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企業盈餘行為

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. 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

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企業盈餘行為

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  1. 企業盈餘行為 Wan-Ying Lin （林宛瑩） Department of Accounting NCCU Fall 2006

  2. 專業經理人對CFO挑戰認知之比較

  3. 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)

  4. 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）

  5. 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

  6. 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

  7. Financial Reporting Environment Industry Practices Alternative Information Sources Regulators Economy and Industry Information FASB GAAP Managers Voluntary Disclosure Users Analysts Statutory Financial Reports (Financial Statements) Investors and Creditors Enforcement and Monitoring Mechanisms SFC Litigation Corporate Governance Auditors Other Users

  8. Framework to think about accounting:Accounting and capital markets (Healy and Palepu, JAE 2001) Investors • Information • Intermediaries • Auditors • Financial analysts • Bond-rating agencies • Financial press • Financial • Intermediaries • Institutional investors: mutual/pension funds, banks & Insurance cos • Investment banks • Venture capital firms Capital Information Listed Companies (insiders) Regulation of auditors, analysts, & disclosure (including GAAP) Regulation of capital markets & financial institutions

  9. 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 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 Positive accounting theory & earnings management

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