《企业盈余行为》PPT课件.ppt

企業盈餘行為http:/ 全球化競爭環境，應有相對應的資訊揭露水準o財會準則：朝向聚合(convergence)財務長面對的責任、風險與挑戰o道德與法規的挑戰之外，財務長回歸基本面瞭解公司創造價值的方式整合財務與營運的績效衡量指標保持財務衡量系統的一致與透明重視溝通o檢視內外，降低企業風險資產的真實價值與衡量標準公司的風險管理政策會計師（會計師業：更嚴謹的獨立性要求由內部控制風險的查核移向外部經營風險的評估）課程討論大綱：課程討論大綱：o財務報導環境(Accounting&Capital Market)o公司治理(Corporate Government)n股權結構n資訊透明度o財務報導/盈餘管理(Financial Reporting Strategy/Earnings Management)o盈餘屬性及審計Financial Reporting EnvironmentoStatutory Financial ReportspFinancial StatementspEarnings AnnouncementspOther statutory Reports(Key SFC filings)oFactors Affecting Statutory F/ReportspGAAP(Authoritative)pManagerspMonitoring Enforcement MechanismsFinancial Reporting EnvironmentRegulatorsFASBIndustry PracticesGAAPEnforcement and Monitoring MechanismsSFCCorporate GovernanceManagersAuditorsStatutory Financial Reports(Financial Statements)Alternative Information SourcesEconomy and Industry InformationVoluntary Disclosure UsersAnalystsInvestors and CreditorsOther UsersLitigationFramework to think about accounting:Accounting and capital markets (Healy and Palepu,JAE 2001)InvestorsListedCompanies(insiders)FinancialIntermediaries Institutional investors:mutual/pension funds,banks&Insurance cos Investment banks Venture capital firmsInformationIntermediaries Auditors Financial analysts Bond-rating agencies Financial pressInformationCapitalRegulation of capital markets&financial institutionsRegulation of auditors,analysts,&disclosure(including GAAP)How accounting info enhance performance(Bushman and Smith 2001 JAE)Enhance Economic PerformanceChannel 1:Management accountingHelp identify profitable projectsChannel 2:Governance or stewardshipMake sure managers undertake profitableprojects and distribute profit to shareholdersChannel 3:Disclosure&ValuationReduction in information asymmetries among investors Financial accounting informationStock price informationReduce cost of external financingPositive accounting theory&earnings management