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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/112149
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/112149


    Title: 盈餘管理、宣告效果與私募增資對象的關聯
    Earnings management, announcement effect, and investor type of private placements
    Authors: 孫偉哲
    Contributors: 湛可南
    孫偉哲
    Keywords: 宣告效果
    盈餘管理
    投資人類別
    私募增資
    Announcement returns
    Earnings management
    Investor type
    Private placement
    Date: 2017
    Issue Date: 2017-08-28 11:23:29 (UTC+8)
    Abstract: 本研究以台灣468筆私募增資案,探討應計基礎和實質盈餘管理的決定因素,及盈餘管理對宣告效果的影響。我們發現當投資人類別分為內部人及外部人時,於私募增資前一年,兩者的盈餘管理程度有顯著地不同。並發現相較於應計基礎盈餘管理,實質盈餘管理與宣告效果呈顯著負相關。研究結果顯示與內部人的私募案相比,外部人的私募案,其盈餘管理程度較低,宣告時市場給予較高的異常報酬,且盈餘管理會顯著地負向影響宣告時的報酬。
    We employ 468 private placements in Taiwan to examine the determinants of accrual-based earnings management and real earnings management (REM), as well as the impact of earnings management on announcement returns. The results indicate that the type of investors affects earnings management prior to private placements. Compared with discretionary current accruals (DCA), REM is significantly and negatively related with announcement returns. Outsider placements are associated with lower earnings overstatement and higher announcement returns. Outsider placements also exhibit a significantly negative relation between earnings management and announcement returns.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    104357011
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104357011
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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