标题: | The relation between financial statement quality and dividend payout: The role of information asymmetry 财务报表品质与股利发放之关联性──资讯不对称之调节效果 |
作者: | Yi-Hui Tai |
关键字: | 财务报表品质;股利;资讯不对称;实质盈余管理;应计盈余管理;Financial statement quality;dividend;information asymmetry;real earnings management;accruals management |
公开日期: | 六月-2020 |
出版社: | 国立交通大学 经营管理研究所 Institute of Business and Magement, National Chiao Tung University |
摘要: | 过去很多文献探讨财务报表品质如何影响公司的筹资及投资决策,但却很少文献讨论财务报表品质对股利政策之影响。因此,本研究分析财务报表品质对股利发放之影响,并将财务报表品质定义为下列三项:(1)应计盈余管理程度;(2)实质盈余管理程度;(3)应计品质。本研究进一步探讨资讯不对称对于前述关联性的影响,并以控制股东股权偏离程度及采行国际财务报导准则来代理资讯不对称程度。本研究以2010年至2015年的台湾上市柜公司为研究样本。本研究实证结果显示若将财务报表品质定义为应计盈余管理程度,则财务报表品质越差,股利发放率就越高;然而,若将财务报表品质定义为实质盈余管理程度或应计品质,则财务报表品质与股利发放率之间不具关连性。除此之外,本研究也发现当资讯不对称程度越高,则财务报表品质与股利发放之间的关联性越强。换言之,当控制股东股权偏离程度越大、抑或是公司采行国际财务报导准则之前,财务报表品质与股利发放之间的关联性越显着。本研究结果可以补充文献之不足,并作为上市柜公司发放股利参考之用。 Many previous studies in the literature have explored how the quality of financial statements affects a company’s financing and investing decisions, but few have discussed the impact of the quality of financial statements on dividend policy. Therefore, this article explores the relation between the quality of financial statements and dividends payout and this paper defines the quality of financial statements by the following three items: (1) the level of accruals management; (2) the level of real earnings management; and (3) accruals quality. We further use “control-cash flow right deviation of ultimate controllers” and “adoption of IFRS” to proxy information asymmetry and examine whether information asymmetry will influence the relation between the quality of financial statements and the dividend payout. This study employs TWSE/TPEx listed companies from 2010 to 2015 as research samples. The empirical results show that if the quality of financial statements is defined by the level of accruals management, then the worse the quality of financial statements, the higher the ratio of dividend payout. However, if the quality of financial statements is defined by the level of real earnings management or accruals quality, then there is no relation between the quality of financial statements and the ratio of dividend payout. The study also finds that if the level of information asymmetry of companies is larger, the relation between the quality of financial statement and dividend payouts is more pronounced. In other words, The larger the control-cash flow right deviation of ultimate controllers or before adoption of IFRS, the more pronounced relation between the quality of financial statements and the ratio of dividend payout. The results of this research serve as a supplement to the literature as well as a reference for TWSE/TPEx listed companies with regard to the distribution of dividends. |
URI: | http://dx.doi.org/10.3966/102873102020064001003 https://ibm.nycu.edu.tw/ibm/cmr/2020_Issue1/2020_Issue1.html http://hdl.handle.net/11536/155833 |
ISSN: | 1028-7310 |
DOI: | 10.3966/102873102020064001003 |
期刊: | 交大管理学报 Corporate Mangement Review Chiao Da Mangement Review |
Volume: | 40 |
Issue: | 1 |
起始页: | 77 |
结束页: | 126 |
显示于类别: | Chiao Da Mangement Review |
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