臺灣博碩士論文加值系統

摘 要
近幾年來，財務弊案層出不窮，管理當局參與創造性會計的情事日益嚴重，資本市場陷入紀律危機，徒增成本。為喚醒投資者對於盈餘品質的關注，以及對盈餘管理有更客觀的瞭解，本研究提出兩種不同基礎之盈餘品質分類法，並探討台灣上市公司在盈餘品質分類法下，財務特性與盈餘管理成分的差異。
以往國內文獻多個別探討盈餘品質的內涵，或盈餘管理的現象；將盈餘品質與盈餘管理兩大主題做結合，乃新嘗試。研究主要分為兩大部分，第一部份定義盈餘品質，而第二部分深入盈餘管理的課題。
研究以2002年第3季到2004年第3季，381家台灣上市公司，共3429個樣本點，進行迴歸模型分析。
首先將樣本以：一、盈餘對營運現金流量的關係，及二、應收帳款成長率對營收成長率的比較，共兩種基礎，區分盈餘品質。在區分盈餘品質後，以盈餘品質測試盈餘評價能力與持續性。發現以盈餘對營運現金流量關係作為基礎之盈餘品質，具有增額評價能力，而以應收帳款成長率對營收成長率的比較做為基礎者，無增額評價能力。而兩種盈餘品質對盈餘持續性有顯著貢獻。
第二部分將樣本分為盈餘平滑企業與非盈餘平滑企業，探討盈餘評價功能之強弱，發現在盈餘平滑與盈餘非平滑兩組別中，盈餘平滑化並不影響盈餘評價能力。接著導入盈餘品質，觀察在交叉分組下盈餘評價功能的差異，發現高盈餘品質結合盈餘非平滑化（Quality Non-Smoother）的組別中，有最高盈餘評價係數。盈餘進一步拆解成三個組成份子：營運現金流量，裁量性應計數，與非裁量性應計數。其中，觀察重點在於裁量性應計數，研究同樣加入盈餘品質，測試其評價能力與持續性。發現裁量性應計數具有評價功能，而在兩種盈餘品質指標分類下，高盈餘品質之裁量性應計數，並無增量評價貢獻；在持續性方面，兩種盈餘品質指標同樣對裁量性應計數有正向貢獻。
為測試盈餘品質在盈餘管理誘因下的反應，最後將盈餘管理誘因區分為達成損益兩平與超越前期盈餘兩項目標，並加入盈餘品質，觀察其交互作用。發現在「達成損益兩平」與「超越前期盈餘」兩種盈餘目標下，盈餘管理現象的確存在。加入盈餘品質變數後，在兩種盈餘品質變數之作用下，對「達成損益兩平」與「超越前期盈餘」兩項管理誘因均有抑制作用。

Abstract
During the last few years, there have been numerous cases of financial ma-nipulation and scandals of firms and the situation of the managing authority par-ticipating in creative accounting has become worsen which has posed enormous disciplinary risks and unnecessary costs on the entire capital market. In order to invoke the concern of investors towards earning quality and to objectively under-stand more broadly about earning management, this study focused on two dif-ferent earning quality categorization based on different basis. The other aim of this study was to discuss the differences of financial characteristics and earning management that arise under two different earning quality categorizations.
Most of the local existing literature discussed separately on the essence of earning management or the phenomenon of earning management; this study would be a completely new attempt, which combined the above-mentioned two topics into one study. The first part of this study focused on the definition of earn-ing quality and the second part discussed in detail on issues concerning earning management.
A regression analysis was conducted on 381 publicly listed firms in Taiwan during the period from the third quarter of 2002 to the third quarter of 2004 and the total sample points were 3429.
Firstly, the samples were processed and the samples’ earning qualities were categorized based on: 1. the comparison between earning and operating cash flow; 2. the comparison between the growth rate of account receivables and the growth rate of revenue. After the categorization of earning qualities, earning qual-ity was used to test the ability of earning valuation and the persistence of the earning. It was revealed in this study that the earning quality based on the com-parison between earning and operating cash flow could greatly enhance the abil-ity of earning valuation. On other hand, the earning quality based on the compari-son between the growth rate of account receivables and the growth rate of reve-nue failed to enhance the earning valuation. However, both categories of earning qualities had significant contribution to the persistence of earning.
