盈余操纵.pptVIP

盈餘操縱 台大會計系 劉啟群 Note for the panel discussion 10/19/2002 財務報告(盈餘)操縱之定義 改變財務報告之內容(盈餘) 方法 – 判斷與估計(judgment and estimate) 方法 – 安排交易(structuring transactions) 特定意圖(purposeful, intentional) 目的 – 影響利害關係人(Stakeholder)之權益 盈餘操縱之定義 廣義與狹義『盈餘操縱』 狹義之盈餘操縱與舞弊(Irregularity, Fraud)之差異 盈餘操縱與關係人交易之差異 Related party transactions 盈餘操縱之定義 盈餘操縱之類型一 1. 不涉及現金流量(Accrual Management) Accounting method choices restructuring write-off Loss Reserve損失準備之提列(存貨、 應收款項) 2. 涉及現金流量(Real Cash Transaction) Asset Sales(出售土地、 投資) Early retirement of debt 盈餘操縱之定義 盈餘操縱之類型二 1. 投機行為 (opportunistic behavior) management can choose accounting methods for its own interest 2. 傳遞訊息 (signaling, Efficient behavior) for the benefit of the firm 盈餘操縱之定義 盈餘操縱 - Accrual Management 為一連續之光譜(Continuous Spectrum) 有時盈餘操縱與舞弊只為一線之隔(Borderline) Fraud – Using Non-GAAP Treatment Aggressive Accounting Choice Neutral – Fair Accounting Choice Conservative Accounting Choice Fraud – Using Non-GAAP Treatment Cash vs. Accrual Accounting Cash Accounting No need for judgment and estimate Disregard future uncertainty Accrual Accounting Revenue Recognition Matching of Revenues and Expenses Use judgment and estimate Use point estimate for future uncertainty Accrual Management 惡之根源(Root of evil) Future Uncertainty(Real World Case) 例如： 退休金負債之估列、壞帳之估列、資產使用年限 不確定之呈現(另一小惡) Point Estimate vs. Probability Distribution Real Cash Transaction 公司為何操縱報表 (1) 資本市場動機 避免損失 避免盈餘減少或報導盈餘成長 符合市場與分析師之預期 管理當局買賣股票(Insider Trading) Initial Public Seasoned Equity Offering Management buyouts Stock-financed acquisitions 損益平穩化(Income Smoothing) 公司為何操縱報表 (2) 合約動機 薪酬合約 債務合約 dividend covenant CEO changes (3) 政府管制 產業管制措施 Capital requirement in banks and insurance companies Anti-Trust Which accruals are managed? -- abnormal accruals bad debt provision Loss reserves in banks and insurance companies: Deferred tax valuation allowance 會計師獨立性之需求 會計師為Gatekeeper and Watchdog 美國NYSE1933年前已有85%企業自願提供經獨立會計師查核之報表(需求) 會計師工作具有保