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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30165


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    題名: 公司治理機制與保守原則關係之研究
    The Relationship between Corporate Governance and Conservatism
    作者: 余嘉紋
    Yu, jia-wen
    貢獻者: 陳錦烽
    余嘉紋
    Yu, jia-wen
    關鍵詞: 公司治理
    盈餘訊息反映之不對稱性
    保守原則
    corporate governance
    asymmetric timeliness of responses to earnings
    conservatism
    日期: 2005
    上傳時間: 2009-09-11 17:22:32 (UTC+8)
    摘要: 本研究之目的在於探討公司治理機制對盈餘保守性之影響。在經營權及所有權分離的情況下，代理問題因此而生，公司適當的採用保守原則可以緩和代理成本的問題。同樣的，公司治理機制之強弱與治理風險的高低也與代理成本息息相關，因此，本研究藉由檢視盈餘對訊息反映之不對稱性與公司治理機制間之關係，以探討治理機制是否會影響公司盈餘之保守性，本研究亦探討近年來我國整體外在訴訟環境之轉變，對於公司盈餘保守性之影響。
    本研究結果顯示，我國公司盈餘之保守性隨著外部法律環境漸趨嚴格，而日益增高。在先天治理風險較高的情況下，例如：董監質押比率、大股東持股比率愈高，公司盈餘之保守程度愈高。另一方面，董事及經理人整體權益誘因較高的情況下，盈餘保守程度較低。在外部治理機制方面，機構投資人持股愈高，盈餘偏向不保守；負債比率較高之公司，其盈餘則偏向保守。在董事會治理機制對盈餘保守性之影響方面，除董事會規模愈大，盈餘愈趨保守外，監察人規模及獨立董監對盈餘保守性之影響並不顯著。
    整體而言，我國公司運用保守原則來緩和代理問題的情況確實存在。但我國公司治理機制對盈餘保守性之影響，可能主要來自於先天治理風險之差異，後天治理機制之影響效果則尚不顯著。
    Past research shows that accounting conservatism produces earnings that reflect bad news faster than good news. This study investigates the role of accounting conservatism in corporate governance. More specifically, we use several variables, including board and ownership structures, outside shareholders and independent director and supervisor, to assess a company’s characteristics in corporate governance.

