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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

自由現金流量對內部股權結構與財報品質間的調節效果 / The moderating effect of free cash flow on the relation between ownership structure and financial reporting quality

賴品蓁 Unknown Date (has links)
本研究以財報重編為財報品質之代理變數,探討自由現金流量是否對內部股權結構與財報品質的關係具有調節效果,期望藉助對於自由現金流量調節效果之了解,以利報表閱讀者更適當地解讀財報訊息,瞭解財報之品質。 實證結果顯示,自由現金流量對內部股權結構與財報品質間確實具有顯著的調節效果,尤其是董、監持股率與董事兼任經理人這兩項因素對於財報品質之關係,很受到自由現金流量之影響。自由現金流量本身與財報重編呈顯著負相關,自由現金流量愈高,財報重編的可能性愈低。但自由現金流量所引發的代理問題,反而可能對董、監持股率、董事兼任經理人與財報品質間的關係產生負面的調節效果,即財報重編的可能性顯著提高。但自由現金流量對於經理人持股率與財報品質間的關係不具有顯著的調節效果。 / This study examines whether free cash flow has the moderating effect on the relation between ownership structure and financial reporting quality, using financial restatements as a proxy for financial reporting quality. This study tries to interpret earnings information more appropriately through more understanding on the moderating effect of free cash flow. The study shows that free cash flow exactly has the moderating effect on the relation between ownership structure and financial reporting quality, especially for stocks holding ratio by directors and supervisors and CEO duality. Firms having more free cash flow are less likely to restate statements. However, free cash flow might trigger agency problem, which might having negative moderating effects, causing higher possibilities to restate statements. Otherwise, the finding of this study shows that there is no significantly moderating effect on the relation between managerial ownership and financial reporting quality.
2

公平價值會計對市場異常報酬之影響 / The market reaction to fair value accounting adoption

康玉燕 Unknown Date (has links)
本研究探討我國導入一系列公平價值會計之市場反應,本文分別從市場景氣狀況以及財報品質、盈餘管理及公司治理四個面向檢視資本市場之反應。實證分析顯示,由於公平價值會計的順循環效果,於市場景氣較佳時其異常報酬較高,反之則較低,而金融業順循環效果比一般產業來的強,而財報品質愈差、盈餘管理可能性愈高、公司治理機制愈弱的企業,股票市場對此事件的正向反應愈強,其原因可能為公平價值會計導入將有助於提升財報品質、降低盈餘管理的機會,並減少內外部人資訊不對稱的情況。 本研究結果顯示公平價值會計的採行將有助於財報透明度的提升,避免企業財報隱藏其財報增減值的部分,對投資者是具有效益的,但同時,公平價值會計將財報資訊與市場景氣連結,將造成其財報數值的波動加劇。 / This research from four aspects, business cycle, financial reporting quality, earnings management, and corporate governance, examines that Taiwan stock market reaction to the seventeen events associated with adoption of Fair Value Accounting (FVA). The empirical results reveal that due to Fair Value Accounting’s procyclical effect, when economic is booming the market tends to positively react with FVA and banking industry displays a higher procyclical effect than other industries. The study also finds that with FVA investors tend to have positive reaction on firms’ pre-adoption information with lower financial quality, higher earnings management possibility and weaker corporate governance. The findings suggest that the FVA adaption increased the quality of financial reporting, reduced earning management and decreased information asymmetry. In the meantime, the FVA links financial reporting with business cycle which might aggravate the financial reporting’s fluctuation.

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