臺灣博碩士論文加值系統

本研究旨在探討盈餘平穩化對於盈餘、帳面價值之價值攸關性的影響。本研究係在假設管理者使用裁決性應計數來進行盈餘平穩化下，而透過公司裁決性應計數的變動額與扣除裁決性應計數後的淨利變動額兩者間之負相關係數來作為盈餘平穩化指標的衡量，進而檢視在不同盈餘平穩化程度下，投資者對不同財務報表重視程度之移轉。再者，將盈餘拆解為裁決性應計數與扣除裁決性應計數後之盈餘，以驗證盈餘平穩化對裁決性應計數之價值攸關性造成之影響。

實證研究結果顯示，當公司進行盈餘平穩化時，盈餘之價值攸關性提高，而權益帳面價值之價值攸關性會下降，意味著投資人在得知公司進行盈餘平穩化時，會對其資產負債表與損益表中之會計資訊有不同的依賴程度，盈餘與權益帳面價值間有抵換之關係存在。當公司透過裁決性應計數進行盈餘平穩化時，裁決性應計數價值攸關性亦提高，意味著投資人在得知公司透過裁決性應計數進行盈餘平穩化時，仍然會給予裁決性應計數好的評價。

This study is focused on examining the effect of income smoothing on the value relevance of earnings and book value. Assuming managers use discretionary accruals to smooth income, this study measures income smoothing by the negative correlation of a firm’s change in discretionary accruals with its change in pre-managed earnings. The hypothesis of this research is that the high level of income smoothing makes the value relevance of earnings increase and that of the book value decrease. Furthermore, this study decomposes earnings into discretionary accruals and pre-managed earnings to explore the effect of income smoothing on the value relevance of discretionary accruals.

The empirical findings support the expectation that when firms engage in income smoothing, the value relevance of earnings increase; on the contrary, the value relevance of book value decrease. It indicates that income smoothing makes investors rely more on earnings and less on book value in their stock valuation decisions. In addition, investors positively react to discretionary accruals by which firms use to smooth income.

第一章 緒論..........................................................................................1
　第一節 研究背景與動機..................................................................1
　第二節 研究目的..............................................................................3
　第三節 研究架構與研究流程..........................................................4
第二章 　文獻探討..................................................................................6
　第一節 財務報表價值攸關性..........................................................6
　第二節 盈餘管理與盈餘平穩化....................................................20
　第三節 盈餘管理、應計數及財務報表之價值攸關性…………30
第三章 　研究方法................................................................................36
　第一節 研究假說............................................................................36
　第二節 實證模型............................................................................38
　第三節 變數衡量............................................................................40
第四節 研究範圍與資料來源……………………………………45
第四章 　實證結果................................................................................48
　第一節 敘述統計及相關性分析....................................................48
　第二節 實證結果分析....................................................................53
　第三節 敏感性測試........................................................................55
第五章 　結論與建議............................................................................68
　　第一節 研究結論............................................................................68
　　第二節 研究限制............................................................................69
　　第三節 後續研究建議....................................................................70
參考文獻 ................................................................................................71

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