢效果
    The Spillover Effects of Earnings Restatements Along the Supply Chain
    作者: 賴淑妙
    Lai, Shu-Miao
    贡献者: 李怡宗
    陳聖賢
    Lee, Yi-Tsung
    Chen, Sheng-Syan
    賴淑妙
    Lai, Shu-Miao
    关键词: 盈餘重編
    資訊移轉效果
    對特定關係資產投資
    投資無效率
    供應商
    earnings restatements
    information transfer effects
    relationship-specific investments
    investment inefficiency
    suppliers
    日期: 2008
    上传时间: 2009-09-11 17:39:50 (UTC+8)
    摘要: 本研究主要探討盈餘重編宣告如何影響重編公司之供應商的股價評價與實質投資決策。首先，本研究假設並發現，盈餘重編宣告除了導致重編公司的股價顯著下跌外，亦誘發其上游供應商的股價顯著下跌。實證進一步發現，供應商的股價依盈餘重編之資訊內涵而調整，促使投資人關注重編事件對上游供應商的預期盈餘之影響，也提醒投資人去關心上游供應商的財務報表品質。其次，本研究假設，盈餘重編宣告傳遞有關重編公司未來前景不佳及財務報表不實的資訊，將影響其供應商對投入特定關係資產所能獲得收益之預期，進而影響其對重編公司所投入的特定關係資產投資決策。實證結果支持前述假說，重編公司之供應商於重編宣告年度後將減少其研究發展支出，且此研究發展支出之變動與重編宣告所引起的股價變動具顯著關聯性。最後本文假設，重編公司扭曲其實際盈餘數字將影響供應商的投資決策，進而影響供應商的投資效率性。研究發現，供應商在重編公司財務報表誤述期間有顯著超額投資之現象。然而，此供應商之超額投資現象在盈餘重編宣告年度後不再顯著。
    This dissertation extends prior research on earnings restatements by examining the effects of earnings restatements on valuation and investment decisions of restating firms’ suppliers. First, this paper hypothesizes and finds that earnings restatements that adversely affect stock price of the restating firms also induce their suppliers’ stock price declines. These stock price declines are related to changes in analysts’ earnings forecasts and seem to reflect investors’ financial reporting quality concerns. Second, I hypothesize that earnings restatements contain information about the value of relationship-specific investments by suppliers. This information causes suppliers to revise their belief about the value of relationship-specific investments, and therefore affects their subsequent relationship-specific investment decisions. Consistent with my prediction, I find that changes in suppliers’ relationship-specific investments after restatement announcements are related to information in the restatements. Finally, I predict and find that a restating firm misreporting financial results induces its suppliers to make excess investments during the misreporting period, while excess investment is no longer positive after the restatement announcement.
    參考文獻: Allen, J., and G. M. Phillips. 2000. Corporate equity ownership, strategic alliances and product market relations. Journal of Finance 55: 2791-2815.
    Anderson, K. and T. Yohn. 2002. The effect of 10-K restatements on firm value, information asymmetries, and investors’ reliance on earnings. Working paper, Georgetown University.
    Baginski, S., 1987. Intraindustry information transfers associated with management forecast of earnings. Journal of Accounting Research 25 (2): 196-216.
    Bar-Gill, O., and L. Bebchuk. 2003. Misreporting corporate performance. Working paper, Havard Law School.
    Bartov, E., F. Gul, and J. Tsui. 2000. Discretionary-accruals models and audit qualifications. Journal of Accounting and Economic 30:421-452.
    Beneish, M. D., M. Billings, L. D. Hodder. 2008. Internal Control Weaknesses and Information Uncertainty. The Accounting Review 83 (2): 665-704.
    Berman, D. K. 2002. Telecom: Mississippi blues: telecom, industry tries to weather WorldCom tumult. Wall Street Journal (May 1).
    Bernard, V. L. 1985. Discussion of vertical information transfers: The association between retailer’s sales announcements and suppliers’ security returns. Journal of Accounting Research 23 (Supplement): 167-169.
