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實質盈餘管理與會計資訊價值攸關性之關係－機構投資者中介角色之檢測

REAL EARNINGS MANAGEMENT AND THE VALUE- RELEVANCE OF ACCOUNTING NUMBERS
- THE MODERATING ROLE OF INSTITUTIONAL OWNERSHIP

陳慶隆

國立雲林科技大學會計系教授

周儀芳

教育部國民及學前教育署主計室審核科科長

王翰屏

國立雲林科技大學會計系助理教授

Ching-Lung Chen

Professor, Department of Accounting,
National Yunlin University of Science and Technology

Yi-Fang Chou

Sectional Chief of Monitoring and Reviewing, Department of Accounting
K-12 Education Administration, Ministry of Education

Hann-Pyng Wang

Assistant Professor, Department of Accounting,
National Yunlin University of Science and Technology
 

摘要

會計文獻顯示公司策略性實質盈餘管理行為存在兩種動機：投機性操弄盈餘報導與最適規模的調整，兩種不同動機對會計資訊的價值攸關性有不同的影響。本研究以機構投資者持股比率作為中介變數，區辨實質盈餘管理的不同動機，採用Ohlson股價評價模式檢測公司的策略性實質盈餘管理行為對於盈餘與權益帳面價值相對價值攸關性的影響。預期機構投資者對公司的會計報導決策具有監督功能，將降低公司從事投機性實質盈餘報導的可能性，進而減緩（提高）實質盈餘管理對公司盈餘品質之負面（正面）影響。實證結果顯示：當公司實質盈餘管理越大時，盈餘變數的相對價值攸關性會降低，且因盈餘及權益帳面價值之間存在相互替代的關係，此時，權益帳面價值變數的相對價值攸關性則提高，此結果支持實質盈餘管理之投機性假說。在加入機構投資者持股比率變數後，發現當機構投資者持股比率高時，顯著減緩實質盈餘管理對於盈餘價值攸關性之負面影響，同時提升盈餘及權益帳面價值的相對價值攸關性。本研究進行若干敏感性測試發現實證結果具備相當穩定性。

關鍵字：實質盈餘管理、機構投資者、盈餘、權益帳面價值、價值攸關性

 

ABSTRACT

Prior studies suggest that there are two coexistent yet unlike to be mutually exclusive motives for managers’ real earnings management: opportunistic earnings reporting hypothesis versus informative size-adjusting hypothesis. The former hypothesis suggests that strategic real activities manipulation deteriorates the earnings informativeness, in turn, decreases the value-relevance of earnings. Yet, the latter hypothesis argues that firms may seek to signal their future operating performance by way of real activities adjustment then increases the value-relevance of earnings. This study conjectures that the monitoring role of institutional investor can enhance the informative components of managerial real earnings management, then, improve the informativeness of accounting numbers. We thus use institutional investor’s ownership as a mediating variable, then, examine the effect of real earnings management on the value-relevance of accounting numbers. The empirical results support the opportunistic earnings reporting hypothesis and reveal that the real earnings management is negatively (positively) associated with the value relevance of earnings (equity book value). Incorporating the role of institutional investors into consideration, it is found that higher institutional investor’s ownership enhances both the value-relevance of earnings and the equity book value for firms with large magnitude of real earnings management. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.

Keywords: Real Earnings Management, Institutional Investor, Earnings, Equity Book Value, Value-Relevance

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入口網站橫幅廣告點選後對品牌溝通效果之研究

The Brand Communication Effect after Click - Through from Banners on the Portal

李月華

淡江大學企業管理系研究所副教授

吳鳳儀

淡江大學管理科學學系研究所博士班

楊育鳴

淡江大學企業管理系研究所碩士

Yueh-Hua Lee

Associate Professor, Department of Business Administration,
Tamkang University

Feng-Yi Wu

Doctoral Student, Department of Management Sciences,
Tamkang University

Yu-Ming Young

Master, Department of Business Administration,
Tamkang University
 

摘要

過去有關網路廣告效果的研究大都以點選或瀏覽廣告的人數為主，鮮少有以消費者接觸到橫幅廣告後，對於連結的品牌內容網頁態度與購買意願影響的研究。基於此研究缺口，本研究從認知心理學的選擇性注意和導引效果、廣告呈現的視覺動線效果之相關研究來探討如何在入口網站中達到最大的廣告印象，進而對點選的品牌網頁形成較佳的品牌溝通效果。模擬Yahoo!奇摩入口網站，使用2×2×2組間實驗設計及網路問卷收集二百七十七位受測者的資料。研究結果顯示動態橫幅廣告、網頁前三分之一位置及低競爭廣告下會有較高的橫幅廣告印象；廣告版面位置與橫幅廣告類型、競爭廣告的數量對廣告印象具有交互作用。透過入口網站的廣告會較未透過入口網站的廣告具較佳的品牌溝通效果。

