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標題: | 總經理財務專家對公司績效與盈餘品質之影響 An Empirical Study on the Relationship Between CEO Financial Expertise and Operating Performance and Earnings Quality |
作者: | Ka-Lap Tam 譚家立 |
指導教授: | 李艷榕 |
關鍵字: | 總經理,財務專家,經營績效,盈餘品質, CEO,financial expert,operating performance,earnings quality, |
出版年 : | 2015 |
學位: | 碩士 |
摘要: | 本研究主要探討總經理財務專家與公司績效以及盈餘管理之關係。
本研究使用國內2006年至2013年的上市櫃公司為樣本,並以資產報酬率 (ROA)作為公司績效的代理變數,實證結果顯示財務專家總經理在全部樣本的測試中並未與績效存在顯著關係 ;而當財務主管為非財務專家時,總經理財務專家與公司績效呈顯著正相關,本研究認為財務主管主要負責財務上的決策,而當財務主管經驗有所不足時,總經理財務專家能夠提供更有效的財務決策建議並提升公司績效。另外,本研究亦發現在營運環境複雜的公司中,財務專家總經理與公司績效呈顯著正相關,而在營運環境較簡單的公司中則無顯著相關性;本研究認為財務專家更能夠處理複雜的財務資訊與數據,因此財務專家總經理比一般總經理在複雜的營業環境中能夠擁有更優越的表現。 在盈餘管理模型中,本研究以Modified Jones Model所衡量的異常應計數絕對值作為盈餘管理的代理變數,實證結果發現財務專家總經理在全部樣本測試中與異常應計數絕對值並無顯著相關;而在異常應計數為正的樣本中,財務專家總經理與盈餘管理無顯著關係;在異常應計數為負的樣本中,財務專家總經理則與盈餘管理有著顯著正相關,表示財務專家總經理比較會負向調整盈餘;本研究認為原因可能由於美國發佈的沙氏法案 (The Sarbanes Oxley Act)提高了經理人的法律責任,全球各國開始重視經理人對公司的責任,經理人為避免負上法律責任因而傾向保守操作,因此比較會往下調整盈餘。 This paper examines the relationship between CEO financial expertise and the firm’s operating performance and earnings quality. Using a sample of listed companies in Taiwan from 2006 to 2013, I find that CEO financial expertise is not significantly related to firm performance as proxied by return on assets (ROA) in the full sample. However, it is positively associated with firm performance when CFO of the firm is not a financial expert. This finding is consistent with the idea that when the CFO is not a financial expert, CEO’s financial expertise can compensate the lack of financial experience of the CFO. In addition, using the number of departments as the proxy of operating complexity, I find that CEO financial expertise is positively associated with firm performance for firms with more complex operating environments. Using the absolute value of discretionary accruals (DA), as measured by the Modified Jones Model as the proxy for earnings management level, I find that CEO financial expertise is not significantly associated with earnings management in the full sample and in the subsamples of firms with positive DA. However, CEO financial expertise is positively associated with the earnings management level in the subsample of firms with negative DA. This finding may be attributed to a more conservative accounting management caused by the Sarbanes Oxley Act which imposes more stringent legal responsibilities to CEOs. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18047 |
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顯示於系所單位: | 會計學系 |
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