臺灣博碩士論文加值系統

本研究旨在探討臺灣上市櫃公司之經理人，對於「實質盈餘管理」與「激進稅務報導」之權衡，其中「實質盈餘管理」係依據Roychowdhury (2006)與Cohen, Dey, and Lys (2008)所提出以異常營業現金流量、異常生產成本、異常裁決性費用，以及複合實質盈餘管理指標作為實質盈餘管理之代理變數，以進行綜合性之分析與探討。

本研究之實證結果發現，「年度盈餘瀕臨虧損」之企業，其經理人會從事實質盈餘管理(例如：銷貨操弄、超額生產、降低裁決性費用)以避免虧損，卻不採用激進稅務報導來降低稅負，表示臺灣上市櫃公司若「年度盈餘瀕臨虧損」，其經理人主要以實質盈餘管理來避免虧損，而且其財務所得大多趨近於零，故比較不會採取激進之稅務報導。另外，企業經理人僅有從事銷貨操弄之實質盈餘管理，也會同時採取激進之稅務報導，顯示臺灣上市櫃公司之經理人運用銷貨操弄之實質盈餘管理以提高公司盈餘時，也會採取激進之稅務報導來降低公司稅負。但其他實質盈餘管理之代理變數，如超額生產、降低裁決性費用、多項實質盈餘管理，則能發現臺灣上市櫃公司之經理人從事實質盈餘管理以提高公司盈餘時，如企業經理人會先行使超額生產、降低裁決性費用、多項實質盈餘管理以提高公司盈餘，其次再考量採行激進稅務報導來降低公司稅負。最後，本研究之敏感性分析，將激進稅務報導之代理變數由財稅差異改為財稅所得之永久性差異，仍然得到類似之結論。

This study is designed to investigate tradeoff of real earnings management and tax reporting aggressiveness for listed firms in Taiwan. We use the real earnings management variables of Roychowdhury’s (2006) and Cohen, Dey, and Lys’s (2008) model, such as abnormal operating cash flow, abnormal production costs, abnormal discretionary expenses, and complex real earnings management measures to undertake a comprehensive analysis and discussion.

The empirical results show, in order to avoid loss, managers are apt to exercise real earnings management (e.g., increasing sales, overproducing inventories, and reducing discretionary expenditures) for listed firms in Taiwan. However, managers won’t use aggressive tax reporting for firms to avoid annual losses, this imply the book income of such firms are nearly zero, the main considerations of managers are to avoid annual losses rather than to reduce tax burdens. Furthermore, managers wouldn’t only exercise manipulate sales to improve the company's earnings, but also use aggressive tax reporting to reduce the company's tax burden. But managers determine the level of other real earnings management variables(such as overproducing inventories, reducing discretionary expenditures, and exercising comprehensive real earnings management) before use aggressive tax reporting to reduce the company's tax burden. Finally, our sensitivity analysis also get similar results for tax reporting aggressiveness proxy are permanent book-tax differences.

中文摘要 I
英文摘要 II
致謝 III
目錄 IV
表目錄 V
圖目錄 VI
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構 3
第貳章 文獻回顧 5
第一節 財稅差異 5
第二節 企業經理人盈餘管理之動機 11
第三節 企業經理人以實質盈餘管理進行盈餘管理 13
第參章 假說設定及研究方法 18
第一節 研究假說 18
第二節 研究方法 19
第肆章 實證結果與分析 27
第一節 樣本選取 27
第二節 敘述性統計分析 27
第三節 相關分析 30
第四節 多變量分析 34
第五節 敏感性分析 45
第伍章 結論與建議 53
第一節 研究結論 53
第二節 研究限制與建議 54
參考文獻 55

