公司規模及多角化交互作用下對盈餘管理及市場評價的影響

Abstract

文獻上詮釋公司規模或多角化對盈餘管理的關係存在兩個對立的假說，分別是資訊不對稱假說和應計數抵銷假說。本研究則進一步探討兩者交互作用對盈餘管理與市場評價的影響。研究結果除了驗證公司規模或多角化對盈餘管理的關係分別與資訊不對稱和應計數抵銷假說一致外，也發現當公司規模愈小，兩者交互作用下，資訊不對稱假說扮演較重要的角色。此外本研究也發現「大規模且多角化」的公司，較不會操弄盈餘管理，同時也產生正面的市場評價。有鑑於此，本研究亦透過因果關係檢定後發現唯有同時考量公司規模與多角化的交互效果才能完整的詮釋對盈餘管理與公司價值的影響。

According to previous studies, two competing hypotheses exist in explaining the relation between size and diversification and earnings management, namely, the “information asymmetry hypothesis” and the “offsetting accrual hypothesis.” In the current paper, we discuss the cross effects of size and diversification on earnings management and market valuation. The effect of size or diversification on earnings management is consistent with the “information asymmetry hypothesis” and the “offsetting accrual hypothesis.” In addition, when combining the cross effects of size and diversification, the “information asymmetry hypothesis” apparently dominates the “offsetting accrual hypothesis.” Still further, “diversified and big” firms are less likely to manipulate accounting earnings and acquiring positive valuation from the market. Hence, we use the Granger causality test to prove that the explanation of the association between earnings management and market valuation can only be determined by combining the cross effects size and diversification.