    Our results show that the sensitivity of earnings to bad news is significantly higher (lower) for strong (weak) governance risk firms and the asymmetric timeliness of earnings is significantly higher for the sample firms in recent year. More specifically, we find that (i) the number of board directors, the percentage of outside directors’ shareholdings and the pledge rate of directors’ shareholdings are positively related to conservatism, and (ii) the percentage of institutional ownership is negatively related to conservatism. There is no evidence to support that a company’s independent directors and supervisors can improve the conservatism in its earnings. Our results hold after controlling for firm size, growth opportunities, industry, and audit quality. Overall, our results are consistent with the notion in Watts (2003) that accounting conservatism plays a role in corporate governance.
    參考文獻: 一、中文部分
    李媖娟，2003，宣告引進獨立董監事之股價效果探討，國立成功大學企業管理學系碩士論文。
    吳大成，2001，會計穩健原則對會計盈餘影響：台灣上市公司財務報表表達是否愈來愈保守，國立成功大學會計研究所碩士論文。
    吳美穎，2004，內在公司治理機制之探討－股東組成與股權集中度對公司治理績效之影響，輔仁大學管理學研究所碩士論文。
    吳祥福，2003，財務報表重編與董監獨立性/專業性之研究，國立政治大學會計研究所碩士論文。
    林正坤，2005，我國上市櫃公司自願設置審計委員因素之研究，中原大學會計研究所碩士論文。
    徐翠梅，2002，公司董監在企業監控問題的職務角色之研究，國立中山大學高階經營碩士班碩士論文。
    高蘭芬，2001，董監事股權質押之代理問題對會計資訊與公司績效之影響，國立成功大學會計學系博士論文。
    陳家慧，1999，我國上市公司管理機制與盈餘管理相關性之實證研究，國立政治大學會計學系碩士論文。
    楊朝旭，2003，會計盈餘及時性對公司治理結構之影響－以台灣上市公司為例，當代會計，第1期（4）：1-28。
    葉淑玲，2003，我國上市公司自願性聘任獨立董監事動機之研究，國立台北大學會計學系碩士論文。
    廖益均，2004，品牌聲譽、產業專家、會計師任期以及客戶重要性對盈餘穩健性影響之實證研究，國立政治大學會計研究所碩士論文。
    蔡信夫、鍾惠民、林詩韻，2003，控制股東代理問題與盈餘資訊內涵之關聯性研究－以台灣上市公司為例，當代會計，第2期（4）：144-163。
    二、英文部分
    Ahmed, A. S., and S. Duellman. 2005. Evidence on the Role of Accounting Conservatism in Corporate Governance. Working Paper. Texas A & M University.
    Ball, R., S. P. Kothari, and A. Robin. 2000. The effort of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29: 1-151.
    Ball, R., and L. Shivakumar. 2005a. Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics 39: 83-128.
    Basu, S. 1997. The conservatism principle and the asymmetric timeliness of earning. Journal of Accounting and Economics 24: 3-37.
    Beaver, W. H., and S. G. Ryan. 2000. Biases and Lags in book value and their effects on the ability of the book-to-market ratio to predict book return on equity. Journal of Accounting Research 38 (Spring): 127-148.
    Beekes, W. , P. Pope, and S. Young. 2004. The link between earnings timeliness, earnings conservatism and board composition: evidence from UK. Journal of Corporate Governance 12(January): 47-59.
    Bradbury, and E. Michael. 1990. The Incentives for Voluntary Audit CommitteeFormation. Journal of Accounting and Public Policy 9(1): 19-36.
    Bushman, R., Q. Chen, E. Engel, and A. Smith. 2000. The sensitivity of corporate governance systems to the timeliness of accounting earnings. Working paper, University of Chicago.
    Copeland, T., and D. Galiai. 1983. Information effects on the bid ask spread. Journal of Financial: 1457-69.
    Diamond, D. 1985. Optimal release of information by firm. Journal of Financial (September): 1071-94.
    Feltham, G. A., and J. A. Ohlson. 1995. Valuation and Clean Surplus Accounting for Operating and Financing Activities. Contemporary Accounting Research, v. 11 (2), 689-731.
    Gassen, J. , R. U. Fuelbier, and T. Sellhorn. 2006. International Differences in Conditional Conservatism: The Role of Unconditional Conservatism and Income Smoothing. Working paper.
    Givoly, D., and C. Hayn. 2000. The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? Journal of Accounting and Economics 29 (3): 287-320
    Givoly, D. , C. Hayn, and A. Natarajan. 2004. Measuring Reporting Conservatism, Working Paper, University of California-Los Angeles.
    Glosten, L., and P. Milgrom. 1985. Bid ask and transaction prices in a specialistmarket with heterogeneously informed traders. Journal of Financial Economics:71-100.
    Gul, F. A., S. Lynn, and J. Tsui. 2002. Audit Quality, Management Ownership, and the Informativeness of Accounting Earnings. Journal of Accounting, Auditing & Finance17(1): 25-49.
    Hayn, C. , D. Givoly. 2000 .The changing time-series properties of earnings, cash flows and accruals：Has financial reporting become more conservative? Journal of Accounting and Economics 29: 287-320.
    Holthausen, R. , R. Watts. 2001. The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics 31: 3-75.
    Jensen, M., and W. Meckling. 1976. Theory of the Firm: managerial Behavior, Agency costs, and Capital Structure. Journal of Financial Economics 33: 305-360.
    La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1998, “Law and Finance,” The Journal of Political Economy 106(6): 1113-1155.
    Lara, J. M. G., B. G.. Osma, and Penalva. 2005. Accounting Conservatism and Corporate Governance. Working Paper, University of Alicante.
    Pae, J. , D. B. Thornton, and M. Welker. 2004. The Link Between Earnings Conservatism and Balance Sheet Conservatism. Working Paper. Queen’s University. School of Business Kingston, Canad.
    Pincus, K., M. Rusbarsky, and J. Wong. 1989. Voluntary Formation of Corporate Audit Committees among NASDAQ Firms. Journal of Accountingand Public Policy 8(4):239-265.
    Vafeas, N. 2000. Board structure and the informativeness of earnings. Journal of accounting and Policy 19:139-160.
    Watts, R. L. 2003a. Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons17(September): 207-221.
    _____, 2003b. Conservatism in Accounting Part II: Evidence and Research Opportunities. Accounting Horizons 17(December): 287-301.
    Willekens, M., H. V. Bauwhede, and A. Gaeremynck 2004. Voluntary Audit Committee Formation and Practices among Belgian Listed Companies. International Journal of Auditing 8(3): 207-222.
    描述: 碩士
    國立政治大學
    會計研究所
    93353010
    94
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0093353010
    資料類型: thesis
    顯示於類別:[會計學系] 學位論文

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