控制權股東所有權與控制權偏離程度、應計數持續性與股市反應
Date Issued
2005
Date
2005
Author(s)
DOI
932416H002029
Abstract
Previous research in the area of corporate governance finds that deviation between cash flow
right and voting right (a measure me n t o f “b a d ” g o v e r na n c e )c o u l d r e s ul t i n a l o we r To b i n -q for the
c o mp a ny .One p o s s i b l e e xp l a n a t i o n i s t h a t t h e e a r n i ng s q u a l i t y of t h e “b a d ” c o mp a n i e s i s l o we r ,a n d
consequently, the stock market reacts accordingly. This leads to my first research issue —the
p e r s i s t e n c e of a c c r ua l s (o r a b n o r ma l a c c r u a l s )i s l o we r f o r t h o s e “ba d ” f i r ms .Fo l l o wi n g t h e f i r s t i s s u e ,
my second issue is regarding the stock market reaction to the (abnormal) accruals. Also, I would like to
t e s t wh e t h e r t h e s t o c k ma r k e t ’s r e a c t i on of (abnormal) accruals is related to the deviation between cash
flow right and voting right.
I find only weak evidence to support the first two hypotheses that bad governance leads to less
persistence of accruals and market react irrationally to accruals. As to the test result of the third
hypothesis, empirical evidence suggests that the market can not fully understand the effect of deviation
between cash flow right and voting right on the persistence of accruals.
Subjects
controlling stock holder
voting right
cash flow right
accruals
rational pricing
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
other
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