The second part of the study separated the samples into earning smoothing firms and non-earning smoothing firms in order to discuss the power of the ability of earning valuation. The results showed that earning smoothing did not have any impact on ability of earning valuation. The next step was to introduce earning quality into this part of the study and to observe the differences in the ability of earning valuation that arise from cross grouping. It was revealed that the group of high earning quality combining non-smoother had the highest earning valuation coefficient. Earning was further decomposed into three components: operating cash flow, discretional accruals and non-discretional accruals. The focus was on the observation of discretional accruals, and in this part of the study, the earning quality was also introduced in order to test the ability to valuate and the persis-tence of earning. It was discovered that discretional accruals possessed the func-tion of valuation. Furthermore, under the categorization of earning quality indexes with two different bases, discretional accruals with high earning quality had no contribution toward the ability to enhance valuation; however, about the persis-tence, both earning quality indexes had positive contribution toward discretional accruals.
Finally, in order to test the reactions of earning quality under the influence of the incentives of earning management, the incentives of earning management were categorized into two groups with two different goals: 1. to reach breakeven; 2. to exceed prior period earning. The earning quality was also introduced to ob-serve the interactions. It was observed that under the two different goals in earn-ing, the phenomenon of earning management did indeed exist. After including the variable of earning quality, under the influences of two different categories of earning quality variables, there was some kind of suppressive effects on the management incentives of “reaching breakeven” and “earning that surpasses the prior period earning”.

目 錄
致謝 i
摘要 ii
目錄 v
表目錄 vi
圖目錄 vii
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 7
第三節 章節安排 7
第貳章 文獻探討 8
第一節 盈餘品質組成 8
第二節 盈餘管理現象 14
第參章 研究方法與實證模型 22
第一節 假說發展 22
第二節 實證模型與變數定義 33
第三節 樣本選取 47
第肆章 實證結果與分析 49
第一節 盈餘品質研究 50
第二節 盈餘品質與盈餘管理綜合研究 56
第伍章 結論與建議 75
第一節 研究結論 75
第二節 研究建議與研究限制 82
參考文獻 88

參考文獻
中文部分：
Don Tapscott., David Ticoll，"企業黑數-透明化提升公司誠信與價值-The Naked Corporation : How the Age of Transparency Will Revolutionize Business"，時報文化，2004.5。
Howard Schilit，"識破財務騙局的第一本書-Financial Shenanigans"，麥格羅.希爾，2002.10。
王寶雪，"從會計醜聞探討盈餘管理與盈餘品質"，國立成功大學會計學系研究所碩士論文，2002。
白富美，"企業金錢遊戲 海外融資成捷徑"，聯合新聞網，2004.9.17。
吳啟銘，"企業評價"，智勝，2000。
李建然、羅元銘，"新上市公司上市後營運績效衰退原因之探討"，財務金融學刊第十卷第一期：23-52頁，2002。
李建然，"影響台灣上市公司自願性盈餘預測頻率之研究"，會計評論第三十二卷：49-80頁，2000。
林嬋娟、洪櫻芬與薛敏正，"探討財務困難公司之盈餘管理"，管理學報：15-38頁，1997。
金成隆、林修葳與張永芳，"強制性財務預測誤差與盈餘管理關係20%門檻限制影響之研究"，財務金融學刊第七卷第一期：59-96頁，1999。
金成隆、曹壽民，"台灣上市公司盈餘/股價關聯性之研究"，中山管理評論，第七卷第一期：81-100頁，1999。
徐俊明，"盈餘操縱手法概論"，中興大學財務金融學系，2002.11。
張文?，"本益比變動與盈餘管理"，當代會計第四卷第一期：29-56頁，2003.5。
張文?，"審計品質對上市公司盈餘管理之影響"，當代會計第二卷第二期：195-214頁，2001.11。
張仲岳，"盈餘宣告對股價多重影響之研究"，會計評論第二十九期：135-174頁，1995。
張麗娟，"會計盈餘與現金盈餘的相對資訊內涵"，台灣銀行經濟研究室，2002.3。
陳慧美，"盈餘管理與財務特性，股票報酬關聯性之探討"，國立中山大學財務管理學系研究所碩士論文，2003。
彭火樹、劉正田，"股票價格之會計評量基礎，會計盈餘之監督與評價角色關聯性之研究：台灣實證結果"，中華民國第三屆商業教育學術論文發表會論文集：109-118頁，1996。
黃秀敏，"評價模式、盈餘與股票報酬關係之探討－台灣股市之實證研究"，政治大學會計研究所碩士論文，1993。
楊伶雯，"「訊碟掏空疑雲警戒升高，交易所限期6日晚間7時前說明」"，東森新聞報，2004.9.3。
楊朝旭，"會計盈餘及時性對公司治理結構之影響"，當代會計第四卷第一期：1-28頁，2003。
葉金成、李冠豪，"盈餘與股價因果關係之實證研究"，當代會計第二卷第一期：17-38頁，2001。
蔡柳卿、楊朝旭，"會計盈餘之監督與評價角色關聯性之研究：台灣實證結果"，風險管理學報第六卷第二期，2004.7。
薛敏正、林嬋娟，"自由現金流量與盈餘關連性之研究"，台灣管理學刊第三卷第一期：151-168，2003.2。
羅贊興、陳逸珊、黃書芸與黃馨儀，"美國企業改革法案對我國上市公司管理制度適用性之探討"，臺灣證券交易所九十二年度研究報告，2003.12.31。

英文部分：
Abarbanell, Jeffrey S., and Brian J. Bushee, “Fundamental Analysis, Future Earnings and Stock Prices.” Journal of Accounting Research, vol. 35, no. 1 (Spring):1–24, 1997.
