臺灣博碩士論文加值系統

適當的經理人激勵薪酬制度有助於提升企業經營績效與減緩代理成本，但過度激勵作用可能導致經理人為追求自身利益而操弄損益，使得後續須對財務報表做修正而進行重編。故本文研究員工股票選擇權與員工分紅配股制度，對於財務報表重編及具美化財務報表動機的向下盈餘重編的影響。
實證結果顯示，員工股票選擇權對於財務報表重編有正向關係但不顯著，可能原因為重編樣本中包含許多非舞弊性質之樣本。當聚焦於美化財務報表及向下盈餘重編時，股票選擇權與其呈現顯著正向關係，表示高階經理人有較高的誘因進行美化財務報表及盈餘管理，導致後續須對財務報表做修正。另一方面，員工分紅配股對於財務報表重編與具美化財務報表及向下盈餘重編之關係，皆為顯著負向關係，顯示相較於股票選擇權，確定性報酬的分紅配股對於財務報表重編較有抑制的效果。

A proper incentive compensating system is beneficial for developing company’s operating performance and reducing the cost of agency. However, an overdriven incentive system may lead to manipulation of manager’s own interest, and a financial revision is necessary for restatement. In this way, this research is going to be the impact of downsizing earning and comparison of the financial restatement and motive of beautifying financial statement to the stock option and profit sharing of employee.
The research is proven the employee option has a positive relationship to the financial restatement but not significant, in which may be because the non-fraud type of sample is established in the statement. On the one hand, the significant relationship is found when focusing on the beautify of financial restatement and downsizing earning restatement; in this case, senior management has higher motivation of beautifying financial statement and earning management, which lead the financial restatement afterward. On the other hand, the relationship between employee’s profit sharing to the beautifying of financial statement and downsizing earning restatement is negative significantly; in this case, compared with the stock option, certain incentive compensation of profit sharing has more mitigated effect to financial restatement.

摘 要 i
Abstract ii
誌 謝 辭 iii
目 錄 iv
圖 目 錄 v
表 目 錄 v
第一章 緒論 1
1-1研究背景、動機與目的 1
1-2 研究架構 3
第二章 文獻回顧 5
2-1 員工股票選擇權 5
2-2 員工分紅配股制度 6
第三章 研究方法 7
3-1 樣本篩選與資料來源 7
3-2 研究假說 11
3-3 實證模型與變數定義 12
第四章 實證結果與分析 15
4-1 敘述性統計分析 15
4-2 相關係數分析 17
4-3 多元迴歸模型之實證結果 19
第五章 敏感性分析 22
第六章 結論與建議 23
參考文獻 25

Bergstresser, D., & Philippon, T. (2006). CEO incentives and earnings management. Journal of Financial Economics, 80(3), 511-529.
Boumosleh, A., Reeb, D., Ligon, R. M., Press, E., Stone, M., & Taylor, G. (2006). Inside Directors, Managerial Competition, AND THE Internal Reporting Process.
Burns, N., Kedia, S., & Lipson, M. L. (2005). Monitoring by institutional investors: Evidence from ownership changes and trading behavior around restatements. Available at SSRN 689921.
Carpenter, M. A., & Sanders, W. M. (2002). Top management team compensation: The missing link between CEO pay and firm performance?.Strategic Management Journal, 23(4), 367-375.
Collins, D., Reitenga, A. L., & Sanchez, J. M. (2008). The impact of accounting restatements on CFO turnover and bonus compensation: Does securities litigation matter?. Advances in Accounting, 24(2), 162-171.
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management journal, 42(6), 674-686.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary accounting research, 13(1), 1-36.
Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155-1177.
Desai, H., Hogan, C. E., & Wilkins, M. S. (2006). The reputational penalty for aggressive accounting: Earnings restatements and management turnover. The Accounting Review, 81(1), 83-112.
Efendi, J., Srivastava, A., & Swanson, E. P. (2007). Why do corporate managers misstate financial statements? The role of option compensation and other factors. Journal of Financial Economics, 85(3), 667-708.
Haugen, R. A., & Senbet, L. W. (1981). Resolving the agency problems of external capital through options. The Journal of Finance, 36(3), 629-647.
Healy, P. M. (1985). The effect of bonus schemes on accounting decisions.Journal of Accounting and Economics, 7(1), 85-107.
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.
Hölmstrom, B. (1979). Moral hazard and observability. The Bell journal of economics, 74-91.
Jackson, S. B., Lopez, T. J., & Reitenga, A. L. (2008). Accounting fundamentals and CEO bonus compensation. Journal of Accounting and Public Policy, 27(5), 374-393.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kadan, O., & Yang, J. (2005, December). Executive stock options and earnings management-a theoretical and empirical analysis. In AFA 2006 Boston Meetings Paper.
Mehran, R., Dangas, G., Abizaid, A. S., Mintz, G. S., Lansky, A. J., Satler, L. F., ... & Leon, M. B. (1999). Angiographic patterns of in-stent restenosis classification and implications for long-term outcome. Circulation, 100(18), 1872-1878.
Murphy, K. J. (1985). Corporate performance and managerial remuneration: An empirical analysis. Journal of Accounting and Economics, 7(1), 11-42.
Reitenga, A., Buchheit, S., Yin, Q. J., & Baker, T. (2002). CEO bonus pay, tax policy, and earnings management. Journal of the American Taxation Association, 24(s-1), 1-23.
Reitenga, A., Buchheit, S., Yin, Q. J., & Baker, T. (2002). CEO bonus pay, tax policy, and earnings management. Journal of the American Taxation Association, 24(s-1), 1-23.
Rosenstein, S., & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191.
Sanders, W. G., & Carpenter, M. A. (1998). Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure. Academy of Management journal, 41(2), 158-178.
Sloan, R. G. (1993). Accounting earnings and top executive compensation.Journal of Accounting and Economics, 16(1-3), 55-100.
Xie, B., Davidson, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316.
呂瑞芳，2014，「績效基礎的紅利發放政策對盈餘管理的影響」，當代會計，第十五卷第一期：63-91
劉旭清，1998，「員工分紅入股制度的意義」，勞工行政，120卷：52-56。
劉旭清，1998，「員工分紅入股制度的功能」，勞工行政，121卷：47-51。