企業發生財務危機，不僅使其經營陷入生死關頭之掙扎，更影響眾多投資人、債權人的利益，對於整個經濟環境亦造成一定的衝擊。因此，如何提早察覺企業之危機，以減少社會成本，實值得我們深入研究。 本研究主要目的為評估現金流量表揭露之資訊，於預測企業財務危機的有用性。本研究欲探討現金流量資訊是否為預測企業財務危機的良好指標，於建構企業財務危機預警模式之際，加入現金流量的財務指標是否會比僅以傳統財務比率建立之預警模式，更具預測能力。 本研究採用配對樣本設計，在我國上市公司中共選取了35家危機公司與68家正常公司。並利用Logit迴歸分析分別建立現金流量模式、應計財務模式與綜合模式，得到以下結論： 一、在財務危機發生之前一至三年，本研究所使用的應計基礎財務比率並非皆適合用來區分危機公司與正常公司。 二、除了營業活動現金流量相關比率具有顯著的區別能力外，部分投資與融資活動現金流量相關比率亦提供額外的財務危機警訊。 三、現金流量比率預警模式之預測力表現不遜於應計基礎比率模式；但在應計基礎比率中加入現金流量比率，並未顯著提高模式的預測能力。 / The objective of this study is to assess the usefulness of cash flow disclosures in the prediction of financial distress. This study also determines whether cash flow ratios are good indicator of financial distress and whether adding cash flow ratios in prediction model can improve the predictive ability of the model employing conventional accrual-based ratios. Using a matched pair design, this study examines a sample of 35 distress firms along with 68 non-distress firms. Also, a logistic regression analysis is used to establish the financial distress model with and without cash flow variables respectively, in order to test the hypotheses developed by this study and to derive the conclusion. The findings of this study are as follows. 1. During the period between 3 years to 1 year before financial distress, the accrual-based ratios used in this study aren't all good predictor in financial distress model. 2. The discriminate ability of operating cash flow data is significant. Also, the investing and financing cash flow data provide additional information in the prediction of business distress. 3. Cash flow ratios provide a superior measure for the prediction of financial distress over accrual-based ratios. However, no significant evidence shows that using cash flow ratios in conjunction with accrual-based ratios can improve the overall predictive power of accrual-based ratios alone.

本研究的主旨在探討現金盈餘與會計盈餘之相對資訊內涵，並進一步探討會計選擇在股價形成中，所扮演之角色。FASB在觀念性公報第一號提出：應計基礎係將現金基礎彙總轉換，故其所包含的資訊較現金基礎來得多，品質也較高。因此，會計盈餘應較現金盈餘更具資訊內涵。而繼美國財務會計準則公報第95號公布二年後，國內於民國78年12月發布財務會計準財公報第17號「現金流量表」，故本研究探討會計盈餘與現金盈餘究竟何者較能解釋股票報酬？進一步分析淨應計項目是否具增額資訊內涵？最後將盈餘做理論上之分解，比較其資訊內涵，並利用公司規模、產業、應計項目幅度及營業週期等因素對該關係之解釋力做敏感度分析。 　　本研究以159家樣本公司作為研究對象，蒐集民國79年至84年的資料，以pooling 及橫斷面設計，迴歸分析來比較會計盈餘與現金盈餘和股票報酬的關聯性。 　　經由實證結果，本研究獲致如下的結論： 　　一、會計盈餘與現金盈餘資訊內涵之比較 　　會計盈餘與股票報酬關聯性大於現金盈餘與股票報酬的關聯。且稅後淨利的資訊品質優於營業淨利。 　　二、應計項目資訊內涵 　　　（一）除第一季及第三季外，淨應計項目並未具有超過盈餘之增額資訊內涵。 　　　（二）除第一季外，流動應計項目並未較非流動應計項目具有較佳的資訊內涵。 　　　（三）在反迴歸模式中，淨應計項目、流動及非流動應計項目均具有增額資訊內涵。 　　三、盈餘組成分子增額資訊內涵 　　　（一）將盈餘分解成營運之現金流量及淨應計項目，對股票報酬的解釋力並無增加；但淨應計項目有超過營運之現金流量之資訊內涵。 　　　（二）現金流量表中要素具有增額資訊內涵，其中營業及投資活動之現金流量皆具有資訊內涵，而理財活動則無。 　　四、敏感度分析：公司規模、應計項目幅度及淨營業項目的長短皆會影響盈餘、現金流量與股票報酬關聯性。 　　　（一）公司規模與股價報酬對會計資訊的反應有關聯，加入公司規模變數後，使盈餘與股票報酬關聯性增加。 　　　（二）應計項目的幅度會影響盈餘、現金流量與股票報酬關聯性。且應計項目幅度較小者，其結果較佳。 　　　（三）淨營業循環的長短也會影響盈餘、現金流量與股票報酬關聯性。且淨營業循環較短者，其結果較佳。