關鍵字：橫幅廣告、廣告位置、品牌溝通效果

 

ABSTRACT

Most of previous studies focus on click-through rate or browsing number as the basis of web-advertising effect. However, these studies only obtain traffic number, cannot understand consumers’ brand attitude and purchase intention of the brand after seeing banners. Based on the cognitive psychology of selective attention and priming effect, and visual display effect, this research aims to explore how banner ads in the portal sites affect brand communication after consumers enter the web. This study uses Yahoo! portal website as a medium and adopt a 2×2×2 between subjects design, using online SSI Web questionnaire with 277 respondents. The results indicated: (1)The dynamic banner, top one-third placement and low-competitive ads have better ads impression than the static, middle placement and high-competitive ads. (2)“Ads placement” has interaction effect with “type of banner ads” and “competitive ads” on ads impression. (3)Ads through portal site have better brand communication effect than those through non-web portal.

Keywords: Banner, Advertisement Placement, Brand Communication Effect

回目錄

月亮週期對股價報酬的影響－台灣與美國的差異比較

COMPARATIVE STUDY OF LUNAR PHASES ON STOCK RETURNS
BETWEEN TAIWAN AND THE U.S.

王銘駿

國立高雄第一科技大學金融系副教授

陳宜伶

國立高雄大學亞太工商管理學系助理教授

吳昭億

國立高雄第一科技大學財務金融學院博士生

陳思婷

國立高雄第一科技大學金融系研究生

Ming-Chun Wang

Associate Professor, Department of Money and Banking,
National Kaohsiung First University of Science and Technology

Yi-Ling Chen

Assistant Professor, Department of Asia-Pacific Industrial Business Management,
National University of Kaohsiung

Chao-Yi Wu

Ph. D. Student, Graduate Institute of Finance and Banking, 
National Kaohsiung First University of Science and Technology

Szu-Ting Chen

Graduate Student, Department of Money and Banking,
National Kaohsiung First University of Science and Technology


摘要

本研究採用台灣加權股價指數及美國四大指數日報酬率資料，試圖探討月亮週期是否對股價報酬造成影響，並比較台灣及美國市場是否存在不同現象。實證結果顯示，在平均報酬率差異檢定上，並無證據顯示新月及滿月時股價平均報酬上存在差異；但發現新月期平均報酬率普遍優於滿月期，且台灣及美國市場在滿月時期上存有相反的現象，即台灣市場愈接近滿月時負報酬現象愈明顯。而在多元迴歸分析上，台灣市場仍無證據顯示月亮週期會對股價報酬造成影響，而美國市場在新月五天區間時對股價報酬則存有正向影響。

關鍵字：月亮週期、股價報酬
 

ABSTRACT

This paper investigates whether the lunar phases influence stock returns in both the Taiwan and U.S. stock markets and further compares if there is a difference in the impact of the lunar phases on stock returns between both markets. Using the daily returns of Taiwan Weighted Stock Index and four major U.S. market indices (DJIA, S&P500, NYSE, and NASDAQ), we find that the mean returns are higher on the days around new moon than those on the days around full moon in both markets, but this observation is not statistically significant at conventional levels. Moreover, we find that there are more negative returns as the trading days are more close to full moon days in the Taiwan stock market, while we find the results to the contrary in the U.S. stock markets. Based on the results of the regression analysis, we find a positive effect of new moon on U.S. stock returns at the interval of the 5 days before and after new moon day. However, we still find no evidence that the Taiwan stock returns are affected by the lunar phases.

Keywords: Lunar Phases, Stock Returns

回目錄

企業的綠色營運認知對實踐綠色營運及績效的影響

THE IMPACT OF ENTERPRISE'S GREEN BUSINESS PERCEPTION ON IMPLEMENTATION OF 
GREEN BUSINESS AND PERFORMANCE

陳瑞和

國立勤益科技大學電機工程系副教授

吳淑鶯 

國立勤益科技大學企業管理系教授

Jui-Ho Chen

Associate Professor, Department of Electrical Engineering, 
National Chin-Yi University of Technology

Shwu-Ing Wu

Professor, Department of Business Administration, 
National Chin-Yi University of Technology


