盈餘管理與現金持有率之分析 - 以台灣及越南市場為例

Abstract

盈餘管理於分析企業的現金持有行為擁有至關重要的角色。當管理者藉由進行操控盈餘來提高財報收益時，資訊不對稱加劇，導致企業會通過兩個主要動機來進行調整現金水準，分別為現金持有的預防性利益與代理問題成本。 因此，這份論文的目的希望研究盈餘管理如何影響公司的現金持有率，尤其在新興國家的情況。而我們會以台灣與越南，一個屬於已發展，一個為發展中國家為主要探討國家。 根據迴歸結果，每個盈餘管理指數與現金持有率之關係有所差異。 首先，應計項目盈餘管理AEM正向影響現金持有率。 相反，實質盈餘管理REM與現金水準呈負相關。當盈利不透明時，在主要交易所上市的台灣公司會減少現金。越南企業也發現同樣影響，但僅出現於 OTC上市之公司。再者，全球不確定性指數對於盈餘管理行為如何影響現金持有率都有不同的結果。 在經濟與政治高度不確定時期，當盈餘管理增加時，台灣企業會較平常減少更多現金持有。同樣的，當全球不確定性較高時，AEM 向上調整會使越南企業持有的現金比一般情況少，但REM 增加時越南企業持有的現金則比平時多。

Earnings management plays a crucial role in investigating corporate cash holdings behavior. As managers intentionally boost earnings, information asymmetries inflate, causing cash reserves to be adjusted through two main motivations, precautionary benefit and the cash cost of the agency problem. Thus, we aim to study how earnings management is associated with the cash holdings of firms in Taiwan and Vietnam, two emerging countries, with one being a developed and one being a developing country. From our research, we find that the relationship between earnings management and cash holdings is different for each earnings management index. Firstly, accrual earnings management has a favorable impact and is strongly connected with firm cash holdings. In contrast, real-activities management is negatively related to the cash level. The findings of AEM and REM consisted of Taiwan and Vietnam. However, when earnings are opaque, Taiwanese companies listed on major exchanges often cut their cash on hand. At the same time, the Vietnam sample reflects the exact impact but for OTC-listed firms only. Interestingly, our research provides evidence that the world uncertainty index has a different impact on how earnings management behavior affects cash holdings. Taiwanese companies tend to decrease their cash reserves more when earnings management increases during high world economic and political uncertainty periods. On the other hand, Vietnamese corporates maintain less cash than usual when there is an upward adjustment in AEM and more cash when there is an increase in REM during times of higher global uncertainty.