上市公司本益比與盈餘管理關聯性之研究
| Autor: | 鄭巧枚, Jeng, Chaio-May |
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| Druh dokumentu: | Text |
| Popis: | 本益比有資訊內涵存在 (Basu, 1977)，為投資人做投資決策時所廣泛使用。Lev (1992) 認為，本益比發生變動，或是公司本益比與產業平均數存在持續性差異，即顯示公司價值有錯誤評價之可能，因此，本研究將樣本分為三組，透過迴歸分析探討83年至90年間上市公司中，本益比持續性地高於（低於）產業平均數的公司，是否進行盈餘管理，以及相較於其他公司，其盈餘持續性與價格攸關性如何。研究結果發現，本益比持續性地高於產業平均數的公司，其盈餘管理行為並不明顯；本益比持續性地低於產業平均數的公司，確實會進行盈餘管理，使得盈餘持續性較差，但有較好的盈餘價值攸關性。 There are information in Price-Earnings（PE） ratio so that many investors use it for making decisions. Changing in PE ratio, or PE ratio different from the average of industry over time, will suggest to managers the possibility of misvaluation. Therefore, the study divides the samples to three parts, using regression analysis to investigate if the firms with PE ratio continuously higher (or lower) than the industry average number will use managerial discretion to proceed earnings management. Besides, comparing to other firms, the two sample companies will have what kinds of characteristics of earnings. The result indicate that the firms with PE ratio higher than industry average number, their earnings management behavior is not obvious. On the contrary, the firms with PE ratio lower than industry average number indeed proceed earnings management, inducing worse earnings persistence and better value relevance of earnings. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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