董水量臺灣大學：會計學研究所林陣蒼Lin, Chen-ChangChen-ChangLin2007-11-282018-06-292007-11-282018-06-292005http://ntur.lib.ntu.edu.tw//handle/246246/61759本論文運用盈餘分佈法探討公司是否利用處分資產以達規避報導虧損 的目的。研究的樣本取自台灣經濟新報資料庫，取樣期間為1984 年至 2003 年，共有7482 個樣本觀察值。研究結果發現，大致上有55%-58% 的公司從事盈餘管理以規避報導虧損。研究結果進一步發現公司利用處 分資產規避報導虧損。特別是在公司營運虧損的情況下，公司更可能利 用處分資產以達成報導純益的目的。This study employs an approach to investigate discontinuities in the distributions of earnings and examines whether firms use asset sales to avoid reporting losses. The sample includes 7482 firms-year observations from the Database of Taiwan Economic Journal for the period of 1984-2003.The findings suggest approximately 55%-58% of firms with small pre-managed earnings losses manage earnings to show small positive earnings. The study also finds firms time asset sales to avoid reporting losses. In particular, in condition of reporting operating losses, firms are more likely to boost asset sales to avoid reporting net losses.CONTENTS 1. INTRODUCTION 1 2. RELATED LITERATURE: 7 2.1 THE DISTRIBUTION OF EARNINGS AND EARNINGS MANAGEMENT. 7 2.2 USING ASSET SALES TO SMOOTH INCOME: 11 3. INSTITUTIONAL BACKGROUND AND HYPOTHESIS DEVELOPMENT: 13 3.1 STATUTORY REGULATIONS GOVERNING FINANCIAL REPORTING PRACTICES: 13 3.2 INCENTIVES TO EARNINGS MANAGEMENT AND HYPOTHESIS DEVELOPMENT: 14 4. SAMPLE AND DESCRIPTION STATISTICS: 22 4.1 SAMPLE SELECTION: 22 4.2 DESCRIPTION STATISTICS: 22 5. EMPIRICAL TEST: 27 5.1 EVIDENCES FOR EARNINGS MANAGEMENT TO AVOID REPORTING LOSSES: 27 5.2 EXTENSIVE OF EARNINGS MANAGEMENT TO AVOID LOSSES 29 5.3 METHODS TO TEST USING ASSET SALES TO AVOID REPORTING LOSSES. 31 5.4 OPERATING CONDITIONS AND THE DISTRIBUTION OF EARNINGS: 36 5.5 REGRESSION ANALYSIS: 42 5.6 SENSITIVITY ANALYSIS: 46 6. CONCLUSIONS: 52 REFERENCE: 54 APPENDIX: 56 TABLES TABLE 1 DESCRIPTION STATISTICS 25 TABLE 2 TINY PROFIT FIRMS COMPARE TO TINY LOSSES FIRMS 34 TABLE 3 COMPARISON WITH OPERATING LOSS FIRMS VERSUS POSITIVE OPERATING INCOME FIRMS 40 TABLE 4 TINY PROFIT FIRMS WITH OPERATING LOSS COMPARISON WITH ALL OTHER FIRMS 41 TABLE 5 REGRESSION OF EXCESS OF ASSET SALES ON POSITION IN EARNINGS DISTRIBUTIONS AND OTHER CONTROL VARIABLES 48 TABLE 6 REGRESSION OF EXCESS OF MARKETABLE SECURITIES ON POSITION IN EARNINGS DISTRIBUTIONS AND OTHER CONTROL VARIABLES 49 TABLE 7 REGRESSION OF EXCESS OF FIXED ASSET SALES ON POSITION IN EARNINGS DISTRIBUTIONS AND OTHER CONTROL VARIBLES 50 TABLE 8 REGRESSION OF EXCESS OF ASSET SALES EXCLUDING YEAR INTERCEPT ON POSITION OF EARNINGS DISTRIBUTIONS AND OTHER CONTROL 51 FIGURES FIGURE. 1 THE DISTRIBUTION OF ANNUAL NET INCOME SCALED BY BEGINNING-OF-THE-YEAR TOTAL ASSETS: 29 FIGURE. 2. THE DISTRIBUTION OF ANNUAL NET INCOME MINUS EXCESS ASSET SALES SCALED BY BEGINNING-OF-THE-YEAR TOTAL ASSETS 36 FIGURE 3. EXHIBIT THE DISTRIBUTION OF THE MEAN EXCESS OF ASSET SALES CONDITIONAL ON THE MAGNITUDE OF SCALED EARNINGS 43 FIGURE 4. THE DISTRIBUTION OF ANNUAL INCOME BEFORE EXTRAORDINARY ITEMS AND TAX SCALED BY TOTAL ASSERTS:. 56 FIGURE 5 THE DISTRIBUTION OF ANNUAL NET INCOME SCALED BY NET SALES 56 FIGURE 6 THE DISTRIBUTION OF ANNUAL NET INCOME SCALED BY EQUITY 57 FIGURE 7 THE DISTRIBUTION OF ANNUAL NET INCOME SCALED BY MARKET VALUE: .57375068 bytesapplication/pdfen-US規避報導虧損處分資產盈餘分佈盈餘管理avoid reporting lossesa set salesearnings distributionsearnings managementotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/61759/1/ntu-94-R92722044-1.pdf