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標題: | 盈餘品質、現金持有與公司市值之關聯性研究 Earnings Quality, Cash Holdings, and Firms’ Market Value |
作者: | Ya-Hsuan Wu 吳雅萱 |
指導教授: | 廖珮真(Pei-Cheng Liao) |
關鍵字: | 盈餘品質,應計品質,裁量性應計品質,異常應計數之絕對值,現金持有,公司市值, Earnings quality,accrual quality,discretionary accrual quality,absolute abnormal accruals,cash holdings,firms’ market value, |
出版年 : | 2013 |
學位: | 碩士 |
摘要: | 本研究參考Sun, Yung, and Rahman (2012)之研究,根據Francis, LaFond, Olsson, Schipper (2005)提出之應計品質及裁量性應計品質模型,所得出之應計品質、裁量性應計品質,及利用修正後Jones (1991)模型所得出之異常應計數之絕對值,作為盈餘品質估計變數,以2002年至2011年為樣本期間,672間上市櫃公司為樣本公司,共6720筆樣本資料,探討盈餘品質對公司現金持有及現金持有價值之影響。
根據 Opler, Pinkowitz, Stulz, and Williamson (1999)及Bates, Kahle, and Stulz (2009)所使用之現金持有模型,本研究發現,盈餘品質與現金持有比率呈現顯著正向關係,且公司價值對帳面價值比、公司規模控制變數、現金流量比率、淨營運資金比例、資本支出比、負債比率、研發費用對銷售比率及股利因子與現金持有亦呈現顯著相關。 本研究亦參考Dittmar and Mahrt-Smith (2007)之現金持有價值模型,並將樣本調整為電子工業,玻璃陶瓷、造紙工業與橡膠工業,及航運、觀光與貿易百貨三項行業別之樣本公司,共382間樣本公司、3820筆資料後,發現雖然盈餘品質估計變數未如預期呈現顯著負相關,但超額現金與公司價值呈現顯著正相關,且超額現金與盈餘品質估計變數交乘項及超額現金、盈餘品質估計變數與公司治理變數交乘項,與公司價值呈現顯著之負相關。 Based on the study of Sun, Yung, and Rahman (2012), this paper uses accrual quality and discretionary accrual quality, derived from the accrual and discretionary model built by Francis, LaFond, Olsson, Schipper (2005), and absolute abnormal accruals, derived from modified Jones (1991) model, as the measurement of earnings quality. Using Taiwan’s listed companies from 2002 to 2011 as the sample, this paper analyzes the impact of earnings quality on cash holdings and the value of cash holdings. Using the cash holdings model suggested by Opler, Pinkowitz, Stulz, and Williamson (1999) and Bates, Kahle, and Stulz (2009), this paper finds that cash holdings increase significantly when earnings quality is poor. Besides, this paper also finds that cash holdings are significantly related to market-to-book ratio, companies’ magnitude, cash flow ratio, net working capital ratio, ratio of capital expenditure, leverage, R&D expense to sales, and dividend dummy. Using the value of cash holdings model by Dittmar and Mahrt-Smith (2007), with the sample in some specific industries, this paper finds that excess cash is positively related to firms’ market value. Moreover, the interaction between excess cash and earnings quality as well as the interaction between excess cash, earnings quality, and corporate governance are significantly and negatively related to firms’ market value. This result implies that poor earnings quality has negative impact on firms’ market value. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/6105 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 會計學系 |
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