員工紅利制度與盈餘管理關聯性之研究

• Main Author: 顏虹萍
• Other Authors: 胡星陽
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/78153482449653897514

碩士 === 國立臺灣大學 === 財務金融學研究所 === 91 === This study examines the abnormal accruals of a sample of 252 listed companies that changed bonus targets partly or totally from cash to stocks obviously. We expect that managers make earnings management to maximize their bonuses when companies start to issue stock bonuses. The analysis is conducted using time-series and cross-sectional financial data simultaneously, which eliminates the lack of data problem that arises using only times-series or cross-sectional data. Our empirical results indicate that discretionary accruals in the year of change and the year posterior to change are significantly positive, and there is a positive relation between the ratio of the market value of stock bonuses to salary expenses and the degree of earnings manipulation.