本研究主要探討中國上市公司內部控制品質與盈餘管理是否有關聯。在本研究中分別使用兩種盈餘管理方式進行實證，結果顯示內部控制品質和盈餘管理程度呈顯著負相關，意即內部控制品質越好，越能抑制公司管理者進行盈餘管理。精確來說，良好的內部控制品質可以抑制管理者利用裁決性應計數美化財務報表，意即好的內部控制可以減少應基礎盈餘管理；在實質盈餘管理方面，本研究發現良好的內部控制品質可以減緩管理者透過過度生產向上盈餘管理，降低管理階層增加裁決性費用已達到預期盈餘目標以及抑制公司透過操控銷貨以影響盈餘之情況，意即好的內部控制能有效減少管理者進行實質盈餘管理。整體而言，本研究結果發現好的內部控制，能有效減少管理者進行應計基礎及實質盈餘管理。 / The objective of this thesis is to investigate whether there is a relationship between internal control and earnings management. In this thesis, I use two types of earnings management: accrual-based and real activities earnings management and I find that there is a significantly negative relationship between quality of internal control and earnings management. Specifically, my results show that high-quality internal control inhibits managers from earnings management through discretionary accruals, implying that high-quality internal control could lower the level of accruals-based earnings management. Moreover, I document that high-quality internal control could reduce upwards real earnings management through increase production, decrease influence through decreasing manipulation discretionary expenses and lessen level of abnormal cash flow. Collectively, I find that high-quality internal control can lower the level of real and accrual-based earnings management behaviors.

2001年國際貨幣基金 (IMF) 為使各國政府財政資訊能更完整的表達其全貌、提高營運績效、加強財政責任、提高財政透明度，進而詳實評估政府活動對總體經濟影響程度，並使各國間與學術研究機構有一致性的比較基礎，捨棄1986年版現金基礎的政府財政統計手冊，重新公布改採權責發生基礎記錄經濟事項的政府財政統計手冊。 我國政府會計除基金別之外，又有機關別；會計基礎之採用除現金基礎，又有修正現金基礎、修正應計基礎及契約責任制等，致政府所編製財務報表，非專業人士難以瞭解其報導內容，大大降低財務報表的有用性。八０年代以後，歐美先進國家財政改革過程中，改採以應計基礎編製政府財務報導，藉由成本會計管理觀念的導入，提高政府財政效率及效能，並有效加強資產及負債的管理績效，故本研究以應計基礎試編我國93年度中央政府的合併資產負債表，以呈現政府目前的財政狀況。 本研究將93年度中央政府 (1)普通基金公務機關決算、(2)非營業特種基金決算、(3)國營事業決算、(4)已結束營業尚未清理完畢之前省營或國營事業清理期間決算等四大部分，將未依商業會計應計基礎所編製的平衡表，經調整、補列各項資產及負債項目及沖轉內部交易等事項後，試編93年度中央政府合併資產負債表，其淨值為7,529.85億元。 / In 2001 the International Monetary Fund (IMF) dedicated for the various countries' government finance information more integral to display the complete visions of government finance, to enhance the operation efficiency, to reinforce the fiscal accountability, and to uplift the fiscal transparency, furthermore to evaluate the effects of government activities on the overall economy, and to enable the various countries and the academic research institutes to have the coherence comparison benchmark, abandoned the cash basis of the Government Finance Statistics Manual of 1986, and renounced to adopt the economic transaction record of the Government Finance Statistics Manual 2001 on an accrual basis. In Taiwan government accounting has been classified by institutions as well as by funds. All kinds of government accounting basis adopted in Taiwan are as follows: the cash basis, the modified cash basis, the revision accrual basis and the contract responsibility system. Therefore the financial report forms and contents published by the government, could not been understood by the public, except the professional. Therefore the usability of the financial report forms is greatly reduced. After 1980s, during the fiscal reform in European and American advanced countries, adaptation of accrual basis to establish government finance report form, by introducing the concepts of cost accounting, enhances the government finance efficiency and effectiveness greatly, and strengthens the performances of asset and liability management. Therefore this research employs accrual basis trying to establish a consolidated balance sheet of 2004 fiscal year for central government in Taiwan, and to show the fiscal stance of this country. This research tries to combine the fiscal year 2004 final accounts of central authorities, including (1) the agency unit general fund’s final accounts, (2) non-profit special fund’s final accounts, (3) state-owned enterprises final accounts, and (4) not yet sorted out but finished business of the province-owned or the state-owned enterprises liquidated period of final accounts, which are all not arranged according to commercial accounting basis. After finishing adjustments and additional arrangements for some items of assets and liabilities and off-setting the amounts of internal transactions, fiscal year 2004 central government consolidated balance sheet’s net worth is 752.98 billion NT Dollars.