中文文獻：
王貞靜、林凱薰、孔繁華，2011，中國的實質盈餘管理，第十屆中國實證會計國際研討會。
林嬌能，2007，帳面-課稅所得差異與盈餘管理之相關性，國立成功大學會計學系碩博士班博士論文。
林嬌能與王萬成，2007，所得稅費用盈餘管理之市場反應，中山管理評論，第15卷第3期：547-578。
柯承恩，2000，我國公司治理體系之問題與改進建議(上)，會計研究月刊，第173期：75-81。
徐瑩杰，2006，財稅差異與管理階層獎酬之探討，國立政治大學會計研究所碩士論文。
財政部，2006，所得稅基本條例疑義解答。
財團法人中華民國會計研究發展基金會，2005，財務會計準則公報第二十二號：所得稅之會計處理準則，最新修訂版。
馬依萍，2007，經營決策行為與盈餘管理之關連性研究，國立臺灣大學會計研究所碩士論文。
張婉煜，2008，租稅對財務報表穩健影響之研究：理論與實務，國立成功大學會計學研究所碩博士班碩士論文。
張敏蕾、廖四郎與林修平，2009，財稅差異與盈餘品質之關聯性研究，管理學報，第26卷第4期：391-415。
張敏蕾與黃德芬，2007，遞延所得稅費用策略性調控與公司盈餘管理行為之研究，當代會計，第8卷第2期：181-208。
許永馨、陳信吉與陳琬菁，2013，董事會特性與盈餘管理之選擇行為，會計評論，第57期(7月)：39-72。
陳明進與蔡麗雯，2006，財稅所得差異決定因素及課稅所得推估之研究，管理學報，第23卷第6期：739-763。
黃柏庭，2007，真實營業活動相關之盈餘管理研究，國立政治大學會計研究所碩士論文。
黃美祝，2010，財稅差異金額大小對國稅局選案查核之影響，會計評論，第50期：23-55。
楊秉芳，2006，我國上市(櫃)公司財稅差異與企業評價之研究，國立政治大學會計研究所碩士論文。
謝宛庭，2007，臺灣財務危機公司之預測與其盈餘管理行為，國立成功大學會計研究所博士論文。
羅文振，2006，財稅差異重大公司盈餘及其組成因子持續性與評價意涵之研究，國立成功大學會計學系碩士論文。

