財務報表功能之一即為提供有助於投資者對公司未來獲利能力的資訊，乃是資本市場投資人釐訂決策的主要依據，本研究旨在分析公司管理階層是否會藉由遞延所得稅費用進行盈餘管理行為，因而被證期局強制要求重編財報之研究，分析是否遞延所得稅費用愈高，財務報表重編之可能性愈高之證據，相較於課稅目的，經理人為了財務報導目的而利用更大的裁量權，操縱盈餘以達到一些門檻(例如，避免報導盈餘下降)，而且經理人寧願提高帳面所得卻沒有提高課稅所得，欲探討遞延所得稅費用在偵測財務報表重編是否具解釋力，查核人員或是報表使用者是否可以藉由遞延所得稅費用科目偵測財務報表重編，便是本研究欲探討的對象。

本研究實證結果顯示遞延稅費用愈高，財務報表重編的可能性愈高，表示遞延所得稅費用可以作為公司是否從事財務報表重編的一個偵測訊號，公司想要增加帳上所得但是卻不要增加課稅所得，重編公司不願支付全部操弄盈餘金額的稅負，因而增加遞延所得稅費用；稅前淨利為正之公司，其遞延所得稅費用愈高，財務報表重編之可能性愈高，表示公司真正利用遞延所得稅費用進行盈餘管理的部份，主要是依據會計與稅法規範之寬鬆不同，企業從收入與費用認列的時間點上加以操弄，一方面達成美化稅後盈餘的目的，另一方面也可延緩所得稅的繳納，達到現金流量與租稅上的規劃。最後，本研究實證結果亦顯示當期稅前淨利為正之公司，其前一年之遞延所得稅費用越高則發生財務報表重編之可能性愈高，重編公司意圖美化財務報表從事盈餘管理，於財報重編前一年便開始虛增帳上收益，並且盡可能的低列應課稅淨利，以致於提高了遞延所得稅費用。

One of the financial statement's functions is to provide information of firms’ future profitability to investors for decision making. The main purpose of this study is to analyze whether firms been asked by Securities and Future Bureau to restate their financial statements use deferred tax expenses to manage their reported earnings. This study analyzes the relation between a company’s deferred tax expenses and the possisibility of financial restatement. From prior study, we know that managers use discretionary accruals for earning management for financial reporting purpose. They manage earnings to reach some goals (such as avoiding reported earnings decline). Nevertheless, managers are willing to raise book income but not taxable income. This study examines whether deferred tax expenses can detect financial restatement, as well as that auditor and users of financial statement can detect financial restatement via deferred tax expense.

The empirical research of this study shows that if deferred tax expense is higher then the possibility of the financial restatement is also higher. The results show that deferred tax expenses can be an indicator of detection of financial restatemenst. Firms want to increase book income but not taxable income. Restatement firms are not willing to pay extra tax as a result of earnings management, and thus, by using the difference between accounting standards and tax rules, increase fims’ deferred tax expense. For firms with positive income before tax, while deferred tax expense is higher, the probability of the financial restatement is also higher. The result indicates that firms use deferred tax expense to engage in earnings management. They manipulate the timing of recognition of revenue and expense according to the difference between accounting standard and tax rules. On the one hand firms have reached the earnings goals, on the other hand they also postpone paying tax for cash flow planning. Finally, our results show that, while the deferred tax expenses in the preceding year is higher, the probability of the financial restatement is also higher for fims with positive income before tax. Financial restatements firms intending to embellish financial statements engage in earnings management by understating taxable income and inflating accounting income in preceding year, which in turn increase deferred tax expense.