I tidigare studier har det framkommit att amerikanska företag manipulerar sina finansiella räkenskaper inför en nyemission med hjälp av Earnings Management genom oförklarliga periodiseringar. Detta görs i syfte att reflektera en bättre bild av företagets finansiella ställning gentemot hur det i verkligheten ser ut. Företeelsen tillämpas med avsikt att erhålla ett större finansiellt riskkapital då företaget utfärdar nyemission. Denna studie undersöker om svenska företag agerar likt amerikanska företag vid en nyemission och därför är syftet i studien att undersöka om svenska företag tillämpar Earnings Management genom oförklarliga periodiseringar vid perioden då de utfärdar nyemission. Svenska företag har varit av intresse i följande studie då svenska företag verkar under ett annorlunda redovisnings- och skattesystem än amerikanska företag gör, varpå vi vill testa om teorin Earnings Management genom oförklarliga periodiseringar är tillämpbar på även svenska företag, trots de skillnader som föreligger mellan ländernas lagsystem. Studien har genomförts med hjälp av en kvantitativ metod som vi presenterat med hjälp av en deskriptiv statistisk analys. De resultat som framkommit i studien är att även svenska, såväl som amerikanska, företag tillämpar Earnings Management genom oförklarliga periodiseringar vid de kvartal då ska utfärda nyemission, trots de olikheter i redovisnings- och skattesystem som råder länderna emellan. Förutom detta visar studien på att svenska företag även tillämpar en extrem form av Earnings Management samt att olika branscher tillämpar Earnings Management genom oförklarliga periodiseringar i olika grad då de ska utfärda nyemission. De resultat som framkommer i följande studie visar att det är av stor betydelse att investerare har en medvetenhet om att Earnings Management genom oförklarliga periodiseringar förekommer när svenska företag ska utfärda nyemission. Detta är av vikt då tidigare studier har påvisat att många investerare som förvärvat aktier i företagen som tillämpat Earnings Management genom oförklarliga periodiseringar har känt en besvikelse samt upplevt att de blivit missledda av företagens publicerade finansiella rapporter efter nyemissionen. Besvikelsen grundar sig i att det rapporterade resultatet vanligtvis kraftigt sjunker kvartalen efter nyemission då företagen tillämpat Earnings management genom oförklarliga periodiseringar. / In previous studies, it has been found that US companies manipulate their financial statements before issuing Seasoned Equity Offerings (SEO) using Accrual-based Earnings Management. This is done by the company in order to reflect a better financial position compared to their true underlying financial performance. Accrual-based Earnings Management is applied with the intention of obtaining larger financial capital when issuing SEOs. This study examines whether Swedish companies, consistent with US companies, apply the phenomenon in a similar way while issuing SEOs and the purpose of our study is therefore to investigate whether Swedish companies apply Accrual-based Earnings Management in the period they issue SEOs. Swedish companies have been of interest in the following study, as Swedish companies operate under a different accounting and tax law compared to that of American companies. As a result, we want to test the theory of Accrual-based Earnings Management to see if it is applicable to Swedish companies, despite the differences in tax law that exists between the countries. The study has been conducted using a quantitative methodology which has been presented through a descriptive statistical analysis. Our results imply that Swedish- as well as American companies, apply Accrual-based Earnings Management in the period they issue SEOs. This is found despite differences in accounting and tax law between the two countries. In addition to this, the study also shows that Swedish companies apply an extreme form of Accrual-based Earnings Management, and that it exist industrial differences in the level of Accrual-based Earnings Management that is applied when issuing SEOs. The results found in the following study show that it is of the utmost importance that investors have an awareness regarding Accrual-based Earnings Management and that it occurs when Swedish companies issue a SEO. This is important as previous studies have shown that many investors who acquired shares in the companies who applied Accrual-based Earnings Management when issuing SEOs, have felt disappointed and have found that they have been misled by the companies published financial reports following the SEO. The disappointment is based on the fact that as companies apply Accrual-based Earnings Management, the companies reported earnings usually fall in the period after issuing a SEO.

