標題: 公司盈餘管理對其股票流動性之影響效果
The Effect of Earnings Management on Equity Liquidity
作者: 王若蓮
Wang, Juo-Lien
許和鈞
Sheu, Her-Jiun
管理科學系所
關鍵字: 股票流動性;逆選擇成本;盈餘管理;Liquidity;Adverse selection costs;Earnings management
公開日期: 2008
摘要: 本研究旨在探討公司盈餘管理行為對其股票流動性之影響。盈餘管理在許多情況下會使公司內部人與外部人之間產生利益衝突,本研究假設盈餘管理程度較高的公司將導致較嚴重的資訊不對稱,市場上的流動性供給者因為預期將面對較高的逆選擇風險,而會加大買賣價差,及致流動性較低。本研究使用2001年美國爆發一連串會計醜聞及2002年美國通過沙賓法案(the Sarbanes-Oxley Act)為樣本期間,實證結果顯示,盈餘管理程度高的公司,其股票確有較高的買賣價差及較低的流動性。
This study sets out to investigate the relationship between earnings management and equity liquidity, positing that as incentives arise for the misrepresentation of firm performance through earnings management, a higher degree of earnings management may signal greater adverse selection costs. If the manipulation of earnings reveals aggressive accounting practices, liquidity providers may tend to widen the bid-ask spreads so as to protect themselves. The empirical results, based upon stocks listed on the NYSE and the NASDAQ, indicate that companies with a high degree of earnings management incur higher trading costs.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT009231812
http://hdl.handle.net/11536/77032
Appears in Collections:Thesis


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  1. 181202.pdf