蔡彥卿2006-07-262018-06-292006-07-262018-06-292005http://ntur.lib.ntu.edu.tw//handle/246246/18435本論文首先測試控制股東現金流量請求權與控制權偏離與應計數持續性是否有為負相 關。第二個研究目的則在於瞭解台灣股市如何反應應計數之資訊，是否與美國股市的過度反應相 同。第三個研究議題則嘗試瞭解控制股東的現金流量請求權與控制權偏離較大時，股市反應應計 數的過度反應是否較小。 本研究以兩種偏離程度的衡量檢驗各假說：現金流量請求權除以控制權衡量偏離程度時（相 對偏離）以及現金流量請求權減控制權衡量偏離程度時（絕對偏離）。本研究之前兩個假說分別在 兩種衡量下獲得部分支持，但假說三的實證結果發現：控制股東的現金流量請求權與控制權偏離 較大時，股市反應應計數的過度反應並未變小。這個結果的一個可能解釋為投資者無法對應計數 做理性定價，因此對偏離程度如何影響盈餘持續性似乎更難以掌握。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.application/pdf306592 bytesapplication/pdfzh-TW國立臺灣大學會計學系暨研究所控制股東公司治理應計數裁量性應計數理性定價controlling stock holdervoting rightcash flow rightaccrualsrational pricingotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/18435/1/932416H002029.pdf