臺灣博碩士論文加值系統

在以往國內外有關公司治理與盈餘管理之文獻中，對於董事會組成與盈餘管理間之關聯性討論相當廣泛。然而，其研究結論卻是不相一致。另一方面，以往研究亦指出，董事會組成與盈餘管理分別與企業生命週期存在關聯性。是故，本研究之目的在於利用企業生命週期的角度，重新詮釋董事會組成與盈餘管理間之關聯性。

本文以多變量迴歸模型，作為主要之實證方法。首先，本文援引Anthony and Ramesh（1992）之方法，以股利支付率、銷貨成長率、資本支出率及企業成立年數，作為企業生命週期之判斷因子，將樣本劃分為成長期、成熟期與衰退期。在解釋變數上，本文以董事長是否兼任總經理之虛擬變數，董事會規模及獨立董監佔董事席次比率，作為董事會組成之代理變數。在被解釋變數上，本文則採用the modified Jones model（1995）所估算出之裁決性應計項目的絕對值，作為盈餘管理之衡量指標。最後，本文亦探討產業特性對生命週期研究之影響，並提出產業相對生命週期之概念。

根據實證結果，本研究歸納出下列研究結論：（1）產業相對生命週期之概念可減少產業特性對於生命週期研究之影響。（2）企業處於成長期時，若董事長兼任總經理，則盈餘管理的程度越高。（3）在任何生命週期下，企業之董事會規模與盈餘管理間，呈現負相關，但不顯著。（4）在「台灣證券交易所及櫃檯買賣中心」於2002年開始要求，新上市上櫃的企業必需設置獨立董監後，處於成長期與成熟期之企業，其獨立董監佔董事會席次比率越高，則盈餘管理的程度越高。

In the previous literatures about corporate governance and earnings management, the discussions of the relationships between board composition and earnings management are broad. But the empirical results are mixed. Besides the above, some literatures suggest that both of board composition and earnings management are respectively related to corporate lifecycles. In this case, the purpose of this study is to reinterpret the relationships in corporate lifecycles’ view.

Our main empirical methodology is the multivariate regression models with OLS. First, according to the corporation lifecycles classification of Anthony and Ramesh (1992), we take the dividend payout, sales growth, capital expenditure, and ages of the firm as the descriptors to classify firm-years into growth, mature and stagnant stages. As for the independent variables, we take the dummy variable takes the value of one if the chairman of the board is the CEO and zero otherwise, the board size, and the percentage of independent directors on the board as the proxies of board composition. As for the dependent variable, we measure earnings management with the absolute value of discretionary accruals estimated by the modified Jones model (1995). Moreover, this study also discusses how the industry characteristics have the impacts on the lifecycles’ studies, and presents the concept of industry-comparative lifecycles.

According to the empirical results, this study draws the following conclusions:（1）The concept of industry-comparative lifecycles can decrease the impacts of the industry characteristics on the related studies of corporate lifecycles.（2）In the stage of growth, the chairman of the board is the CEO, the degree of earnings management is higher.（3）In any stage, the board size is negatively related to the degree of earnings management, but not significantly.（4）After compelling the new-listed corporations of Taiwan to install independent directors on boards, in the stage of growth and mature, the percentage of independent directors on the board is significantly and positively related to the degree of earnings management.

目 錄

圖目次 V
表目次 VI
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題與貢獻 4
第三節 研究架構 5
第二章 文獻探討 7
第一節 董事會組成與盈餘管理之關聯性 7
第二節 盈餘管理之衡量模型 10
第三節 企業生命週期 15
第四節 董事會組成與企業生命週期之關聯性 24
第五節 盈餘管理與企業生命週期之關聯性 26
第三章 研究設計 31
第一節 研究假說 31
第二節 變數定義與實證模型 36
第三節 研究樣本 44
第四章 實證結果與分析 46
第一節 敘述統計量 47
第二節 單變量分析 53
第三節 多變量分析 55
第四節 增額分析 57
第五章 研究結論與建議 72
第一節 研究結論 72
第二節 研究限制與建議 73
參考文獻 75
一、 中文部份 75
二、 英文部份 76


圖 目 次

圖1-1：研究動機與目的之架構圖 3
圖1-2：研究架構圖 6
圖3-1：研究設計之架構圖 45
圖4-1：整體絕對生命週期下，各企業生命週期判斷因子之趨勢圖 49
圖4-2：整體絕對生命週期下，生命週期間之董事會組成與盈餘管理的趨勢圖 54
圖4-3：產業相對生命週期下，各企業生命週期判斷因子之趨勢圖 58
圖4-4：產業相對生命週期下，生命週期間之董事會組成與盈餘管理的趨勢圖 65


表 目 次

表2-1：近年董事會組成與盈餘管理之關聯性研究 9
表2-2：應用企業生命週期之相關研究 18
表2-3：採用因素－群集法，劃分企業生命週期之相關文獻 20
表2-4：採用分位法，劃分企業生命週期之相關文獻 21
表2-5：採用定義法，劃分企業生命週期之相關文獻 22
表2-6：採用問卷衡量法，劃分企業生命週期之相關文獻 23
表2-7：盈餘管理動機之彙總表 29
表3-1：各企業生命週期間，盈餘管理與董事會組成之預期趨勢 33
表3-2：各企業生命週期下，盈餘管理與董事會組成之預期關聯性 35
表3-3：各企業生命週期間，各判斷因子之相對比較表 37
表4-1：總樣本之產業分佈狀況表 47
表4-2：整體絕對生命週期下，判斷因子之敘述統計 48
表4-3：整體絕對生命週期下，實證模型變數之敘述統計 50
表4-4：相關係數矩陣 52
表4-5：整體絕對生命週期下，董事會組成與盈餘管理之單變量分析 53
表4-6：整體絕對生命週期下，董事會組成與盈餘管理之多變量分析 56
表4-7：產業相對生命週期下，判斷因子之敘述統計 57
表4-8：整體絕對生命週期下，各週期之產業分布狀況表 59
表4-9：產業相對生命週期下，各週期之產業分布狀況表 61
表4-10：產業相對生命週期下，實證模型變數之敘述統計 63
表4-11：產業相對生命週期下，董事會組成與盈餘管理之單變量分析 64
表4-12：產業相對生命週期下，董事會組成與盈餘管理之多變量分析 68
表4-13：本研究假說之實證結果彙總 70

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