英文文獻：
Aharony, J., J. Wang, and H. Yuan. 2010. Tunneling as an incentive for earnings management during the IPO process in China. Journal of Accounting and Public Policy 29(1)：1-26.
Altman, EI. 1968. Financial ratios, discriminate analysis and the prediction of corporate bankruptcy. Journal of Finance 23(4)：589-609.
Argenti, J. 1976. Corporate collapse： Causes and symptoms. London： McGraw Hill.
Ayers, B. C., J. X. Jiang, and S. K. Laplante. 2009. Taxable income as a performance measure： The effects of tax planning and earnings quality. Contemporary Accounting Research 26(1)：15-54.
Baber, W. R., P. M. Fairfield, and J. A. Haggard. 1991. The effect of concern about reported income on discretionary spending decisions： The case of research and development. The Accounting Review 66(4)：818-829.
Badertscher, B. 2011. Overvaluation and the choice of alternative earnings management mechanisms. The Accounting Review 86(5)：1491-1518.
Bankman, J. 2004. The tax shelter problem. National Tax Journal 57(4)：925-936.
Bartov, E. 1993.The timing of asset sales and earnings manipulation. The Accounting Review 68(4)：840-855.
Bens, D. A., V. Nagar, and M. H. F. Wong. 2002. Real investment implications of employee stock option exercises. Journal of Accounting Research 40(2)：359-393.
Bowen, R. M., L. DuCharme, and S. D. Larry. 1995. Stakeholders’ implicit claims and accounting method choice. Journal of Accounting and Economics 20(3)：255-295.
Burgstahler, D., and I. Dichev. 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24(1)：99-126.
Burgstahler, D., and M. Eames. 2006. Management of earnings and analysts’ forecasts to achieve zero and small positive earnings surprises. Journal of Business Finance and Accounting 33(5-6)：633-652.
Bushee, B. J. 1998. The influence of institutional investors on myopic R&D investment behavior. The Accounting Review 73(3)：305-333.
Chapman, C. 2008. The effects of real earnings management on the firm, its competitors and subsequent reporting periods. Working paper.
Chen, S., X. Chen, Q. Cheng, and T. Shevlin. 2010. Are family firms more tax aggressive than non-family firms? Journal of Financial and Economics 95(1)：41-61.
Chi, W., L. L. Lisic, and M. Pevzner. 2011. Is enhanced audit quality associated with greater real earnings management? Accounting Horizons 25(2)：315-335.
Cloyed, B. 1995. The effects of financial accounting conformity on recommendations of tax preparers. The Journal of the American Taxation Association 17(2)：50-70.
Cohen, D. A., A. Dey, and T. Z. Lys. 2008. Real and accrual-based earnings management in the pre- and Post-Sarbanes-Oxley periods. The Accounting Review 83(3)：757-787.
Cohen, D. A., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50(1)：2-19.
Cohen, D., R. Mashruwala, and T. Zach. 2010. The use of advertising activities to meet earnings benchmarks： Evidence from monthly data. Review of Accounting Studies 15(4)：808-832.
Collins, J. H., D. Shackelford, and J. Wahlen. 1995. Bank differences in the coordination of regulatory capital, earnings, and taxes. Journal of Accounting Research 33(2)：263-291.
Darrough, M., and S. Rangan. 2005. Do insiders manipulate earnings when they sell their shares in an initial public offering? Journal of Accounting Research 43(1)： 1-33.
DeAngelo, H., L. DeAngelo, and D. J. Skinner. 1994. Accounting choice in troubled companies. Journal of accounting and economics 17(1-2)：113-143.
DeAngelo, L. E. 1986. Accounting numbers as market valuation substitutes： A study of management buyouts of public stockholders. The Accounting Review 61(3)：400-420.
Dechow, P. M., and R. G. Sloan. 1991. Executive incentives and the horizon problem. Journal of Accounting and Economics 14(1)：51-89.
Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1995. Detecting earning management. The Accounting Review 70(2)：193-225.
Dechow, P.M., and D. J. Skinner. 2000. Earnings management reconciling the views of accounting academics, practioners, and regulators. Working Paper University of Michigan.
DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17(1)：145-176.
Degeorge, F., J. Patel, and R. Zeckhauser. 1999.Earnings management to exceed thresholds. Journal of Business 72(1)：1-33.
Del Guercio, D. 1996. The distorting effect of the prudent-man laws on institutional equity investment. Journal of Financial Economics 40(1)：31-62.
Edelstein, R., P. Liu, and D. Tsang. 2009. Real earnings management and dividend payout signals： A study for U.S. real estate investment trusts. Working Paper University of California at Berkeley.
Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in east Asia. Journal of Accounting and Economics 33(3)：401-426.
Francis, J., K. Schipper, and L. Vincent. 2005. Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics 39(2)：329-360.
Frank, M. M., L. Lynch, and S. Rego. 2009. Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review 84(2)：467-496.
Fudenberg, D., and J. Tirole. 1995. A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy 103(1)：75-93.
Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40(1-3)：3-73.
Guenther, D., E. Maydew, and S. Nutter. 1997. Financial reporting, tax costs and book-tax conformity. Journal of Accounting and Economics 23(3)：225-248.
Gunny, K. A. 2010. The relation between earnings management using real activities manipulation and future performance： Evidence from meeting earnings benchmarks. Contemporary Accounting Research 27(3)：855-888.
Gupta, M., M. Pevzner, and C. Seethamraju. 2010. The implications of absorption cost accounting and production decisions for future firm performance and valuation. Contemporary Accounting Research 27(3)：889-922.
Hanlon, M. 2005. The persistence and pricing of earnings, accruals and cash flows when firms have large book-tax differences. The Accounting Review,80(1)：137-166.
Hanlon, M., and G. V. Krishnan. 2005. Do auditors use the information reflected in book-tax differences? Working paper Ross School of Business.
Hanlon, M., E. Maydew, and T. Shevlin. 2006. Book-tax conformity and the information content of earnings. Working paper Ross School of Business.
Hanlon, M., L. Mills, and J. Slemrod. 2007. An empirical examination of corporate tax noncompliance. In taxing corporate income in the 21st century, edited by A. Auerbach, J. R. Hines, Jr., and J. Slemrod. Cambridge, U.K.： Cambridge university press.
Healy, P. M. 1985. The effect of bonus schemes on accounting decision. Journal of Accounting and Economics 7(1-3)：85-107.