目錄
頁次
中文摘要–––––––––––––––––––––––––––––––– І
英文摘要–––––––––––––––––––––––––––––––– Ⅱ
謝辭–––––––––––––––––––––––––––––––––– Ⅲ
目錄–––––––––––––––––––––––––––––––––– Ⅳ
圖表目錄–––––––––––––––––––––––––––––––– Ⅴ

第一章 緒論
第一節 研究背景及動機–––––––––––––––––––––––––– 1
第二節 研究目的––––––––––––––––––––––––––––– 3

第二章 文獻探討
第一節 財務報表重編相關文獻––––––––––––––––––––––– 4
第二節 遞延所得稅費用與盈餘管理之研究相關文獻–––––––––––––– 9

第三章 研究方法
第一節 假說建立–––––––––––––––––––––––––––––13
第二節 實證模型與變數定義––––––––––––––––––––––––15
第三節 研究期間、資料來源與樣本選取–––––––––––––––––––21

第四章 實證結果分析
第一節 敘述性統計––––––––––––––––––––––––––––25
第二節 相關係數–––––––––––––––––––––––––––––31
第三節 實證結果–––––––––––––––––––––––––––––38

第五章 結論與建議
第一節 結論–––––––––––––––––––––––––––––––56
第二節 研究貢獻與限制––––––––––––––––––––––––– 58

參考文獻–––––––––––––––––––––––––––––––– 59

圖表目錄
表3-1 全體觀察值選取說明表–––––––––––––––––––––––––– 22
表3-2 財務報表重編觀察值組成彙總表：依重編年度–––––––––––––––– 22
表3-3 財務報表重編觀察值組成彙總表：依產業別––––––––––––––––– 23
表4-1 全體樣本公司敘述性統計分析(全體樣本公司)–––––––––––––––– 26
表4-2 全體樣本公司敘述性統計分析(強制重編樣本公司)–––––––––––––– 27
表4-3 全體樣本公司敘述性統計分析(非強制重編樣本公司)––––––––––––– 28
表4-4 正值稅前重編樣本公司敘述性統計分析––––––––––––––––––– 29
表4-5 正值稅前重編樣本對照組(非重編公司)敘述性統計分析–––––––––––– 30
表4-6 全體樣本公司相關係數–––––––––––––––––––––––––– 32
表4-7 稅前淨利為正之重編公司與其對照組相關係數–––––––––––––––– 34
表4-8 稅前淨利為負之重編公司與其對照組(非重編公司)相關係數–––––––––– 36
表4-9 全樣本公司實證結果(DTE、POS_DTE) ––––––––––––––––––––––––––––––––––––39
表4-10 全樣本公司實證結果(DTE_dummy、POS*DTE_dummy) ––––––––––––––––––––––––40
表4-11 正值稅前淨利重編公司與其對照組實證結果(DTE) –––––––––––––––––––––––––– 43
表4-12 正值稅前淨利重編公司與其對照組實證結果(DTE-lag) –––––––––––––––––––––– 44
表4-13 正值稅前淨利重編公司與其對照組實證結果(DTE_dummy) –––––––––––––––––––– 45
表4-14 正值稅前淨利重編公司與其對照組實證結果(DTE_dummy-lag) –––––––––––––––– 46
表4-15 正值稅前淨利重編公司與其對照組實證結果(DTE_TOP20、DTE_LOW20) ––––––––––47
表4-16 正值稅前淨利重編公司與其對照組實證結果(DTE_TOP20-lag、DTE_LOW20-lag) ––48
表4-17 負值稅前淨利重編公司與其對照組實證結果(DTE) –––––––––––––––––––––––––– 50
表4-18 負值稅前淨利重編公司與其對照組實證結果(DTE-lag) –––––––––––––––––––––– 51
表4-19 負值稅前淨利重編公司與其對照組實證結果(DTE_dummy) –––––––––––––––––––– 52
表4-20 負值稅前淨利重編公司與其對照組實證結果(DTE_dummy-lag) –––––––––––––––– 53
表4-21 負值稅前淨利重編公司與其對照組實證結果(DTE_TOP20、DTE_LOW20) ––––––––––54
表4-22 負值稅前淨利重編公司與其對照組實證結果(DTE_TOP20-lag、DTE_LOW20-lag) ––55

