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標題: | 財報品質及股權結構與流動性關係之研究 Accounting quality and the relationship between ownership structure and liquidity |
作者: | Shih-Chieh Liu 劉時傑 |
指導教授: | 何耕宇 |
關鍵字: | 財報品質,股權結構,流動性, accounting quality,ownership structure,liquidity, |
出版年 : | 2013 |
學位: | 碩士 |
摘要: | 本論文在研究不同的會計資訊品質下,股權結構與流動性之間的關係變化。我們採用2007年至2011年的美國公司資料。本研究結果顯示,股權結構與流動性會因為會計品質而具有間接的關係。在財報品質改變時,股權結構與流動性的關係也會隨之改變。我們發現在財報品質較佳時,誘因效應會較容易產生,而且資訊不對稱的程度會較緩和。在財報品質較差時,壕溝效應會較容易產生,而且資訊不對稱的程度會較嚴重。本研究亦可為同類型公司間股權結構卻不相同之現象提供一個可能的解釋。 This paper studies the relation between ownership structure and liquidity under different accounting quality conditions. We use the U.S. firm data ranging from 2007 to 2011. The results suggest that there exists an indirect relation between ownership and liquidity through accounting quality. The statistical significance and economics magnitude of the relation between liquidity and ownership structure are altered when the accounting quality is changed. We find that under higher accounting quality, the incentive effect is more likely to occur and the level of information asymmetry is less severe. Under low accounting quality, the entrenchment effect is more likely to occur and the level of information asymmetry is more severe. The findings may also provide an explanation on how firms with similar attributes have such diverse ownership structures. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/62469 |
全文授權: | 有償授權 |
顯示於系所單位: | 財務金融學系 |
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ntu-102-1.pdf 目前未授權公開取用 | 1.97 MB | Adobe PDF |
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