标题: 台湾IC设计产业盈余管理与经营绩效、公司治理之研究
An Empirical Study on Earnings Management、Operating Performance and Corporate Governance of Taiwan IC Design Industry
作者: 彭慈风
Peng, Tzu-Feng
王淑芬
Wang, Sue-Fung
管理学院财务金融学程
关键字: IC设计产业;盈余管理;公司治理;员工分红费用化;IC design industry;earnings management;corporate governance;expensed employee bonus
公开日期: 2009
摘要: 台湾IC设计产业市占率仅次美国位居全球第二,研发能力备受国际瞩目,享有高获利及市场评价;然由于电子产品主流变化快速且创新竞争激烈,使其成长前景及获利能力亦波动剧烈。本研究以民国92年至96年台湾上市柜IC设计公司为研究样本,利用Modified Jones Model估计裁决性应计数,以复回归分析法针对成长性、获利性、公司治理、上市柜时间长短、现金增资及员工分红费用化等因子和盈余管理行为之关联性进行探讨。实证结果发现:(1)由于市场评价反映对未来的预期,IC设计业长久以来因成长前景看好而享有较高的股价净值比,因而股价净值比并不显着影响盈余管理行为,(2)获利与盈余管理程度显着成正比;然当获利极度不佳甚至亏损时,为避免管制成本,反而不会有调高盈余的行为,(3)IC设计业董监多为研发技术背景出身,持股主要系为贯彻其经营理念及领导研发团队、产品走向,并不会与个人利益过度结合,故董监持股及质押比并不影响盈余管理行为,(4)上市柜时间短之IC设计公司正处于资金需求大的高度成长阶段,为使募资更加顺利,有显着美化报表的行为,(5)员工分红费用化实施后因经营成本提高,在无其他新的可供调高盈余的应计项目且营业费用大幅增加的情形下,盈余管理程度显着下降。
Only second to the United States, the R&D capability of Taiwan’s IC design industry has been well reckoned in global market. It has long been a profitable industry thus greatly valued by Taiwan equity market, however, due to rapid change of mainstream products and fierce competition, growth potential and profitability of IC design house are also volatile. To confirm the effects of growth, profitability, corporate governance, IPO, seasoned offering, and expensing employee bonus on earnings management, we use Modified Jones Model to estimate discretionary accruals and multiple regression for analyzing the relationship. Taking Taiwan’s listed IC design houses as our samples, the sample period starts from 2003 to 2007. Empirical findings: (1)IC design industry has been enjoying higher price-to-book ratio because of its future growth potential, P/B ratio does not have major influence on earnings management. (2)The more superior profitability the larger earnings management. However, when company books loss, less earnings management to avoid regulation cost. (3)Shareholdings and pledge by directors and supervisors does not affect earnings management. Their R&D backgrounds lead the product strategy and technology roadmap, causing less issue on conflict of interest. (4)Being in the status of high growth and large funding demand, companies IPO for shorter years are more engaged in earnings management in order to attract investors. (5) Expensing employee bonus causes higher operating cost thus results in less earnings management for no other new accruals can be use to increase profit.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT079672523
http://hdl.handle.net/11536/43901
显示于类别:Thesis


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