    Biddle, G. C., and G. Hilary. 2006. Accounting quality and firm-level capital investment. The Accounting Review 81 (5), 963-982.
    Biddle, G. C., G. Hilary, and R. S. Verid. 2008. How does financial reporting quality improve investment efficiency? Working paper.
    Bowen, R. M., L. DuCharme, and D. Shores. 1995. Stakeholders` implicit claims and accounting method choice. Journal of Accounting and Economics 20 (3): 255-295.
    Burgstahler, D., and I. Dichev. 1997. Earnings management to avoid earnings decrease and losses. Journal of Accounting and Economics 24 (2): 99-126.
    Bushman, R. M., and A. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32 (1-3): 237-333.
    Bulter, M., A. Leone, and M. Willenbor. 2004. Empirical analysis of auditor reporting and its association with abnormal accruals. Journal of Accounting and Economic 37: 139-165.
    Cahan, S. F., and W. Zhang. 2006. After Enron: Auditor conservatism and ex-Andersen clients. The Accounting Review 81 (1): 49-82.
    Clinch, G., and N. Sinclair. 1987. Intra-industry information releases: A recursive systems approach. Journal of Accounting and Economics 9 (1): 89-106.
    Cohen, L., and A. Frazzini. 2006. Economics links and predictable returns, Working paper, Yale University.
    Collins, D. W., E. L. Maydew, and I. S. Weiss. 1997. Changes in the value-relevance of earnings and book values over the past forty year. Journal of Accounting and Economics 24 (1): 39-67.
    Cornell, B., and A. Shapiro. 1987. Corporate Stakeholders and Corporate Finance. Financial Management 16 (1): 5-14.
    Dechow, P. M., R. Sloan, and A. P. Sweeny. 1995. Detecting earnings management. The Accounting Review 70 (2): 193-225.
    Dechow, P. M., R. Sloan, and A. P. Sweeny. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13 (1): 1-36.
    DeFond, M., and J. Jiambalvo. 1991. Incidence and circumstances of accounting errors. The Accounting Review 66 (3): 643-655
    Desai, H., C. E. Hogan, and M. S. Wilkins. 2006. The reputational penalty for aggressive accounting: Earnings restatement and management turnover. The Accounting Review 81 (1): 83-112.
    Dignan, L. 2002. Techs duck and cover after WorldCom. CNET News (June 26)
    Durnev, A., and C. Mangen. 2006. Erroneous accounting and industry investment efficiency: Evidence from restatements. Working paper, McGill University.
    Durnev, A., and C. Mangen. 2008. Corporate investments: Learning from earnings restatements. Working paper, McGill University.
    Ertimur, Y., Livant, and M. Martikainen. 2003. Differential market reactions to revenue and expense surprises. Review of Accounting Studies 8 (2-3): 135-155.
    Fama, E. F., and D. R. French. 1997. Industry costs of equity. Journal of Financial Economics 43 (2): 153-193.
    Farber, D. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80 (2): 539-561.
    Fee, C. E., and S. Thomas. 2004. Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics 74 (3): 423-460.
    Fee, C. E., C. J. Hadlock, and S. Thomas. 2006. Corporate equity ownership and the governance of product market relationships. Journal of Finance 61 (3): 1217-1251.
    Financial Accounting Standards Board (FASB). 1976. Financial Reporting for Segments of a Business Enterprise. Statement of Financial Accounting Standards No. 14. Stamford, CT: FASB.
    Financial Accounting Standards Board (FASB). 1997. Disclosures about segments of an Enterprise and Related Information. Statement of Financial Accounting Standards No. 131. Stamford, CT: FASB.
    Francis, J., and J. Krishnan. 1999. Accounting accruals and auditor reporting conservatism. Contemporary Accounting Research 16: 135-165.
    Foster, G. 1981. Intra-industry information transfer associated with earnings releases. Journal of Accounting and Economics 3 (4): 201-232.
    Freeman, R., and S. Tse. 1992. An earnings prediction approach to examining intercompany information transfers. Journal of Accounting and Economics 15 (4): 509-523.