Baker, G., M. Gibbs, and B. Holmstrom, “The Wage Policy of a Firm”, Quarterly Journal of Economics, 109, 4, 921-955, 1994.
Ball, R., and P. Brown, “An Empirical Evaluation of Accounting Income Numbers”, Journal of Accounting Research, Autumn. pp.159-78, 1968.
Ball, R., S. Kothari, and A. Robin, “The Effect of International Institutional Factors on Properties of Accounting Earnings”, Journal of Accounting and Economic 29(1): 1-51, 2000.
Beatty, R, “Auditor Reputation and the Pricing of Initial Public Offerings”, The Accounting Review 64 (October) : 693-709, 1989.
Belkaoui, A. and R.D. Picur, “The Smoothing of Income Numbers: Some Empirical Evidence on Systematic Differences Between Core and Periphery Industrial Sectors”, Journal of Business Finance & Accounting, 1984.
Ben-Hsien Bao AND Da-Hsien Bao, “Income Smoothing Earnings Quality and Firm Valuation”, Journal of Business Finance &Accounting, 31(9) & (10), November/December, 2004.
Bernstein, L, “Financial Statement Analysis. 5th ed”, Homewood, IL: Irwin, 1993
Bitner, L. N. and R. Dolan, “Does Smoothing Earnings Add Value?”, Management Accounting, 76, 44-47, 1998.
Burgstahler, D. and I. Dichev, “Earnings Management to Avoid Earnings Decreases and Losses”, Journal of Accounting and Economics, 33, 99-126, 1997.
Bushman, R. and A. Smith, “Financial Accounting Information and Corporate Governance”, Journal of Accounting and Economics, 32, 237-335, 2001.
Bushman, R., Q. Chen, E. Engel, and A. Smith, “The Sensitivity of Corporate Governance Systems to the Timeliness of Accounting Earnings”, Working paper, University of Chicago, 2000.
Chaney, P. K., and D. C. Jeter, “Income Smoothing and Firm Characteristics”, Accounting Enquiries, 7: 1-50, 1997.
Christie, A., “Aggregation of Test Statistics: An Evaluation of Evidence on Contracting and Size Hypotheses”, Journal of Accounting and Economics, 13, 15-36, 1990.
Collins, D., M. Pincus and H. Xie, “Equity Valuation and Negative Earnings: The Role of Book Value of Equity”, The Accouinting Review 74 (January): 29-61, 1999.
Collins, J., D. Shackelford, and J. Wahlen, “Bank Differences in the Coordination of Regulatory Capital, Earnings and Taxes”, Journal of Accounting Research, 33, 263-291, 1995.
Dechow, Patricia M., and Weili Ge, “Earnings, Cash Flows, Persistence, and Growth.”, Working paper, University of Michigan, 2003.
Dechow and Schrand, “Earning Quality”, The Research Foundation of CFA Institute, 2004.7.
Dechow, P.M. and D.J. Skinner, ”Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators”, Accounting Horizons (June), pp. 235–50, 2000.
Dechow, P, “Accounting Earnings and Cash Flows as Measures of Firm Performance: the Role of Accounting Accruals”, Journal of Accounting and Economics 17 (January): 3-42, 1994.
Dechow, P., R. Sloan, and A. Sweeny, “Detecting Earnings Management”, Accounting Review 70 : 193-226, 1995.
Degeorge, F., J., Patel, and R. Zeckhauser, “Earnings Management to Exceed Thresholds”, Journal of Business 72,1-33, 1998.
Fan, J., and T. Wong, “Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia”, Journal of Accounting and Economics 33 (3): 401-425, 2002.
