IPO公司分析師預測、盈餘管理及未來現金流量：公司治理之調節效果

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题名:	IPO公司分析師預測、盈餘管理及未來現金流量：公司治理之調節效果 Analysts Forecast for IPO Company, Earnings Management, and Future Cash Flow : The Moderating Effect of Corporate Governance
作者:	高敬婷 Gao, Jing-Ting
贡献者:	會計學系
关键词:	公司治理分析師預測盈餘管理現金流量 corporate governance analysts forecast earning management cash flow
日期:	2015-06
上传时间:	2015-07-28 13:13:31 (UTC+8)
摘要:	隨著國際市場競爭日趨激烈，許多企業紛紛尋求有效的經營策略來提高自身的營運績效，創造更多的盈餘來吸引投資者進行投資，然而在一連串重大弊案發生後，許多投資者開始對投資市場感到失望，在此種環境下，對於首次公開發行的公司更是不具信任，因此本研究利用公司治理品質來了解首次公開發行公司的相關資訊，並以分析師預測、盈餘管理以及現金流量來進行研究測試。實證結果顯示公司治理品質與分析師預測呈顯著正相關，為當分析師有對公司IPO當年營收進行預測時，表示該公司擁有良好的治理品質；公司治理品質和盈餘偏誤的交乘項與裁決性應計數具顯著負相關，為支持當公司治理介入時，會影響企業因未達到分析師盈餘預測而進行的盈餘管理；裁決性應計數和公司治理的交乘項與未來現金流量呈現顯著負相關，當公司治理介入時，會影響裁決性應計數對未來現金流量的傳達資訊。 As the international market competition is becoming increasingly fierce, many enterprises have to seek the effective management strategies to improve their operat-ing performance, create more earnings to attract investors to invest. However, in a se-ries of major scandals occurred, many investors were disappointed by the investment market. In this environment, for the IPO of the company is not a trust. So this study uses the quality of corporate governance to understand the relevant information for the IPO company, research and testing on the analysts forecast, earnings management and cash flow. The empirical results as follows, the quality of corporate governance has a sig-nificant positive correlation with the analyst forecast, when an analyst has forecast the IPO company year revenue, said the company has a good governance quality, corpo-rate governance quality and earnings bias error and the discretionary accruals with significant correlation, is support when the corporate governance intervention, will affect the earnings management of the enterprise when not to achieve the earnings forecast of analysts, the discretionary accruals is positively correlated with future cash flow, when corporate governance is involved, it will affect the decision of the infor-mation on the future cash flow.
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