Transcript Document

企業盈餘行為
Wan-Ying Lin （林宛瑩）
Department of Accounting
NCCU
Fall 2006
專業經理人對CFO挑戰認知之比較
王正新
中信
鄭慧明
華邦
丁惠香
台揚
唐樹萬
威盛
財務透明
可課責文化
（道德）
企業決策
(核心競爭力)
道德
公司治理
專業
透明資訊
人才管理
風險衡量與
控管
資訊透明
法令與企業
治理
透明度
策略夥伴
（務實本業）
公司治理
風險控管
風險管理
財務長面對的責任、風險與挑戰
 道德（法規之外的最後防線）所帶來的挑戰
 企業：提高透明度與資訊揭露的品質
企業內部的遵循
 資產衡量與會計政策
 真實表達企業營運
全球化競爭環境，應有相對應的資訊揭露水
準
 財會準則：朝向聚合(convergence)

財務長面對的責任、風險與挑戰
 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
 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：
 財務報導環境 (Accounting & Capital
Market)
 公司治理(Corporate Government)
 股權結構
 資訊透明度
 財務報導/盈餘管理(Financial Reporting
Strategy/Earnings Management)
 盈餘屬性及審計
Financial Reporting Environment
 Statutory Financial Reports
Financial Statements
 Earnings Announcements
 Other statutory Reports (Key SFC filings)

 Factors Affecting Statutory F/Reports
GAAP (Authoritative)
 Managers
 Monitoring Enforcement Mechanisms

Financial Reporting Environment
Regulators
Alternative Information
Sources
Industry
Practices
Economy and Industry
Information
FASB
GAAP
Managers
Voluntary
Disclosure
Analysts
Statutory Financial Reports
(Financial Statements)
SFC
Corporate
Governance
Litigation
Auditors
Enforcement and Monitoring Mechanisms
Investors
and
Creditors
Other
Users
Users
Framework to think about accounting:
Accounting and capital markets
(Healy and Palepu, JAE 2001)
Investors
Information
Intermediaries
Financial
Intermediaries
• Institutional investors:
mutual/pension funds,
banks & Insurance cos
• Investment banks
• Venture capital firms
Capital
Regulation of capital markets
& financial institutions
Information
Listed
Companies
(insiders)
• Auditors
• Financial analysts
• Bond-rating agencies
• Financial press
Regulation of auditors,
analysts, & disclosure
(including GAAP)
How accounting info enhance performance
(Bushman and Smith 2001 JAE)
Enhance Economic Performance
Reduce cost of
external financing
Channel 1:
Management
accounting
Help identify
profitable projects
Positive accounting
theory & earnings
management
Channel 2: Governance
or stewardship
Make sure managers
undertake profitable
projects and distribute
profit to shareholders
Channel 3: Disclosure
& Valuation
Reduction in
information
asymmetries among
investors
Financial accounting information
Stock price information