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學校名稱輔仁大學
系所名稱會計學系
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學號492715085
研究生(中)林雅柔
研究生(英)Lin, Ya-Jou
論文名稱(中)盈餘品質與融資合約
論文名稱(英)Earnings Quality and Debt Contracting
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指導教授(中)范宏書 博士
指導教授(英)Dr. Fan, Hung-Shu
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畢業學年度94
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關鍵字(中)盈餘品質 融資合約 還款期限 融資擔保
關鍵字(英)Earnings Quality Debt Contracting Loan Rate Maturity Collateral
摘要(中)本研究以為2000年至2004 年台灣股票上市櫃公司為樣本,來檢視上市櫃公司之債權人是否以公司之盈餘品質,作為評估其未來還款財源之現金流量品質的依據,藉以評估融資合約之信用風險,並決定其融資條件。本研究係國內首次藉由檢視盈餘品質對融資合約的影響。 本研究以Jones模式裁決性應計數絕對值、修正Jones模式裁決性應計數絕對值、總應計數絕對值來估計盈餘品質,融資合約內容則以融資合約之利率、融資期限與融資擔保品來檢視。 本研究實證結果發現Jones模式裁決性應計數絕對值、修正Jones模式裁決性應計數絕對值越高,融資利率越大,代表盈餘品質較差之公司,其利率水準將因需彌補違約風險而被索取較高的利率報償,故其負債成本愈大。此外,Jones模式裁決性應計數絕對值、修正Jones模式裁決性應計數絕對值越高、總應計數絕對值越大,融資還款期限越短,但此三盈餘品質變數則與擔保品之提列與否無關,代表債權人會依據債權保障程度,並考量自身所能承擔風險而核可較短之融資還款期限。綜合本研究之實證結果發現,盈餘品質較差之公司,在價格因素方面會被要求較高之利率,在非非價格因素方面亦被要求被要求較短之融資還款期限。
摘要(英)This study uses 2000~ 2004 listed companies to test whether the companes’ creditors examine the financial statements provided by the listed companies to check their earnings quality and decide the terms of the loan contracts and mitigate the risk of default. This research is the first one in Taiwan to examine the relationship between earnings quality and debt contracting. This thesis adopts absolute Jones-model, modified-Jones-model discretionary accruals and absolute total-accruals to proxy the earnings quality. Furthmore, this study uses loan rate, maturity, collateral to examines the the terms of the loan contracts. The empirical findings of this study are as follows: First, the larger the absolute Jones-model and modified-Jones-model discretionary accruals, the higher the loan rate. This results show that for a company with lower earnings quality, the interest rate will be higher to compensate the potential higher default of lenders and the cost of the borrowing will be higher, accordingly. Second, the larger the absolute Jones-model, modified-Jones-model discretionary accruals and absolute total-accruals, the shorter the maturity of the loan contracts. This evidences that in order to mitigate the high default risk of borrowers with poor earnings quality, the lenders will reduce the maturity of the borrowers’ loan contracts. Third, there are no relationships between the collateral requirements in the loan contracts and any earnings quality proxy variable. This shows that isted companies, maybe, almost borrow money by credit instead of by collateral results.
論文目次目錄 摘要 ………………………………………………………………………..…... i 誌謝 …………………………………………………………………………... iv 目錄 …………………………………………………………………………… v 圖表目錄 …………………………………………………………………….. vii 第一章 序論 ………………………………………………………………... 1 第一節 研究動機 ……………………………………………………. 1 第二節 研究目的 ……………………………………………………. 3 第三節 研究架構 ……………………………………………………. 4 第二章 文獻探討 …………………………………………………………... 6 第一節 盈餘管理之理論與相關文獻 ………………………………. 6 第二節 負債契約相關盈餘管理實證文獻 ………………………... 11 第三節 盈餘品質、管理動機及方法 ……………………………… 16 第四節 裁決性應計數之衡量 ……………………………………... 24 第三章 研究方法 …………………………………………………………. 29 第一節 假說建立 …………………………………………………... 29 第二節 研究設計與相關變數定義 ………………………………... 31 第三節 研究期間、資料來源與樣本選取 …………………………44 第四章 實證結果與分析 …………………………………………………. 47 第一節 多元迴歸分析基本假設之檢定結果 ……………………... 47 第二節 盈餘品質與借款利率之相關性 …………………………... 49 第三節 盈餘品質與融資期限之相關性 …………………………... 61 第四節 盈餘品質與融資擔保之相關性 …………………………... 71 第五節 敏感性測試 ………………………... …………..…………. 81 第五章 結論與建議 ………………………... …………..………………... 88 第一節 研究結論 ………………………... …………..……………. 90 第二節 研究限制 ………………………... …………..……………. 92 第三節 研究建議 ………………………... …………..……………. 93 參考文獻 ………………………... …………..……………………………… 94 圖表目錄 表2-1 歷年負債契約假說實證研究之摘錄 ………………………………. 14 表3-1 估計之橫斷面Jones與Modified Jones model下之產業分類 …… 45 表4-1 本研究各模式之D-W值 …………………………………………… 47 表4-2 借款利率與裁決性應計數、總應計數之對應敘述性統計量 ……. 49 表4-3 借款利率與各變數之敘述性統計量 ………………………………. 54 表4-4 各變數與裁決性應計數及總應計數平均數之比較 ………………. 55 表4-5 盈餘品質與借款利率間之相關係數 ………………………………. 58 表4-6 盈餘品質與借款利率之多元迴歸分析 ……………………………. 60 表4-7 融資期限與裁決性應計數、總應計數之對應敘述性統計量 ……. 61 表4-8 融資期限與各變數之敘述性統計量 ………………………………. 64 表4-9 各變數與裁決性應計數及總應計數平均數之比較 ………………. 65 表4-10 盈餘品質與融資期限間之相關係數 ……………………………... 68 表4-11 盈餘品質與融資期限之多元迴歸分析 …………………………... 70 表4-12 融資擔保與裁決性應計數、總應計數之對應敘述性統計量 …… 71 表4-13 融資擔保與各變數之敘述性統計量 ……………………………... 74 表4-14 各變數與裁決性應計數及總應計數平均數之比較 ……………... 75 表4-15 盈餘品質與融資擔保之相關係數 ………………………………... 78 表4-16 盈餘品質與融資擔保之Logistic迴歸分析 ……………………… 80 表4-17 借款利率與盈餘品質之多元迴歸分析 …………………………... 83 表4-18 融資期限與盈餘品質之多元迴歸分析 …………………………... 85 表4-19 融資擔保與盈餘品質之Logistic迴歸分析 ……………………… 87 表4-20 產業別與裁決性應計數及總應計數敘述性統計量之比較 ……... 89
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