FASB，Statement of Concept No.1.
Howard Schilit, “Financial Shenanigans, 2nd edition”, McGraw-Hill, 2002.
Francis, J. and K. Schipper, “Have Financial Statements Lost Their Relevance?” Journal of Accounting Research, 37, 319-352, 1999.
Freeman, R., J. Ohlson, and S. Penman, “Book Rate-of-Return and Prediction of Earnings Changes: An Empirical Investigation”, Journal of Accounting Research 20 (Autumn): 3-42, 1982.
Fudenberg, D. and J. Tirole, “A Theory of Income and Dividend Smoothing Based on Incumbency Rents”, Journal of Political Economy (February), pp. 75–93, 1995.
Guay, W. P., S. P. Kothari, and R. L. Watts, “A Market-Based Evaluation of Discretionary Accruals Models”, Journal of Accounting Research 34 (Supplement) : 83-105, 1996.
Guidry, F., A. J. Leone, and S. Rock, “Earnings-Based Bonus Plans and Earnings Management by Business-Unit Managers.”, Journal of Accounting and Economics, 26: 113-142, 1999.
Hand, J, “Did Firms Undertake Debt-Equity Swaps For an Accounting Paper Profit or True Financial Gain?”, Accounting Review 64 : 587-623, 1989.
Healy, P. M., and K. G. Palepu, “The Effect of Firms' Financial Disclosure Policies on Stock Prices”, Accounting Horizons 7 (March): 1-11, 1993.
Healy, P, “The Effect of Bonus Schemes on Accounting Decisions”, Journal of Accounting and Economics, 7: 85-107, 1985.
Holthausen, R. W, “Accounting Method Choice: Opportunistic Behavior, Efficient Contracting and Information Perspectives”, Journal of Accounting and Economics 12 : 207-218, 1990.
Hunt, H. G., “Potential Determinants of Corporate Inventory Accounting Decisions”, Journal of Accounting Research, 23, 448-467, 1985.
Kormendi, R., and R. Lipe, “Earnings Innovation, Earnings Persistence, and Stock Returns”, Journal of Business 60: 323-345, 1987.
La Pora, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny, “Law and finance”, Journal of Political Economy 106: 1113-1155, 1998.
Leuz, Christian, Dhananjay Nanda, and Peter D. Wysocki, “Earnings Management and Investor Protection: An International Comparison”, Journal of Financial Economics, vol. 69, no. 3 (September):505–527, 2003.
Lev, B. and P. Zarowin, “The Boundaries of Financial Reporting and How to Extend Them”, Journal of Accounting Research, 37, 353-385, 1999.
Michelson, S.E., J. Jordan-Wagner and C.W. Wootton, “A Market Based Analysis of Income Smoothing”, Journal of Business Finance & Accounting (December), pp. 1179–93, 1995.
Myers, L., Skinner, D., “Earnings Momentum and Earnings Management”, Working paper, University of Michigan, 2000.
Ohlson, J. A, “Earnings, Book values, and Dividends in Security Valuation”, Contemporary Accounting Research 11: 661-687, 1995.
Penman, S. H., and X. J. Zhang, “Accounting Conservatism, The Quality of Earnings, and Stock Returns”, The Accounting Review 77 (April): 237-264, 2002.
Press, E. G. and J. B. Weintrop, “Accounting-Based Constraints in Public and Private Debt Agreements: Their Association with Leverage and Impact on Accounting Choice”, Journal of Accounting and Economics, 13, 65-95, 1990.
Ramesh, K. and R. Thiagarajan, “Intertemporal Decline in Earnings Response Coefficients”, Working Paper, Northwestern University, 1995.
Sloan, R, “Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?”, The Accounting Review 71 (July): 289-315, 1996.
Subremanyam, K. R., “The Pricing of Discretionary Accruals”, Journal of Accounting and Economics 22, 249-282, 1996.
Watts, L. W. and J. L. Zimmerman, “Toward a Positive Accounting Theory of Determination of Accounting Standards”, Accounting Review, 53, 112-134, 1978.
Wright, D, “Evidence on the Relation Between Corporate Governance Characteristics and the Quality of Financial Reporting”, Working paper, University of Michigan, 1996.
Xie, H, “The Mispricing of Abnormal Accruals”, The Accounting Review 76 (July): 357-373, 2001.
Zmijewski, M. and R. Hagerman, “An Income Strategy Approach to The Positive Theory of Accounting Standard Setting/Choice”, Journal of Accounting and Economics, 3, 129-149, 1981.