实质盈余管理对会计资讯价值攸关性之影响-台大管理论丛.pdf

臺大管理論叢 2015/9 25 3 163-196 DOI: 10.6226/NTUMR.2015.JAN.R11055 實質盈餘管理對會計資訊價值攸關性之影響 The Effect of Real Earnings Management on the Value-Relevance of Accounting Information 范宏書 / Hung-Shu Fan, Professor, Department of Accounting, Fu Jen Catholic University 林彥廷 / Yan-Ting Lin, Assistant Professor, Department of Accounting, Fu Jen Catholic University 陳慶隆 / Ching-Lung Chen, Professor, Department of Accounting, National Yunlin University of Science and Technology Received 2011/12, Final Version Received 2014/01 摘 要 Roychowdhury (2006) Cohen, Dey, and Lys (2008) 1990 2008 【關鍵字 】 Abstract This study is aimed at exploring the effect of real earnings management on the value- relevance of accounting information. Following Roychowdhury (2006) and Cohen, Dey, and Lys (2008), this study uses abnormal cash flow from operating, abnormal discretionary expense, and abnormal production cost to proxy real earnings management. This study hypothesizes that real earnings management will hamper earnings persistence and thus reduce the value-relevance of earnings. Concurrently, real earnings management will make investors rely more on equity book value in pricing stock shares when the value-relevance of earnings decreases, and thus enhance the value