中文部份：
證券交易法第三十六條，民國91 年3 月25 日修正

公司制證券交易所財務報告編製準則第八條，94 年12 月27 日

財務會計準則委員會，1999，財務會計準則公報第二十二號「所得稅之會計處理準則」，財團法人中華民國會計研究發展基金會。

林明璋，1997，我國上市公司盈餘管理之研究，私立元智大學管理研究所未出版碩士論文。

朱應舞，2002，財務報告編制須知暨上市上櫃公司財務報告缺失檔案，會計研究月刊，第197期(四月)：102-109。

余智蓉，2004，遞延所得稅費用與盈餘管理關係之研究，國立台灣大學會計研究所未出版碩士論文。

吳清在、林松宏，2003，遞延所得稅資產備抵評價之決定因素及價值攸關性：台灣上巿公司之實證研究，中華會計學刊，第三卷，第二期，頁201-236。

李宛臻，2006，財務報表重編類型、特性與盈餘管理誘因及治理環境特性之關聯性研究，國立政治大學會計研究所未出版論文。

林佳穎，2002，財務危機特性與公司治理之探討，國立台灣大學會計學研究所未出版碩士論文。

林宛瑩、許崇源、戚務君，2005，盈餘模糊度、控制權偏離與財物報表重編，2004，會計理論與實務研討會，政治大學會計系。

胡詠喬，2008，財務報表重編與舞弊風險因子關聯性之研究，私立中原大學會計研究所未出版之碩士論文。

秦嘉明，2003，代理成本愈高，盈餘報導品質愈差？，會計研究月刊，第212期(七月)：127-136。

翁明豪，2003，審計品質與盈餘管理之關聯性研究，私立東海大學企業管理學碩士論文。

張至誼，2001，遞延所得稅資產評價之盈餘管理探討，國立台灣大學會計研究所未出版碩士論文。

張敏蕾、黃德芬，2007，遞延所得稅費用策略性調控與公司盈餘管理行為，當代會計，8卷2期：頁181-208。

張清蘭，1992，我國企業選用會計方法之影響因素探討，私立東吳大學會計研究所未出版之碩士論文。

張智怡，2000，公司成長機會、高階經理人獎酬與盈餘管理之關聯性研究，國立政治大學會計學研究所碩士論文。

張詩玫，1999，董事會特性與公司經營績效關聯性之探討，國立台灣大學財務金融研究所未出版碩士論文。

連靜仙，1993，新上市公司盈餘管理之研究，國立政治大學會計研究所未出版碩士論文。

郭碧雲，1986，所得稅會計處理之研究，國立政治大學會計學研究所未出版碩士論文。

陳牡丹，1999，上市公司財務報表重編次數、重編影響方向與操縱盈餘動機之關聯性研究，台中商專學報，第31期：頁193-214。

陳依依，1999，遞延所得稅資產評價之實證研究，國立中正大學會計學研究所未出版碩士論文。

陳明進，2002，營利事業有效稅率決定因素之實證研究，會計評論，第34期：57-75。

陳明進，2003，我國租稅優惠對營利事業租稅負擔之影響，管理評論，第22卷，第一期：127-151。

陳惠玲，2002，由財報重編看財報可信度及CPA簽證品質，貨幣觀測與信用評等雙月刊，第37期(9月)：77-86。

陳琦盈，2002，我國員工分紅與盈餘管理之關聯性研究，國立台北大學會計學研究所碩士論文。

陳麗婷，2005，財務報表重編與公司治理特性之研究，交通大學經營管理研究所未出版碩士論文。

詹玉瓊，2003，盈餘管理與公司治理對財務報告重編影響之研究，東吳大學會計研究所。

謝文馨，1999，從美國COSO檢討報告檢視我國之董監制度與盈餘管理，會計研究月刊，第167期：頁112-120。

英文部分：
Abbott, L., S. Parker, and G. Peters. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice and Theory 23 (1):69-87.