摘要

本研究以台灣企業為研究對象，探討企業對於綠色營運策略的知覺利益、知覺風險、責任規範、知覺控制等四個構面，對綠色營運實施意圖、實行程度及經營績效的影響。經收集415份廠商問卷後發現：企業對綠色營運的知覺利益、責任規範及知覺控制愈高，且知覺風險愈低，則實施綠色營運的意圖愈高，尤其以知覺控制的影響效果最強。即企業對實施綠色營運的知覺控制愈高，則企業實施綠色營運的程度更高，且最後會更加提高企業經營績效。

關鍵字：綠色營運、實施意圖、經營績效

ABSTRACT

This study focuses on Taiwan’s enterprises to explore the impact of four perception aspects on green business implementation intention and business performance. The four aspects including: perceived benefit, perceived risk, responsibility norm and perceived control. Through a survey on enterprises, 415 valid questionnaires are collected and some important findings are produced. The results show that high the perceived benefit, high the responsibility norm, high the perceived control, and the low the perceived risk, will led higher the implementation intention on green business. Especially, the strongest influence aspect is perceived control. On the other word, when the perceived control of green business is high, the willingness of enterprises to implement green business will higher, while will further to increase the business performance.

Keywords: Green Business, Implementation Intention, Business Performance

回目錄

企業導入雲端運算策略模式之研究

THE STUDY OF THE STRATEGIC MODELS FOR
IMPLEMENTING CLOUD COMPUTING OF BUSINESSES

邱瑞科 

輔仁大學資訊管理研究所教授

陳敬恆

輔仁大學資訊管理研究所碩士

劉康宏

輔仁大學資訊管理研究所碩士

Ruey-Kei Chiu

Professor, Department of Information Management, 
Fu Jen Catholic University

Ching-Heng Chen

Master, Department of Information Management, 
Fu Jen Catholic University

Kang-Hong Liou

Master, Department of Information Management,
Fu Jen Catholic University


摘要

雲端運算是一種可提供企業快速有彈性，並且可依量計價的資訊服務新模式，不但替企業降低IT上的投資成本，同時提供企業更好的服務，企業亦可利用雲端運算的特性，加強企業核心競爭力，並且發展創新業務服務。但是企業對於導入雲端運算的應用，仍存有諸多疑點與障礙，也相對阻礙了雲端運算在企業內部的應用發展。本研究的目的即是探討雲端運算之主要問題與疑慮，並試圖找出其導入的關建影響構面，並建構出導入雲端運算的策略模式，提供企業參考之依據。本研究主要透過文獻探討，歸納出主要影響構面為「成本效益」、「資訊安全」、「服務模式」、「部署模式」以及「組織因素」，並同時訪問專家的意見，結合文獻探討與問卷調查，推導出策略規劃模式，在導入雲端運算之執行計劃，建議企業需依序評估九個要項：評估並選擇適合部署於雲端之應用、決定雲端部署模式、選擇雲端服務模式、選擇雲端供應商、評估成本與投資報酬、調整IT組織架構、擬訂測試計劃、試做前導專案、導入雲端運算應用，最後並依不同情境，例如企業規模，提供適當的企業導入雲端運算策略模式，以供企業參考運用。

關鍵詞：雲端運算、策略模式、資訊安全、部署模式、服務模式

 

ABSTRACT

Cloud computing is a new model of information service that provides efficiency, flexibility, and measured services to businesses. It not only helps to reduce investment cost on information technology but also provides a better service for businesses.  Businesses may also utilize the cloud computing to enhance core competence to develop innovative business model. However, there are a number of questions and obstacles for businesses to implement the applications of cloud computing. Therefore, it interferes with businesses to develop cloud computing applications. The objectives of this study aim to investigate the main issues, find out key aspects, and build up the strategic models to implement cloud computing for businesses. The main aspects of conclusion are “cost benefit”, “information security”, “service models”, “deployment models” and “organization” by reviewing the literatures on cloud computing. The strategic planning models come from literature review, questionnaire survey, and interview with experts. Businesses are recommended to evaluate nine major elements in sequence when conducting the implementation of cloud computing. These nine elements include evaluate and select appropriate applications to be deployed in cloud computing, decide deployment models of cloud computing, select service models of cloud computing, select service provider of cloud computing, evaluate cost and return on investment reorganize IT structure, draw up testing plan, trial run pilot implementation, implement applications of cloud computing. Lastly, appropriate strategic models based on different scenarios are presented for businesses to implement cloud computing.

Keywords: Cloud Computing, Strategic Models, Information Security, Deployment Models, Service Models

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