    General Accounting Office (GAO). 2002. Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges. GAO-03-138. Washington, D.C.: General Accounting Office.
    Gleason, C. A., N. T. Jenkins, and W. B. Johnson. 2008. The contagion effects of accounting restatements. The Accounting Review 83 (1): 83-110.
    Griffin, P. A. 2003. A league of their own? Financial analysts` response to restatements and corrective disclosures. Journal of Accounting, Auditing and Finance 18 (4): 433–460.
    Han, J., and J. Wild. 1990. Unexpected earnings and intra-industry information transfers: further evidence. Journal of Accounting Research 28 (1): 211-219.
    Han, J., J. Wild, and K. Ramesh. 1989. Managers’ earnings forecasts and intra-industry information transfers. Journal of Accounting and Economics 11 (1): 3-33.
    Hennes, K., A. Leone, and B. Miller. 2007 The importance of distinguishing errors from irregularities in restatement research: The case of restatements and CEO/CFO Turnover. Working paper, Penn State University
    Hertzel, M. G., Z. Li, M. Offer, and K. J. Rodgers. 2008. Inter-firm linkages and the wealth effects of financial distress along the supply chain. Journal of Financial Economic 87 (2): 374-387.
    Healy, P., and K. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1-3): 405-440.
    Hribar, P., and D. W. Collins. 2002. Errors in estimating accruals: Implications for empirical research. Journal of Accounting Research 40 (1): 105-134.
    Hribar, P., and N. T. Jenkins. 2004. The effect of accounting restatements on earnings revisions and estimated cost of capital. Review of Accounting Studies 9 (2-3): 337-356.
    Jarrell, G., and S. Peltzman. 1985. The impact of product recalls on the wealth of sellers. Journal of Political Economy 93 (3): 512-536.
    Jensen, M. C. 1986. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 76(2): 323-329.
    Kale, J. R., and H. Shahrur. 2007. Corporate capital structure and the characteristics of suppliers and customers. Journal of Financial Economics 83 (2): 321–365.
    Karpoff, J. M., and J. R. Lott. 1993. The reputational penalty firms bear from committing criminal fraud. Journal of Law and Economics 36 (2): 757-802.
    Karpoff, J. M., D. S. Lee, and G. S. Martin. 2004. The cost to firms of cooking the books. Working paper, The University of Washington.
    Kinney, W. R., and L. McDaniel. 1989. Characteristics of firms correcting previously reported quarterly earnings. Journal of Accounting and Economics 11 (1): 71-93.
    Kinney, W. R., Z.-V. Palmrose, and S. Scholz. 2004. Auditor independence and non-audit services: What do restatements suggest? Journal of Accounting Research 42 (2): 561-586.
    Klein, B., and K. B. Leffler. 1981. The Role of Market Forces in Assuring Contractual Performance. Journal of Political Economy 89 (4): 615-641.
    Kothari, S., A. Leone, and C. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39 (1): 173-197.
    Lambert, R. 2001. Contracting theory and accounting. Journal of Accounting and Economics 32 (1): 3-87.
    Lambert, R., C. Leuz, and R. E. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45 (Supplement): 385-420.
    La Porta, R., F. Lopez-De-Silances, A. Shleifer, and R. Vishny. 1997. Legal determinants of external finance. Journal of Finance 52 (3): 1131-1150.
    Levy, D. 1985. The transactions cost approach to vertical integration: An empirical examination. Review of Economics and Statistics 67 (3): 438-445.
    Maksimovic, V., and S. Titman. 1991. Financial policy and reputation for product quality. Review of Financial Studies 4 (1): 175-200.
    Mcnichols, M., and S. Stubben. 2008. Does earnings management affect firms’ investment decisions? The Accounting Review 83 (6): 1571-1603.
    Olsen, C., and R. Dietrich. 1985. Vertical information transfers: The association between retailers’ sales announcements and suppliers’ security returns. Journal of Accounting Research 23 (Supplement): 144-166.
