臺灣博碩士論文加值系統

管理當局在薪酬及工作保障等自利動機之誘因下，管理當局可能會進行盈餘管理。先前研究著眼於損益平穩化政策下，探討衍生性金融商品與裁決性應計項目之替代關係，然而企業之財務策略可能有所不同，因此本研究進一步依不同財務策略探討衍生性金融商品交易與裁決性應計項目之關聯性。

本研究以民國93年至95年間國內上市公司前兩百大企業，使用聯立方程式與兩階段最小平方法，探討盈餘管理兩項工具之關聯性，並分析影響衍生性金融商品及裁決性應計項目之影響變數。本研究結果顯示在穩定盈餘波動之財務目標下，盈餘管理兩項工具有相互替代性；但在擴大盈餘波動之財務目標下，兩項工具之關係並不一致。不論在企業之財務策略為何，當公司規模愈大、負債比率愈高則企業操作之衍生性金融商品交易愈大。當管理當局報酬愈高、公司成長性愈高則企業使用裁決性應計項目愈低，而負債比率愈高、營業週期愈長則裁決性應計項目愈高。此外在盈餘平穩化樣本中，當股利支付率愈高、流動負債比率愈小，則管理當局操作衍生性金商品交易愈小。在擴大盈餘波動樣本中，管理當局報酬愈高、持股比率愈高、公司成長性愈大、股利支付率愈高、負債比重愈低，則管理當局操作衍生性金融商品交易愈大。

Under the incentives of managers’ compensation and job security, management may attempt to use any method allowable in accounting rules to manipulate earnings. Previous studies focused on exploring the negative relationship between derivatives trading and discretionary accruals when the company desired to smooth earnings. However, enterprise’s strategy may not be the same. This study investigates the relationship between derivatives trading and discretionary accruals under different financial strategies.

Research samples are collected from top 200 equity values of Taiwan listed company during 2003 to 2005. Using simultaneous equations and two stage least square to examine the relation between derivatives trading and discretionary accruals. The evidence shows the significant negative association between two earnings management tools and supports the hypothesis that managers trade off discretionary accruals and derivatives to smooth earnings volatility. However, in the enlarging earning volatility, I can not find the coherent results. No matter what kind of financial strategy, companies use more derivatives when the company size and debt-to-asset ratio is greater; the operating cycle is longer and debt-to-asset ratio is larger, managers use more discretionary accruals. On the other hand, when the managers’ compensation is larger and companies with growth opportunities use less discretionary accruals.

第一章 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
第二章 文獻探討 5
第一節 盈餘管理之相關文獻 5
第二節 裁決性應計項目衡量之相關文獻 9
第三節 衍生性金融商品之相關文獻 10
第四節 衍生性金融商品與裁決性應計項目之關連 14
第三章 研究方法 16
第一節 研究假說 16
第二節 實證模型之建立 17
第三節 樣本選樣標準 17
第四節 變數衡量 18
第四章 實證結果分析 24
第一節 敘述性統計及相關性分析 24
第二節 聯立方程式之迴歸分析 33
第五章 結論與建議 38
第一節 研究結論 38
第二節 研究限制 39
第三節 對後續研究之建議 40
參考文獻 41

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