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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/81117


    Title: 每股盈餘對公司資本結構的影響
    Earnings Per Share and Capital Structure
    Authors: 陳苡文
    Chen, Yi Wen
    Contributors: 周冠男
    Chou, Robin K.
    陳苡文
    Chen, Yi Wen
    Keywords: Earnings per share (EPS)
    Earnings management
    Capital structure
    Leverage
    Date: 2015
    Issue Date: 2016-02-03 11:17:48 (UTC+8)
    Abstract: Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in EPS have large effects on leverage and these effects persist for at least a decade. Besides, the negative impact of EPS on leverage becomes much stronger after the passage of SOX, in which period managers engage in more actions of debt-equity choices or stock repurchases with the sole purpose of manipulating EPS. Furthermore, managers’ equity incentives and corporate governance are two economic mechanisms through which EPS negatively influences leverage.
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    Description: 博士
    國立政治大學
    財務管理研究所
    99357507
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0993575073
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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