從資訊不對稱論析盈餘管理對投資效率之影響

Abstract

本研究針對不同的股權結構與不確定性因素之企業，討論在資訊不對稱下盈餘管理與投資無效率之關聯性。本文利用TEJ財務資料庫之樣本，探討臺灣家族企業與高科技產業在資訊不對稱下，盈餘管理是否較易產生不當的投資決策。結果顯示，家族企業相對於非家族企業，盈餘管理較易產生無效率投資。而家族高科技產業相對於家族傳統產業、非家族高科技產業及非家族傳統產業，在盈餘管理下較易出現投資無效率，且於後期過度投資的情形更為顯著。

This study investigates the association between earnings management and investment inefficiency given the existence of information asymmetry. In particular, we use the data from the TEJ database to examine such association in the context of family and hi-tech firms by considering the lagged information and industry characteristics. Our results show that the association between earnings management and investment efficiency is larger for family firms with high uncertainty comparing to non-family and non-high-tech firms.