    Palmrose, Z.-V., and S. W. Scholz. 2004. The circumstances and legal consequences of non-GAAP reporting: Evidence from restatements. Contemporary Accounting Research 21 (1): 139-190.
    Palmrose, Z.-V., V. J. Richardson, and S. W., Scholz. 2004. Determinants of markets reactions to restatement announcements. Journal of Accounting and Economics 37 (1): 58-89.
    Pownall, G., and G. Waymire. 1989. Voluntary disclosure choice and earnings information transfer. Journal of Accounting Research 27 (Supplement): 85-105.
    Pandit, S., C. E. Wasley, and T. Zach. 2007. Information externalities in capital markets: The economic determinants of suppliers’ stock price reaction to their major customers’ information events. Working paper, The Ohio State University.
    Pyro, Y., and S. Lustgarten. 1990. Differential intra-industry information transfer associated with management earnings forecasts. Journal of Accounting and Economics 13 (4): 365-379.
    Raghunandan, K., W. J. Read, and J. S. Whinesant. 2003. Initial evidence on the association between nonaudit fee and restated financial statements. Accounting Horizons 17 (3): 223-234.
    Raman, K., and H. Shahrur. 2008. Relationship-specific investments and earnings management: Evidence on corporate suppliers and customers. The Accounting Review 83 (4): 1041-1081.
    Ramnath, S. 2002. Investor and analyst reactions to earnings announcements of related firms: An empirical analysis. Journal of Accounting Research 40 (5), 1351-1376.
    Richardson, S. A., A. I. Tuna, and M. Wu. 2002. Predicting earnings management: The case of earnings restatements. Working paper, University of Pennsylvanisa and Hong Kong University of Science and Technology.
    Richardson, S. 2006. Over-investment of free cash flow. Review of Accounting Studies 11: 159-189.
    Sansing, R. 1999. Relationship-specific investments and the transfer pricing paradox. Review of Accounting Studies 4 (2): 119–134.
    Schipper, K. 1990. Information transfers. Accounting Horizons 4 (4): 97-107.
    Sender, H. 2002. WorldCom discovers it has few friends-Equipment markets in particularn take pains to get some distance from the embattled company. Wall Street Journal (Jun 28).
    Sennetti, J. T., and J. L.Turner. 1999. Post-audit restatement risk and brand-name audits. Working Paper, Nova Southeastern University.
    Srinivasan, S. 2005. Consequence of financial reporting failure for outside directors: Evidence firm accounting restatements and audit committee members. Journal of Accounting Research 43 (2): 291-334.
    Swan, M., and K. Horricks. 2002. Impending WorldCom bankruptcy? RHK Telecommunications Industry Analysis June 27: 1-6.
    Tobin, J. 1982. On the efficiency of the financial system. Lloyds Bank Review (July).
    Trueman, B., and Titman. 1988. An explanation for accounting income smoothing. Journal of Accounting Research 26 (Supplement): 127-139.
    Turner, L., J. R. Dietrich, K. Anderson, and A. J. Bailey. 2001. Accounting Restatements. Working paper, United States Securities and Exchange Commission.
    Verdi, R. S. 2006. Financial reporting quality and investment efficiency. Working paper, Massachusetts Institute of Technology.
    Wallison, P. J. 2003. Debating Sarbanes-Oxley: give us disclosure, not audits. Wall Street (Journal 2).
    White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 (4): 817-838.
    Williamson, O. 1975. Markets and Hierarchies: Analysis and Antitrust Implications. Free Press, New York.
    Wilson, W. M. 2008. An empirical analysis of the decline in the information content of earnings following restatements. The Accounting Review 83 (2): 519-548.
    Wu, M. 2002. Earnings Restatements: A capital market perspective. Unpublished dissertation, New York University.
    Xu, T., M. Najand, and D. Ziegenfuss. 2006. Intra-industry effects of earnings restatements due to accounting irregularities. Journal of Business Finance and Accounting 35 (5-6): 696-714.
    描述: 博士
    國立政治大學
    會計研究所
    92353501
    97
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0923535011
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    index.html0KbHTML2318检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