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

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

How accounting info enhance performance (Bushman and Smith 2001 JAE) Enhance Economic Performance 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 Reduce cost of external financing Positive accounting theory & earnings management