現金股利門檻、現金流量與盈餘管理關聯性之研究

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Title:	現金股利門檻、現金流量與盈餘管理關聯性之研究
Other Titles:	A Study on Relationship between Dividend Threshold, Cash Flow and Earnings Management
Authors:	陳筱雯 Chen, Hsiao-Wen
Contributors:	蕭慧玲 Shiau, Huey-Ling 東海大學財務金融學系
Keywords:	股利政策;股利平穩化;盈餘管理;裁決性應計項目;現金流量赤字 Dividend policy;Dividend smoothing;Earnings Management;Discretionary Accruals;Cash Flow Shortfall
Date:	2009
Issue Date:	2011-03-07T07:19:35Z (UTC)
Abstract:	本研究探討我國上市櫃公司的現金股利政策、現金流量與盈餘管理之關聯性探討。當公司未操縱前的盈餘低於預期支付的股利門檻時，亦即公司存在盈餘短缺的現象，因此，公司的股利發放會受到盈餘的限制，基於穩定股利政策的動機之下，公司管理當局是否會透過盈餘管理的方式，讓盈餘上升達到股利門檻，以避免股利遭到縮減。此外，本研究還加入了現金流量赤字的變數，來衡量公司是否有足夠的現金可以支付預期股利和進行投資活動，藉此加以探討公司有盈餘短缺時，現金流量赤字對於現金股利和盈餘管理的關係是否會有所影響。並進一步檢視盈餘管理行為，是否可以真正降低股利被縮減的可能性。本研究的實證結果顯示，公司的盈餘短缺和裁決性應計項目存在顯著正向關係，代表當公司未操縱前的盈餘低於預期股利門檻時，公司會從事盈餘管理活動，且隨著盈餘短缺的幅度越大，公司盈餘管理的程度也會越高，顯示公司的股利政策為影響管理當局是否進行盈餘管理的因素之一。接著，在現金流量赤字方面，本研究發現公司的確會採用縮減投資和進行融資的方式，來支應現金流量不足的現象。而且本文也發現，當公司盈餘操縱前有盈餘短缺，但沒有存在現金流量赤字，代表公司有足夠的現金可以支付股利，但因為受到盈餘的限制，無法支付預期的股利水準，因此公司會從事盈餘管理行為，使盈餘上升達到預期股利門檻，以避免股利縮減，且若公司有越多的現金可以支付股利，則其盈餘管理程度越高。反之，當公司存在盈餘短缺的現象，且同時存在現金流量赤字，代表公司沒有足夠的現金足以支付股利，且其股利也受到盈餘限制，在此種情況下，顯示公司的經營狀況不佳，經理人為了避免傳達公司績效不佳的訊號，所以也會從事盈餘管理行為，且現金流量赤字越大，其盈餘管理的程度越高。最後，在股利縮減方面，發現當公司盈餘操縱前有盈餘短缺時，公司的確會有股利縮減的現象。此外，本文也驗證當公司有盈餘短缺時，管理當局從事盈餘管理活動，讓報導的盈餘增加，此盈餘管理的行為確實能夠降低股利被縮減的可能性。 This Study investigates the relationship between cash dividend policy and earnings management. When pre-managed earnings are lower than expected dividend payments, that is; earnings shortfall, dividend policy would be restricted by earnings. On the basis of dividend smoothing theory, we examine whether the reason that firms manage earnings upwards is to meet dividend thresholds. In addition, our study considers another variable, cash flow shortfall; to measure whether cash flow is sufficient enough to pay dividends and carry out investment activity. We also investigate that when firms have earnings shortfall, whether cash flow shortfall will influence the relationship between cash dividend policy and earnings management. Finally, we investigate whether earnings management is effective in helping firms avoid dividend cuts. The empirical results indicate that deficit is significantly positively related to the discretionary accruals. We confirm the hypothesis that firms manage earnings upwards when they anticipate that pre-managed earnings will be lower than expected dividend payments. Besides, deficit and discretionary accruals increase at the same time, which confirms that dividend policy is one of the motivations for earnings manipulation. Moreover, we find firms do reduce investments and increase external financing to deal with cash flow shortfall. Importantly, our study confirms that the firms manage earnings upwards when they have earnings shortfall, regardless of cash flow shortfall. In particular, they managed earnings for different motivations. Finally, our results exhibit firms with positive deficits have dividend cut phenomonen. In addition, we find that if firms with deficit, they will manage earnings to exceed the expected level of dividends. In this way, it is less possible to cut dividend.
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