每股盈餘對公司資本結構的影響
Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in E...
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ndltd-CHENGCHI-G09935750732016-01-07T03:24:35Z 每股盈餘對公司資本結構的影響 Earnings Per Share and Capital Structure 陳苡文 Chen, Yi Wen Earnings per share (EPS) Earnings management Capital structure Leverage Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in EPS have large effects on leverage and these effects persist for at least a decade. Besides, the negative impact of EPS on leverage becomes much stronger after the passage of SOX, in which period managers engage in more actions of debt-equity choices or stock repurchases with the sole purpose of manipulating EPS. Furthermore, managers’ equity incentives and corporate governance are two economic mechanisms through which EPS negatively influences leverage. 國立政治大學 http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0993575073%22. text 英文 Copyright © nccu library on behalf of the copyright holders |
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英文 |
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Earnings per share (EPS) Earnings management Capital structure Leverage |
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Earnings per share (EPS) Earnings management Capital structure Leverage 陳苡文 Chen, Yi Wen 每股盈餘對公司資本結構的影響 |
description |
Empirical studies have found that managers choose debt rather than equity to avoid EPS dilution and buy back outstanding shares to boost EPS, I thus explore the resulting effect of EPS on leverage. A firm’s leverage is negatively influenced by the level of its EPS. I also find that fluctuations in EPS have large effects on leverage and these effects persist for at least a decade. Besides, the negative impact of EPS on leverage becomes much stronger after the passage of SOX, in which period managers engage in more actions of debt-equity choices or stock repurchases with the sole purpose of manipulating EPS. Furthermore, managers’ equity incentives and corporate governance are two economic mechanisms through which EPS negatively influences leverage. |
author |
陳苡文 Chen, Yi Wen |
author_facet |
陳苡文 Chen, Yi Wen |
author_sort |
陳苡文 |
title |
每股盈餘對公司資本結構的影響 |
title_short |
每股盈餘對公司資本結構的影響 |
title_full |
每股盈餘對公司資本結構的影響 |
title_fullStr |
每股盈餘對公司資本結構的影響 |
title_full_unstemmed |
每股盈餘對公司資本結構的影響 |
title_sort |
每股盈餘對公司資本結構的影響 |
publisher |
國立政治大學 |
url |
http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0993575073%22. |
work_keys_str_mv |
AT chényǐwén měigǔyíngyúduìgōngsīzīběnjiégòudeyǐngxiǎng AT chenyiwen měigǔyíngyúduìgōngsīzīběnjiégòudeyǐngxiǎng AT chényǐwén earningspershareandcapitalstructure AT chenyiwen earningspershareandcapitalstructure |
_version_ |
1718160333514735616 |