The Issuance of Convertible Bonds and Earnings Management
碩士 === 國立中山大學 === 企業管理學系研究所 === 95 === The purpose of the study is to use the data of the companies that are listed (including OTC) in Taiwan Stock Exchange to examine whether companies engage in earnings management in the years convertible bonds are issued and de-listed. We also want to know if the...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2007
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| Online Access: | http://ndltd.ncl.edu.tw/handle/6b7ww3 |
| Summary: | 碩士 === 國立中山大學 === 企業管理學系研究所 === 95 === The purpose of the study is to use the data of the companies that are listed (including OTC) in Taiwan Stock Exchange to examine whether companies engage in earnings management in the years convertible bonds are issued and de-listed. We also want to know if there is any difference of earnings management whether convertible bonds are issued domestically or abroad. Discretionary current accruals are adopted as proxies for earnings management and the regression models are used to control the related variables. The empirical results indicate that companies conduct earnings management in the years convertible bonds are issued and there is no significant difference of earnings management whether convertible bonds are issued in Taiwan or abroad. However, the data after 2001 indicate that companies that issued convertible bonds abroad have less earnings management than those that issued convertible bonds domestically. The results also show no significant difference in the years convertible bonds are de-listed. The reasons may be due to the relatively small sample size or companies may not use discretionary accruals to conduct earnings management.
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