标题: 盈余管理对负债到期结构选择之影响
The Impact of Earnings Management on the Choice of Debt Maturity Structure
作者: 张诗政
Shih-Cheng Chang
林建荣
Jane-Raung Lin
财务金融研究所
关键字: 负债到期结构;盈余管理;长期绩效;Debt Maturity Structure;Earnings Management;Long-Term Performance
公开日期: 2007
摘要: 过去文献已研究出许多影响公司债券到期日结构决策的因素,分析在不同假说设定下,对债券到期日长短选择的影响。本文目的在于研究盈余管理的行为是否会对负债到期结构之选择有所影响,此外,亦讨论采取盈余管理的公司在发行债券后之长期绩效。实证结果发现,发行债券前,公司若采取在财务报表上呈现较高盈余之盈余管理(积极盈余管理),公司愈有企图发行到期日较长之债券,持有较高比例长期负债在其资本结构中,以避免外部频繁的监控及较高之短期债券重复发行成本。实证亦证实采取积极盈余管理的公司在发行债券后的五年内,会有负向的长期绩效,显示当投资人发现公司操纵盈余事实时,将对其失去信心,进而反映在公司长期股票报酬的表现上。
Previous analysis has advanced many factors that will affect the firms’ choice of debt maturity structure. The main goal of our study is to examine the relationship between the debt maturity structure and the behavior of earnings management. Besides, we also measure the long-term stock return performance of these firms after issuing debt. From the empirical results, we find that firms which take earnings management to report higher earnings (aggressive) will have incentive to issue debt with longer maturity in order to avoid the frequent outside monitoring and higher issuing cost of short-term debt. In addition, we find that these firms with aggressive earnings management will face 5-year negative long-term stock return performance and indicate that after the manipulation is revealed, investor will lose their confidence and reflect on firms’ stock return performance.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT009539506
http://hdl.handle.net/11536/39351
显示于类别:Thesis


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