在全球化潮流下，企業面臨激烈競爭越趨，高階管理者背負的壓力也越大，是故更迭頻率屢創新高。公司營運重大政策大多都是由高階管理者主導，所以當高階管理者發生更迭時，就會對公司的經營績效產生影響，而其更迭的原因則為重要因素。當高階管理者更迭肇因於財務績效時，會連帶產生盈餘管理之問題。過去研究對於管理者更迭議題大多著重於對公司財務績效之關係，本文則探討高階管理者更迭的原因、繼任者型態和人力資本以及繼任者盈餘管理行為之間的相關性。

本研究探討與彙整釵h國內外高階管理者更迭與績效之相關文獻做出假設，進而以實證方式進行分析，最後提出結論。當公司更換高階管理者之原因不同時，對公司經營績效與盈餘管理並未有顯著之影響；而高階管理者之繼任型態若為內部繼任者對公司未來有較佳之經營績效；當高階管理者更迭為策略因素且年齡較低、教育程度低時，則公司經營績效會降低；當繼任者之年齡越大時，越會有盈餘管理現象產生；且當更迭原因為策略因素、繼任者之年齡越高且教育程度越低，此時越會出現所謂的盈餘管理行為。本研究最後亦對後續研究建議與實務建議提出不同之見解。

Under the trend going toward globalization, enterprises are facing elevated competition. Under such circumstance, the pressure has gone to corporate CEO, in which frequent and rapid change has shortened the tenure ship. The role of CEO turnover and succession is thus becoming salient in the modern business practices. This study tends to explore the relationships among CEO turnover and succession on corporate, as well as earnings management.

The result generally indicated that human capital plays an important role in the relationships between CEO turnover and succession and corporate performance and earning management. Conclusions and recommendations were also discussed following the results.

中文摘要 ..............................................................................................i
英文摘要 .............................................................................................ii
致謝辭 ..........................................................................................iii
目錄 .........................................................................................iv
表目錄 ............................................................................................v
圖目錄 ...........................................................................................vi

第壹章 緒論 .............................................................................................1
第一節 研究背景與動機 .............................................................................................1
第二節 研究目的 .............................................................................................4
第三節 研究流程 .............................................................................................5

第貳章 文獻探討 .............................................................................................6
第一節 高階管理者更迭 .............................................................................................5
第二節 盈餘管理 ............................................................................................12
第三節 繼任者型態 ............................................................................................18
第四節 人力資本 ............................................................................................22
第五節 公司績效之衡量 ............................................................................................26

第參章 研究假說與方法 ............................................................................................28
第一節 研究架構 ............................................................................................28
第二節 研究假設 ............................................................................................29
第三節 資料來源與樣本選取 ............................................................................................33
第四節 操作性定義與衡量 ............................................................................................35
第五節 分析方法 ............................................................................................36

第肆章 實證結果與分析 ............................................................................................37
第一節 樣本結構統計 ............................................................................................37
第二節 高階管理者更迭與公司經營績效、盈餘管理間之差異分析 ............................................................................................38
第三節 更迭原因、繼任型態及人力資本對公司經營績效、盈餘管理間之差異分析 ............................................................................................39

第伍章 結論與建議 ............................................................................................52
第一節 研究結論 ............................................................................................52
第二節 研究建議 ............................................................................................55

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