Bakgrund och problemdiskussion: Inom intäktsredovisning råder det en problematik om när en intäkt ska redovisas samt till vilket belopp. Den 1 januari 2018 träder den nya intäktsredovisningsstandarden IFRS 15 i kraft och ersätter alla tidigare standarder som behandlade intäkter. IFRS 15 har ett fokus mot ett balansorienterat synsätt gentemot de tidigare standarderna som hade ett fokus mot ett resultaträkningsorienterat synsätt. Syfte: Denna studie ämnar sig åt att ge en överblick kring den omfattning bolag påverkas av IFRS 15. Syftet med studien är även att undersöka de berörda bolagens intäktsströmmar för att ge en förklaring till varför vissa intäktsströmmar påverkas samt inte påverkas. Metod: Studien har utgått från ett kvantitativt tillvägagångssätt där vi har samlat in empiriska data från börsnoterade bolags finansiella rapporter. Även bolagens analyser kring IFRS 15 betraktades för att kunna analysera intäktsströmmarna. I studien har vi använt oss utav variablerna nettoomsättning, bruttomarginal och rörelsemarginal för att mäta effekterna av IFRS 15. Resultat: Studiens resultat visade att majoriteten av bolagen inte kommer att få en kvantifierbar påverkan av IFRS 15. Endast en liten del av populationen i studien fick en kvantifierbar påverkan av IFRS 15. En stor del av populationen hamnade i bortfall eftersom de inte har hunnit analysera effekterna av IFRS 15. / Background and problem discussion: In revenue recognition, there’s a big problem about when a revenue should be recognised and to what amount. The new revenue recognition standard enters into force 1 january 2018 and supersedes all the previous standards that treated revenue. IFRS 15 focuses on a balance-sheet oriented approach compared to the previous standards that focused on an income-statement approach. Purpose: The purpose of this study is to contribute an overview on how companies are affected by IFRS 15. This study also aims to investigate the revenue streams of the companies concerned by IFRS 15 by explaining why a certain revenue streams are affected and not affected. Method: The study is based on a quantitative approach where we collected empirical data from publicly traded companies’ financial reports. We also collected the companies’ analysis of IFRS 15 to analyze the revenue streams. In the study, we used the variables net sales, gross margin and operating margin to measure the effects of IFRS 15. Result: The study’s results showed that most the companies wouldn’t have a quantifiable impact by IFRS 15. Only a small portion of the population in the study received a quantifiable impact by IFRS 15. A large proportion of the population were classified as statistical loss since they haven’t started to analyze the effects yet.

