中山管理評論

  期刊全文閱覽

中山管理評論  2018/6

第26卷第2期  p.277-330

DOI:10.6160/SYSMR.201806_26(2).0005


題目
財務報表品質檢驗:外國企業與本國企業之比較
Financial Reporting Quality Investigation: Evidence from Foreign Companies vs. Domestic Companies
(139_M5b2c598808567_Full.pdf 1,660KB)

作者
王登仕、黃劭彥、林鳳儀、張森河/靜宜大學會計學系、國立中正大學會計與資訊科技學系、國立台北科技大學經營管理學系、逢甲大學會計學系
Teng-Shih Wang, Shaio-Yan Huang, Fengyi Lin, Shen-Ho Chang/

Department of Accounting, Providence University; Department of Accounting and Information Technology, National Chung Cheng University; Department of Business Management, National Taipei University of Technology; Department of Accounting, Feng Chia Univers


摘要(中文)

本研究主要透過Hope et al. (2013) 以及Ball & Shivakumar (2005) 分析模式檢驗本國企業與外國企業來台上市(櫃)的財務報表品質。蒐集2010-2013年台灣經濟新報資料庫所收錄財務資料,有完整財務報表品質及會計師事務所特徵樣本共3,723筆。本研究發現,相較於本國企業,外國企業財務報表品質比較差。此結果不論是在Heckman樣本選擇偏誤修正模式、傾向分數配對模式、透過不同財務報表品質衡量、與同時期IPO本國企業比較以及控制投資者保護機制後皆呈現一致性結果。再者,本研究發現內部公司治理機制對於外國企業僅存在形式效果卻無法改善財務報表品質;然而外部公司治理機制之實施卻能有效提升財務報表品質。最後,本研究也發現再次融資亦可能為外國企業財務報表較差因素之一。

(139_M5b2c598808567_Abs.pdf(檔案不存在))

關鍵字(中文)

外國企業、財報品質、公司治理、綁定假說


摘要(英文)

This paper compare the financial reporting quality of foreign firms with and domestic firms listed in Taiwan stock market by adopting the model of Hope et al. (2013) and Ball & Shivakumar (2005). Based on the data from Taiwan Economics Journal from 2010 to 2013, we find that domestic firms have higher financial reporting quality than foreign firms. Our results are robust after we using Heckman two stage model, propensity score matching, and other different financial reporting quality measurement, to compare with domestic IPO firms and control investor protection mechanism. Moreover, we also show that the internal corporate governance (i.e. board component) for foreign firms appears effective in form but is not in substance. However, the external corporate governance mechanism (i.e. substantive review) can enhance financial reporting quality for foreign firms in substance and support legal bonding. Finally, we find foreign firms are more likely to issue convert bond after initial public offerings. This alter evidence demonstrates that foreign firms have more incentive to manipulate earnings which result in poor financial reporting quality.

(139_M5b2c598808567_Abs.pdf(檔案不存在))

關鍵字(英文)

Foreign Firms, Financial Reporting Quality, Corporate Governance, Bonding Hypothesis


領域
Financial Accounting

政策與管理意涵

近年來,政府為了推動資本市場全球化,提供台資企業或大型外國企業多元籌資管道,積極推動外國企業來台籌資。此政策自2008年開始,吸引許多海外事業經營有成的台資企業紛紛透過免稅天堂來台進行籌資。然而,在2014年發生國外放空機構-格勞克斯嚴重質疑F-再生財務報導,並將其公司價值評為0元;隨後,該年底F-天鵬盛倒閉也引起證券市場軒然大波。綁定假說(Bonding Hypothesis)認為當企業坐落在投資者保護較差的國家時,有較高動機到投資者保護較好的國家上市。透過此機制降低代理成本,並提高未來外部融資可能性。然而,過去研究學者指出此機制不具實質法律綁定效果,取而代之為聲譽綁定效果。本研究透過臺灣經濟新報資料庫分析,發現相較於我國企業,外國企業財務報表品質平均較差。另外,本文也發現外國企業內部董事會結構皆比我國企業好,但卻無法實質落實公司治理;反之,外部實質審查卻能提升外國企業財務報表品質。最後,本研究亦同時發現,外國企業來台上市(櫃)後隔一年度有較高機率進行外部融資,亦是降低財務報表品質因素之一。 對政策管理意涵,本文認為政府證管機關應思索外國企業透過免稅天堂來台上市(櫃)之管理,特別是這些企業主要生產基地皆在中國大陸或是東南亞地區,但卻透過免稅天堂成立控股公司來台籌資,投資者很難透過財務報表資訊一窺公司實質生產及運作狀況。另外,政府證管機關亦須特別注意公司治理實際落實狀況,外國企業來台上市(櫃)時,皆會被要求達到政府證管機關設定之形式標準,但後續執行狀況卻無明顯效果。最後,本文建議政府證管機關須不定時全面實質審查外國企業財務報表品質,避免經理人有機會操弄財務報表。據此,本文最主要貢獻在於詮釋綁定假說,重新檢視外國企業及本國企業對財務報表品質影響,並解釋公司治理落實對財務報表實質影響,本文將有助於增加投資人或政府證管機關對外國企業財報品質了解。


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