本研究選取1994年至2007年之間，跨越五國共計74家合作銀行為研究對象，配合混合資料(Panel Data)實證模型，試圖探討各國合作銀行盈餘管理、市場競爭對風險承擔之關聯性。為使實證結果更加穩健，在實證分析前採用混合資料單根檢定（Panel Unit Root Test）檢定所有變數具有定態之特性。最後採F檢定與Hausman檢定分別依相同國家特性及全部國家兩種樣本，選擇最適模型進行混合資料迴歸分析。
實證結果發現，盈餘管理、市場競爭對銀行風險皆呈負相關，表示合作銀行高階經理人若進行盈餘管理之行為的確會提高銀行的破產風險。並且同處於較低競爭市場之合作銀行，將排擠其他銀行在放款市場的空間，促使合作銀行更加穩定。我們還證明盈餘管理與市場競爭對銀行風險影響存在互補關係，表示處於較低競爭市場之合作銀行，反而越不會進行盈餘管理之行為，可能是因為具有較高Z-score的合作銀行處於較低競爭市場，已經排擠掉其他銀行的市場空間且佔有無可取代的地位，因此高階經理人無須再進行盈餘管理之行為來掩蓋相關獲利資訊。

The main purpose of this thesis is to study the relationship between earnings management、competition and risk-taking behavior by using a panel data sample of 74 cooperative banks for 5 countries during the 1994-2007 period. To enable a robustness of our empirical results, we have used the panel unit root test all the variables with the characteristics of steady state. Finally we have also used F test and Hausman test respectively in accordance with the same of national characteristics and all countries two samples to choose the most suitable model for Panel data regression analysis.
This paper empirically shows that bank risk is negatively associated with discretionary accruals, competition and indicating that high-level management manipulated earnings indeed to raise probability of cooperative bank’s insolvency. At the same time, lower competition of cooperative bank means less space for other banks in the loan market to promote cooperation banks more stable. We also prove that earnings management and competition are complements to affect bank risk-taking, meaning that managers will not be any acts of earnings management in lower competitive of the cooperative banks. Because of high Z-score in the lower competitive of cooperative banks means less space for other banks in the loan market (retail market), so high-level managers do not need to carry out acts of earnings management to conceal the profit-related information.

中文摘要 I
Abstract II
誌 謝 III
目 錄 IV
圖索引 V
表索引 V
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　研究流程 4
第二章　文獻回顧 5
第一節　盈餘管理動機及衡量 5
第二節　盈餘管理、市場競爭對風險承擔之相關文獻 11
一、盈餘管理與風險承擔 11
二、市場競爭對風險承擔 13
三、盈餘管理與市場競爭 16
第三節　小結 17
第三章　理論與實證分析 18
第一節　研究架構與假說 18
第二節　研究範圍與資料來源 19
第三節　實證模型與變數定義 20
第四節　研究方法 24
第五節　實證分析 31
第四章　結論與建議 36
第一節　結論 36
第二節　建議 37
參考文獻 38

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Bartov, E., Gul, F. A., & Tsui, J. S. L. (2001). Discretionary-Accruals Models and Audit Qualifications. Journal of Accounting and Economics, 30(3), 421-452.
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Beck, T., Demirguc-Kunt, A., & Levine, R. (2006). Bank Concentration, Competition, and Crises: First Results. Journal of Banking and Finance, 30(5), 1581-1603.
Boyd, J., & Graham, S. (1988). The profitability and risk effects of allowing bank holding companies to merge with other financial firms: A simulation study. Federal Reserve Bank of Minneapolis Quarterly Review, 12(2), 3-20.
Boyd, J. H., De Nicolo, G., & Smith, B. D. (2004). Crises in Competitive versus Monopolistic Banking Systems. Journal of Money, Credit, and Banking, 36(3), 487-506.
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De Nicolo, G., Boyd, J. H., & Jalal, A. M. (2007). Bank Risk-Taking and Competition Revisited: New Theory and New Evidence. International Monetary Fund, IMF Working Papers: 06/297.
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DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1994). Accounting Choice in Troubled Companies. Journal of Accounting and Economics, 17(1-2), 113-143.
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Dechow, P., & Sloan, R. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. Accounting Review, 70(2), 193-225.
Decressin, J., Brunner, A., Hardy, D., & Kundela, B. (2004). Germany''s Three Pillar Banking System: Cross Country Perspectives in Europe. IMF Occasional Paper, 233.
Fonteyne, W. (2007). Cooperative Banks in Europe--Policy Issues. International Monetary Fund, IMF Working Papers: 07/159.
Granger, C., & Newbold, P. (1974). Spurious regressions in economics. Journal of Econometrics, 2(2), 111-120.
Hagerman, R., & Zmijewski, M. (1979). Some economic determinants of accounting policy choice. Journal of Accounting and Economics, 1(2), 141-161.
Harris, M. S. (1998). The Association between Competition and Managers'' Business Segment Reporting Decisions. Journal of accounting research, 36(1), 111-128.
Hausman, J. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 1251-1271.
Healy, P., & Wahlen, J. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.
Healy, P. M. (1985). The Effect of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics, 7(1-3), 85-107.
Hinson, Y., & Juras, P. (2002). Performance Evaluation of Credit Unions: Reaping the Benefit of Tax Status. Journal of Managerial Issues, 14(2), 145-163.
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
Jaggi, B., & Lee, P. (2002). Earnings Management Response to Debt Covenant Violations and Debt Restructuring. Journal of Accounting, Auditing and Finance, 17(4), 295-324.
Jones, J. (1991). Earnings management during import relief investigations. Journal of accounting research, 193-228.
Kaplan, R. S. (1985). Evidence on the Effect of Bonus Schemes on Accounting Procedure and Accrual Decisions: Comments. Journal of Accounting and Economics, 7(1-3), 109-113.
Leggett, K. J., & Strand, R. W. (2002). Membership Growth, Multiple Membership Groups and Agency Control at Credit Unions. Review of Financial Economics, 11(1), 37-46.
McKillop, D., Glass, J., & Ferguson, C. (2002). Investigating the cost performance of UK credit unions using radial and non-radial efficiency measures. Journal of Banking and Finance, 26(1), 156–1591.
Peltier-Rivest, D. (1999). The Determinants of Accounting Choices in Troubled Companies. Quarterly Journal of Business and Economics, 38(4), 28-44.
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