Healy, P. M., and J. M. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13(4)：365-383.
Healy, P. M., and K. G. Palepu. 1993. The effect of firms’ financial disclosure strategies on stock prices. Accounting Horizon 7(1)：1-11.
Herrmann, T., T. Inoue, and W. B. Thomas. 2003. The sale of assets to manage earnings in Japan. Journal of Accounting and Research 41(1)：89-108.
Holthausen, R. W., and R. W. Leftwich. 1983. The economic consequence of accounting choice implications of costly contracting and monitoring. Journal of Accounting and Economics 5(2)：77-117.
Jackson, S. B., and W. E. Wilcox. 2000. Do managers grant sales price reduction avoid losses and declines in earnings and sales? Quarterly Journal of Business and Economics 39(4)：3-20.
Jensen, M. C., and R. Ruback. 1983. The market for corporate control： The scientific evidence. Journal of Financial Economics 11(1-4)：5-50.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm： managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3(4)：305-360.
Jian, M., and T. J. Wong. 2010. Propping through related party transactions. Review of Accounting Studies 15(1)：70-105.
Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29(2)：193-228.
Joos, P., J. Pratt, and D. Young. 2000. Book-tax differences and the value relevance of earnings. Working paper Massachusetts Institute of Technology.
Joos, P., J. Pratt, and D. Young. 2002. Using deferred taxes to infer the quality of accruals. Working paper Massachusetts Institute of Technology.
Joos, P., J. Pratt, and D. Young. 2003. Using deferred taxes to detect earnings management： Further evidence. Working paper Massachusetts Institute of Technology.
Jung, K., and S. Y. Kwon. 2002. Ownership structure and earnings informativeness： Evidence from Korea. The International Journal of Accounting 37(3)：301-325.
Kim, B., M. Pevzner, and L. Lei. 2010. Debt covenant slacks and real earnings management. Working Paper George Mason University.
Lee, T. S., and H. Yeh. 2004. Corporate governance and financial distress： Evidence from Taiwan. Corporate Governance： An International Review 12(3)：378-388.
Lev, B., and D. Nissim. 2004. Taxable income, future earnings and equity values. The Accounting Review 79(4)：1039-1074.
Li, C. 2009. Does client importance affect auditor independence at the office level? Empirical evidence from going concern opinions. Contemporary Accounting Research 26(1)：201-230.
Lisowski, P. 2010. Seeking shelter： Empirically modeling tax shelters using financial statement information. The Accounting Review 85(5)：1693-1720.
Lo, W. Y. Agnes, M. K. Raymond, Wong, and Firth. Michael. 2010. Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China. Journal of Corporate Finance 16(2)：225-235.
Manzon, G., and G. Plesko. 2002. The relation between financial and tax reporting measures of income. Tax Law Review 55(Winter)：175-214.
McAnally, M. L., A. Srivastava, and C. Weaver. 2008. Executive stock options, missed earnings targets and earnings management. The Accounting Review 83(1)：185-216.
Mills, L., and K. Newberry. 2001. The influence of tax and nontax costs on book-tax reporting difference： Public and private firms. The Journal of the American Taxation Association 23(1)：1-19.
Mills, L., K. Newberry, and W. Trautman. 2002. Trends in book-tax income and balance sheet differences. Tax Notes 96(8)：1109-1124.
Nelson, M. W., J. A. Elliott, and R. L. Tarpley. 2003. How are earnings managed? Examples from auditors. Accounting Horizons 17(Supplement)：17-35.
Osma, B. G., and S. Young. 2009. R&D expenditure and earnings targets. European Accounting Review 18(1)：7-32.
Park, M. S., and T. Park. 2004. Insider sales and earnings management. Journal of Accounting and Public Policy 23(5)：381-411.
Perry, S., and R. Grinaker. 1994. Earnings expectations and discretionary research and development spending. Accounting Horizons 8(4)：43-51.
Phillips, J., M. Pincus, and S. Rego. 2003. Earnings management： New evidence based on deferred tax expense. The Accounting Review 78(2)：491-521.
Plesko, G. A. 2000. Book-tax differences and the measurement of corporate income. In proceedings of the ninety-second annual conference on taxation, 1999. Washington DC： National tax association：171-176.
Rego, S. O. 2003. Tax-avoidance activities of U.S. multinational corporations. Contemporary Accounting Research 20(4)：805-833.
Revsine, L., D. W. Collins, and W. B. Johnson. 2005. Financial reporting and analysis. Third edition. Upper saddle river, NJ：Pearson/Prentice Hall.
Richardson, V. J. 2000. Information asymmetry and earnings management：Some evidence. Review of Quantitative Finance and Accounting 15(4)：325-347.
Rosner, R. 2003. Earnings manipulation in failing firms. Contemporary Accounting Research 20(2)：361-408.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42(3)：335-370.
Schipper, K. 1989. Earnings management. Accounting Horizons 3(4)：91-102.
Seidman, J. 2010. Interpreting the book-tax income gap as earnings management or tax sheltering. Working paper The University of Texas at Austin.
Seybert, N. 2010. R&D capitalization and reputation driven real earnings management. The Accounting Review 85(2)：671-693.
Tang, T., and M. Firth. 2011. Can book-tax difference capture earnings management and tax management? Empirical evidence from China. The International Journal of Accounting 46(2)：175-204.
Thomas, J. K. and H. Zhang. 2002. Inventory changes and future returns. Review of Accounting Studies 7(2-3)：163-187.
Trueman, B. and S. Titman. 1988. An explanation for accounting income smoothing. Journal of Accounting Research 26(Supplement)：127-139.
Visvanathan, G. 2008. Corporate governance and real earnings management. Academy of accounting and Financial Studies Journal 12(1)：9-22.
Wang, S., and J. D’ Souza. 2006. Earnings management：The effect of accounting flexibility on R&D investment choices. Working paper Cornell University, New York.
Warfield, T., J. Wild, and K. Wild. 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20(1)：61-91.
Watts, R. 2003. Conservatism in accounting part I：Explanations and implications. Accounting Horizons 17(3)：207-211.
Watts, R. L., and J. L. Zimmerman. 1978. Towards a positive theory of the determination of accounting standards. The Accounting Review 53(1)：52-77.
Weisbach, D. A. 2003. Ten truths about tax shelters. Tax law Review 55(2)：215-253.
Wilson, R. 2009. An examination of corporate tax shelter participants. The accounting Review 84(3)：969-999.
Zang, A. 2012. Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review 87(2)：675-703.