臺灣博碩士論文加值系統

許多實證研究結果顯示，應計模型若採納之參考變數不夠完善，則其實證結果之可參考性就有待商榷。故本研究旨在探討，以杜邦分析（企業的營業利潤率和資產周轉率）之變化來檢驗盈餘管理是否有效。且相較於應計模型在辨別盈餘管理時，杜邦分析是否可提供更多訊息內容。研究樣本以曾經或目前仍是台灣股市公開發行上市上櫃公司為主，選樣期間為西元2000年至2012年。
本研究結果發現杜邦分析檢驗模型和應計模型相比，可以提供較多的訊息。且實證結果顯示，（1）營業利潤率提高資產周轉率下降，該企業較有可能為了符合分析師之預期而進行向上盈餘管理；（2）營業利潤率下降資產周轉率提高，企業較大可能出現極端盈餘。

This study propose a diagnostic for earnings management based on directional changes in firms’ profit margin （PM）and asset turnover ratios（ATO）. Consistent with expectations, we find that contemporaneous increases in profit margin and decreases in asset turn over signal upward earnings management. In comparison with Accrual model, our results suggest that the DuPont Analysis is more likely than that of Accrual model to meet or just beat analyst forecasts; the DuPont Analysis is less likely than that of Accrual model to have extreme earnings surprises.
The ATO⁄PM diagnostic provides incremental information over performance-adjusted abnormal accruals. Relying on popular accounting ratios is easy to compute with fewer data requirements.

摘要 i
ABSTRACT ii
表目錄 v
一、 緒論 1
1.1研究背景 1
1.2研究動機 3
1.3研究流程 7
1.4研究架構 8
二、 文獻探討 10
2.1應計模型 10
2.2杜邦方程式 13
2.3盈餘管理 18
三、 研究方法 24
3.1研究假說 24
3.2研究樣本 26
3.3變數衡量 27
3.4敘述統計 30
四、 實證結果與分析 39
五、 結論與建議 48
參考文獻 50

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