The Relationship Between Corporate Earnings Management And Financial Constraints in Different Life-Cycle Stage

• Main Authors: Wei-Ting Jhang, 張維廷
• Other Authors: Yueh-Yu Hsu
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/71745939578828052539

碩士 === 靜宜大學 === 會計學系 === 99 === In order to maintain the sustainable management company must continuously invest, for each firm, the financial relationship between the necessary investment to help enterprises. If the companies achieved the high cost of external guidance, are likely to face financial constraints of the situation; on the financial constrained companies, in addition to high financial risk, capital requirements more pressure, and thus more earnings management motivation. Using data from firms listed in Taiwan Stock Market during the period 2004-2009. KZ index used to distinguish between financing constrained companies and unconstrained constraints companies. This paper using independent sample t test, respectively, linear regression analysis were verified: 1. financial constraints on earnings management companies have significant related party nature. 2. Financial constrained and unconstrained companies before investing whether the extent of earnings management are significantly different. 3.In the different life cycle of a finance constraints, the extent of earnings management companies have significant differences. The empirical results confirm that financial constrained company will using earnings management to ease financial constraints, and financial constraints in the high growth opportunities in the state, have higher degree of earnings management; However, in the different life cycle, The extent of earnings management will be different, which has been in a growth period of the financial constrained companies, its level of earnings management the highest, possible causes are more opportunities for growth period companies, In order to obtain more money to do investment, growth period companies financial constrained companies are more likely to manage earnings to ease financial constraints.