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| Title: | 台灣上市公司更名與盈餘管理之研究
Corporate name changes and earnings management:Evidence from Taiwan’s stock markets |
| Authors: | 李嘉惠
Li, Jia Huei |
| Contributors: | 張元晨
Chang,Yuan Chen
李嘉惠
Li, Jia Huei |
| Keywords: | 更名
盈餘管理
Corporate Name Changes
Earnings Management |
| Date: | 2008 |
| Issue Date: | 2009-09-14 09:03:25 (UTC+8) |
| Abstract: | 本文以事件研究法，針對台灣自1998年至2008年，曾經變更公司名稱之上市、櫃公司為樣本，探討經理人盈餘管理行為對更名公司股價之影響。實證結果顯示在公司更名前後，經理人有從事盈餘管理行為之現象，且從事積極型盈餘管理者，其股價長期累積超額報酬表現最差。此外，內部人對公司更名的看法可作為市場投資人的參考指標，惟分析師的看法卻係一反向指標。本文進一步發現經理人從事積極型盈餘管理行為時，分析師傾向看好更名公司之未來表現，表示分析師過於依賴財務報表資訊，而容易作出錯誤的投資決策；而內部人較能透析公司更名及經理人盈餘管理之行為，並利用經理人從事積極型盈餘管理行為時出脫更名公司持股，而避開了更名公司股價下跌的風險。
In this paper, we use event-study method to examine the effect of earnings management on the stock performance of firms that changed their names. Our sample consists of firms listed on Taiwan Stock Exchange and Gretai Securities Markets from 1998 to 2008. The empirical results show managers tend to dress up financial statements before corporate name change events. Our results show that performance of firms in the most “aggressive” quartile of earnings management is the poorest. In addition, we find that trading activities of insiders provide more information than analyst recommendations to future stock performance of name change companies. We also find that analysts tend to increase EPS forecast for name change firms with aggressive earnings management. This implies that analysts rely more on financial statement information to provide their earnings forecasts. On the other hand, insiders have the ability to see through the cosmetic earnings management of name change firms. Furthermore, we find that insiders tend to sell stocks of firms engaged in aggressive earnings management to avoid the risk of declining stock prices of name change firms. |
| Reference: | 一、中文部分
1.吳廷芸，2008，Dotcom公司更名之長短期效應，國立政治大學財務管理研究所論文。
2.謝侑穎，2007，公司更名前後之長短期績效分析，國立虎尾科技大學經營管理研究所論文。
3.尤愛齡，2008，企業更名對分析師行為影響之研究，國立政治大學會計研究所論文。
4.戴欣怡，2000，新上市公司上市前之盈餘管理與上市後長期股票報酬之關聯性研究，國立台灣大學會計學研究所論文。
5.張至善，2001，首度上市公司盈餘管理與股價關聯性之研究，國立政治大學企業管理研究所論文。
6.陳心怡，2000，上市公司現金增資前盈餘管理與其後績效關聯性之研究，國立台灣大學會計學研究所論文。
7.謝怡昇，2000，上市公司現金增資與盈餘管理行為之研究，國立中正大學財務金融研究所論文。
二、英文部分
1.Bosch, Jean-Claude, and Mark Hirschey, 1989, “The Valuation Effects of Corporate Name Changes” Financial Management 18, 64-73.
2.Cooper, Michael J., Orlin Dimitrov, and P. Raghavendra Rau, 2001, “A Rose.com by Any Other Name” The Journal of Finance 56, 2371-2388.
3.Cooper, Michael J., Ajay Khorana, Igor Osobov, Ajay Patel, and P. Raghavendra Rau, 2005, “Managerial Actions in Response to a Market Downturn: Valuation Effects of Name Changes in the Dot.com Decline” Journal of Corporate Finance 11, 319-335.
4.Dechow, P., Sloan, R., and Sweeny, A., 1995, “Detecting Earnings Management” Accounting Review 70(2), 193-225.
5.Jennifer Jones, 1991, “Earnings Management during Import Relief Investigation” Journal of Accounting Research 29, 193-228.
6.Jim Hsieh, Lilian Ng and Qinghai Wang, 2005, “How Informative are Analyst Recommendations and Insider Trades?” AFA 2006 Boston Meetings Paper.
7.Julia Sawicki and Keshab Shrestha, 2008, “Insider Trading and Earnings Management” Journal of Business Finance & Accounting 35, 331-346.
8.Karpoff, Jonathan M., and Graeme Rankine, 1994, “In Search of a Signaling Effect: The Wealth Effects of Corporate Name Changes” Journal of Banking and Finance 18, 1027-1045.
9.Peggy M. Lee, 2001, “What’s in a Name.com? : The Effects of ‘.com’ Name Changes on Stock Prices and Trading Activity” Strategic Management Journal 22, 793-804
10.Teoh, Siew Hong, Ivo Welch, and T. J. Wong, 1998a, “Earnings Management and the Long-Run Market Performance of Initial Public Offerings” The Journal of Finance Vol. LIII, No. 6, 1935-3974.
11.Teoh, Siew Hong, Ivo Welch, and T. J. Wong, 1998b, “Earnings Management and the Post-Issue Underperformance in Seasoned Equity Offerings” Journal of Financial Economics 50, 63-99. |
| Description: | 碩士
國立政治大學
財務管理研究所
95357030
97 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0095357030 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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