臺灣博碩士論文加值系統

本研究旨在探討「年度盈餘瀕臨虧損」之企業，其經理人對於「分類變動」、「實質盈餘管理」與「激進稅務報導」之權衡。本研究依據McVay（2006）所提出以未預期核心盈餘，作為分類變動之代理變數；另以Roychowdhury (2006)與Cohen, Dey, and Lys (2008)提出異常營業現金流量、異常生產成本、異常裁決性費用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，其經理人會行使分類變動(藉由將核心費用分類為特殊項目)來提高核心盈餘，因為此種分類變動並不會影響本期損益但卻能高估核心盈餘，以符合盈餘目標。此外，「年度盈餘瀕臨虧損」之企業，其經理人會以分類變動來提高核心盈餘，也可能運用實質盈餘管理(如：銷貨操弄、過量生產、降低裁決性費用及多項實質盈餘管理)，卻不會採用激進稅務報導來降低稅負，顯見臺灣上市櫃公司若「年度盈餘瀕臨虧損」，其經理人之主要考量為避免虧損，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，以分類變動來管理核心盈餘之公司，其經理人也比較不會採行實質盈餘管理來管理盈餘，此大致與許永馨、陳信吉與陳琬菁(2013)之結論一致，亦即在分類變動受限制之情況下，其經理人才會以實質盈餘管理來管理盈餘。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 aims at investigating the tradeoff of classification shifting, real earnings management, and tax reporting aggressiveness for listed firms in Taiwan. First, we use the unexpected core earnings of McVay’s(2006) model to measure classification shifting. Furthermore, 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 earning management measures to undertake a comprehensive analysis and discussion.

The empirical results show that, in order to avoid loss, managers are apt to exercise classification shifting (by shifting expenses from core expenses to special items) to improve core earnings for listed firms in Taiwan. Because the classification shifting may not change bottom-line earnings, but overstates core earnings to achieve earnings goals. Furthermore, managers will not only exercise classification shifting to improve core earnings, but also exercise real earning management(e.g., increasing sales, overproducing inventories, reducing discretionary expenditures, and exercising comprehensive real earning management). 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. In addition, managers exercise classification shifting to management core earnings, its managers won’t exercise real earning management to management earnings, this is consistent with Hsu, Chen, and Chen (2013). 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 IV
目錄 V
表目錄 VI
圖目錄 VII
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
第四節 企業經理人以分類變動進行盈餘管理 18
第參章 假說設定與研究方法 19
第一節 研究假說 19
第二節 研究方法 20
第肆章 實證結果與分析 30
第一節 樣本選取 30
第二節 敘述性統計分析 31
第三節 相關係數分析 33
第四節 實證結果 37
第五節 敏感性分析 49
第伍章 結論與建議 60
第一節 研究結論 60
第二節 研究限制與建議 61
參考文獻 62

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