Bakgrund/Problemdiskussion: Framtagandet av intäktsstandarden IFRS 15 påbörjades efter ett antal skandaler som visat på en problematik i det traditionella synsättet med att erkänna intäkter. Ett flertal debatter har uppkommit i hur den nya omfattande intäktsstandarden kommer ge effekt i redovisningen. Syfte: Syftet med studien är att skapa förståelse för varför intäktsströmmar påverkas respektive inte påverkas i och med övergången till IFRS 15. Metod: Vi har med utgångspunkt från en kvantitativ forskningsansats samlat in det empiriska materialet för denna studie. Detta har gjorts genom att främst utgå från data som finns i bolagens årsredovisningar 2017. För vissa bolag har även bokslutskommunikén 2017 använts som komplement för årsredovisningarna. Bolag som studerades var samtliga Large Cap bolag på Nasdaq Nordic STO.   Empiri: Av totalt 95 bolag visade 19 bolag att de fick en kvantifierbar effekt av den nya intäktsstandarden. 75 bolag redovisade att de inte skulle få någon kvantifierbar effekt av den nya intäktsstandarden, medan 1 bolag blev bortfall för studien. Slutsatser: Den nya intäktsstandarden har inneburit att bolagen behövt iaktta ett fokus på kontroll vilket bestämmer tidpunkten för intäktsredovisningen. I denna studie går det inte att avgöra ifall specifika intäktsströmmars karaktärer varit grunden till den kvantifierbara effekten som IFRS 15 givit, utan detta har snarare bestämts av det fördelade transaktionspriset på prestationsåtaganden vilket satt kontraktets värde. / Background: The development of a new revenue recognition standard IFRS 15, began after a number of scandals that showed problems with the traditional approach of recognizing revenues. The comprehensive revenue standard has arisen many discussions of how the standard will impact the accounting of enterprises.    Purpose: The purpose of this study is to understand why revenue streams gets affected and not gets affected of the transition to IFRS 15.    Method: The data for this study has been collected, through a quantitative research. The data has mainly been collected from the company´s annual reports 2017. The Q4 reports for 2017 has for some companies been used as a complement to the annual report. The study contained all Large Cap companies listed at Nasdaq Nordic STO.   Results: Of a total of 95 companies, 19 companies showed that they had a quantifiable effect of the new revenue standard. 75 companies reported that they would not have a quantifiable effect of the new standard, while one company was a loss for this study.   Conclusions: The new revenue standard has meant that companies need to observe a focus on control, which determines the timing of the revenue recognition. In this study, it is not possible to assess whether the characteristics of specific revenue streams have been the basis of the quantifiable effect that IFRS 15 has given, but this has rather been determined by the distributed transaction price on performance commitments, which set the value of the contract.

Cette thèse se compose de trois essais sur deux anomalies bien documentées : effet momentum et anomalie des ajustements comptables. Le premier essai examine si l'ampleur de l'anomalie des ajustements comptables est entraînée par la probabilité de détresse financière. Les résultats indiquent que l'anomalie des ajustements comptables est économiquement et statistiquement positive pour les entreprises avec une faible probabilité de détresse financière, mais non significative pour celles avec une forte probabilité de détresse financière. Cela signifie que cette anomalie des ajustements comptables est omniprésente, mais pas limitée aux entreprises avec une faible probabilité de détresse financière. Le deuxième essai étend la question de recherche abordée dans le premier essai au marché boursier émergent du Vietnam. Comme pour les résultats du premier essai, les résultats indiquent que l'anomalie des ajustements comptables est limitée aux stocks avec une faible probabilité de détresse financière. Le dernier essai examine si l'effet momentum se produit sur le marché boursier vietnamien. Les résultats confirment la présence de momentum dans le court terme et révèlent aussi que les rendements gagnants et perdants sont faiblement persistants, mais que la forte corrélation entre ces rendements gagnants et perdants crée des bénéfices momentum significatifs. / This dissertation consists of three essays on two well-documented anomalies: momentum effect and accrual anomaly. The first essay investigates whether the magnitude of accrual anomaly is driven by the financial distress probability. The results indicate that accrual anomaly is economically and statistically positive for firms with low financial distress probability, but insignificant for those with high financial distress probability. This means that that accrual anomaly is not pervasive but limited to firms with low financial distress probability. The second essay extends the research question addressed in the first essay into the emerging stock market of Vietnam. Similar to the findings in the first essay, the results indicate that the accrual anomaly is limited to the stocks with low financial distress probability. The last essay examines whether the momentum effect occurs in the Vietnamese stock market. The results support the occurrence of momentum in the short-run and also reveal that winner and loser returns are low persistent, but the strong correlation between winner and loser returns creates significant momentum profits.

The diploma work put brain to income from operations of natural persons in the accounting and tax evidence. At first it targets the income from operations and its different concept in the evidences. It describes establishment of income from operations on accrual and cash basis, defines components of income from operations - expenses, revenues, gains, losses, incomes and expenditures. The next part of the work focuses on legislation of income from operations in teh Czech Republic (in accounting and tax evidence).One of the chapters speeks about some economic transactions, which influences income from operations different in the accounting and tax evidence. The diploma work is finished with short example, which brings near the problem.

Graduation theses desribes business income, revenues, expenses, costs and cost classification. It shows up accounting concepts and princeples. It interpets different access to the business income. It shows this problem in setting of International Financial Reporting Standards, US GAAP, EU and Czech Republic (subject and presenting financial data). Thesis describes relation between income and financial analysis. It represents maintainance of business substance. In conclusion I describe valuation models and their relations to income.