盈餘管理與權益流動性

Abstract

盈餘管理的議題是越來越重要在伴隨著最近一連串的會計醜聞的風波下，文獻中大部分的研究都著重在盈餘管理與股票報酬上。只有少許的理論分析模型在探討盈與管理與權益流動性，然而這兩者之間的關係還欠缺實證研究去檢驗它，本篇實際去驗證是否盈餘管理影響權益市場的流動性，我檢驗的樣本總共有620家在紐約證券交易所上市的公司，研究結果顯示出盈餘管理與權益流動性之間有顯著的正相關在三階最小平方法上，我們發現這個現象與市場將會透過市場機制懲罰那些有操弄盈餘的公司的概念一致。

The issue of earnings management is more and more important by the recent spate of corporate accounting scandals. Most studies in the literature focus on relation between earnings management and stock returns. Only few analytical models study the relation between earnings management and equity liquidity. This relation still lack of empirical work to investigate it. This paper empirically examines whether earnings management affects the liquidity in equity market. I examine a sample of 620 U.S. public companies that listed in NYSE. The result shows a significant positive relation between earnings managements and equity liquidity with the Three Stage Least Squares (3SLS) estimation. Our findings are consistent with the idea that market does punish the firms manipulating reported earnings through market mechanism.