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| Title: | 影響加盟業主揭露財務資訊多寡因素之探討-以美國連鎖餐飲食品業為例
Factors affecting franchisor`s willingness to disclose franchise financial information: evidence from food and restaurant industry in the U.S. market |
| Authors: | 魏筠潔 |
| Contributors: | 張元晨
魏筠潔 |
| Keywords: | 加盟 |
| Date: | 2017 |
| Issue Date: | 2017-07-24 12:00:46 (UTC+8) |
| Abstract: | 過去美國時常有加盟店控訴加盟業主未在加盟前提供適當的訊息，尤其是在美國各州規定加盟業主應該要揭露的文件中(FDD, Franchise Disclosure Document)的Item 19上揭露適當的財務訊息，導致加盟店未能透過Item 19所揭露的營收數字，合理估計加盟該事業可能的盈虧情形，本研究延續文獻的做法（Price, 2000），不同於Price(2000)之處在於本研究使用2007年以後才開始實行的FDD(Franchise Disclosure Document)揭露準則，發現在上市食品與餐飲加盟業主中，有區域性保護的加盟業主，傾向於Item 19上揭露財務資訊，而加盟家數愈多的加盟業主，傾向在財務揭露上以中立表達的方式呈現，不會只揭露營收前幾名加盟店，故意誤導欲加盟的投資人。接著本研究將各家加盟業主揭露Item 19上的平均營收與其年報上的平均營收進行比對，發現加盟業主在Item 19上揭露的平均營收有顯著大於年報平均營收的現象，代表加盟業主在監理機制較缺乏的Item 19揭露方面仍存在選擇呈現表現較好樣本的營收現象。
In the past few years, some franchisees complained the franchisors did not disclose financial information appropriately in the U.S.A. Investors who want to be franchisees found that they fail to achieve the sales as disclosed in FDD (Franchise Disclosure Document) by the franchisors. Following Price (2000), we retrieve information from FDD required by the FTC and explore franchise financial disclosures in the U.S. Food and Restaurant Industry, we found the territory protection is positively related to disclose more financial information. In addition, the number of franchisee is positively related to franchisors neutrally report their earnings. However, comparing earnings reported in Item 19 and annual reports, we found that most of franchisors selectively disclosure better financial information in less regulated Item 19. |
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| Description: | 碩士
國立政治大學
財務管理研究所
104357017 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0104357017 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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