Anderson, R. AND D. Reeb, (2003), “Founding family ownership and firm performance: Evidence from S&P 500,”Journal of Finance, Vol. 58, pp.1301-1327.

Argenti, J. 1976. Corporate Collapse: Causes and Symptoms. London, U.K.:
McGraw-Hill.

Bartov, E., D. Givoly, and C. Hayn. 2002. The rewards for meeting or beating earnings expectations. Journal of Accounting and Economics 33 (June): 172-204.

Bauman, C., M. Bauman, and R. Halsey. 2000. Do firms use the deferred tax asset valuation allowance to manage earnings? The Journal of the American Taxation Association 23: 27-48.

Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting review, 71:443-465.

Beatty, A., B. Ke, and K. Petroni. 2000. Earnings management to avoid earnings declines across publicly and privately held banks. The Accounting Review 77 (3): 547-570.

Beneish, M. D. 1997. Detecting GAAP violations: Implications for assessing earnings management among firms with extreme financial performance. Journal of Accounting and Public Policy 16(Fall): 271-309.

Bernard, V., and D. Skinner. 1996. What motivates managers’ choice of discretionary accruals? Journal of Accounting and Economics 22(1-3): 313-325.

Boynton, C.E., P.S. Dobbins, G.A. Plesko. 1992. Earnings management and the corporate alternative minimum tax. Journal of accounting Research 30: 131-153.

Burgstahler, D., and I. Dichev. 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24(1): 99-126.

Chen, K. C. W., and K. C. J. Wei. 1993. Creditors’ decisions to waive violations of accounting-based debt covenants. The Accounting Review 68 (2): 218-232.

Collins, J.H., D. Kemsley, and M. Lang,. 1998. Cross-jurisdictional income shifting and earnings valuation. Journal of Accounting Research 36: 209-229.

Crocker, K. J., and J. Slemrod. 2005. The economics of earnings manipulation and managerial compensation. Working Paper, Pennsylvania State University and University of Michigan.

DeAngelo, E., H. DeAngelo, and D. Skinner. 1986. Accounting Numbers as Market Valuation Substitutes: A study of Management Buyout of Public Stockholders. The Accounting Review 61(3): 400-420.

Deakin, E.B. 1979. A analysis of differences between non-major oil firms using successful efforts and full cost methods. The Accounting Review: 722-734.

Dechow, P. M., R. G. Sloan, and A. P. Sweeney. April 1995. Detecting Earnings Management. The Accounting Review 70(2): 193-225. P. M., S. Richardson, and I. Tuna. 2003. Why are earnings kinkly? An examination of the earnings management. Review of Accounting Studies 8:355-384.

Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1996. Cause and consequences of earnings manipulation: A analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13: 1-36.

DeFond, M. L. and J. Jiambalvo. 1991. Incidence and Circumstances of Accounting Errors. The Accounting Review (July): 643-655.

DeFond, M. L. 1992. The association between changes in client firm agency costs and auditor switching. Auditing: A Journal of Practice & Theory (Fall): 16-31., and J. Jiambalvo. 1994. Debt convenant violation and manipulation of accruals: Accounting choice in troubled companies. Journal of Accounting and Economics 17: 145-176.

Desai, H., C. E. Hogan, and M. S. Wikins. 2006. The reputational penalty for aggressive accounting: Earnings restatements and management turnover. The Accounting Review 81 (1): 1, 83-112.

Ettredge, M. L., Sun, L., Lee, P., & Anandarajan, A. A. 2008. Is Earnings Fraud Associated with High Deferred Tax and/or Book Minus Tax Levels?

Farrell, K., and D. Whidbee. 2003. Impact of firm performance expectations on CEO turnover and replacement decisions. Journal of Accounting and Economics 36 (1-3): 165-196.

Feng, M. 2004. Earning management strategies to beat multiple thresholds. Working Paper, University of Michigan.

Feroz, E. H., K. Park, and V. S. Pastena. 1991. The financial and market effects of the SEC’S accounting and auditing enforcement releases. Journal of Accounting Research 29 (Supplement): 107-142.

Francis, J., A. Huang, S. Rajgopal, and A. Zang. 2004. CEO reputation and reporting quality. Working paper, Duke University.

Friedlan, J. M. 1994. Accounting choices of issiers of initial public offerings. Contemporary Accounting Research 11: 1-31.

Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40: 3-73.

Guay , W., S. P. Kothari, and R. Watts. 1996, A market-based evaluation of discretionary accrual models. Journal of Accounting Research 34: 83-105.

Guenther.D.A. 1994. Earnings management in response to corporate tax rate changes: evidence from the 1986 tax reform act. The Accounting Review 69:230-243.

Healey, P. 1985. The impact of bonus schemes on the selection of accounting principles. Journal of Accounting and Economics 7: 85-107., and J. M. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13 (4): 365-383.

Jones, J. 1991. Earning Management During Import Relief Investigations. Journal of Accounting Research 29 (2): 193-228.

Kinney, W. R. Jr. and L. S. McDaniel., 1989 “Characteristics of Firm’s Correcting Previously Reported Quarterly Earnings”Journal of Accounting & Economics 2, 71-93.

Matsunaga, S., and C. Park. 2001. The effect of missing a quarterly earnings benchmark on the CEO’S annual bonus. The Accounting Review 76: 313-332.

McNichols, M. 2000. Research design issues in earnings management studies. Journal of Accounting and Public Policy 19: 313-345.

Miller, G., and D. Skinner. 1998. Determinants of the Valuation Allowance for Deferred Tax Assets Under SFAS No.109. The Accounting Review:213-233.

Mills, L., and K. Newsberry. 2001. The influence of tax and nontax costs on book-tax reporting differences: Public and Privacy firms. The Journal of the American Taxation Association 23(1): 1-19.

Palmrose, Z-V., V. J. Richardson, and S. Scholz., 2002,“Determinants of Market Reactions to Restatement Announcements.”Working paper, University of Kansas.

Palmrose, Z. 1988. An analysis of auditor litigation and audit service quality. The Accounting Review (January): 55-73., and S. Scholz. 2004. The circumstances and legal consequences of non-GAAP reporting: Evidence from restatements. Contemporary Accounting Research 21 (1): 139-80.

Patton A. and Baker J. C.,“Why won’t Directors Rock the Boat”, Harvard Business Review, Nov.-Dec, 1987, pp10-18.

Phillips J., M. Pincus, and S.O. Rego. 2003. Earnings Management: New Evidence Based on Deferred Tax Expense. The Accounting Review 78(2):491-521.

Richardson, S., I. Tuna and M. Wu. 2002. Predicting earnings management: The case of earnings restatements. Working paper, University of Pennsylvania.

Richardson, S., R. Sloan, M. Soliman, and I. Tuna. 2006. The implications of accounting distortions and growth for accruals and profitability. The Accounting Review 81 (3): 713-743.

Rosner, R. L. 2003. Earnings manipulation in failing firms. Contemporary Accounting Research 20 (2): 361-408.

Schrand, C., and F. Wong. 2003. Earnings Management Using the Valuation Allowance for Deffered Tax Assets under Sfas No. 109. Contemporary Accounting Research 20(3) 579-611.

Summers, S.L., and J. T. Sweeney. 1998. Fraudulently misstated financial statements and insider trading: An empirical analysis. The Accounting Review 73 (1): 131-146.

Watts, L. W., and J. L. Zimmerman. 1978. Towards a Positive Theory of the Determination of Accounting Standards. The Accounting Review: 52-77.