由於中國股票市場具有非流通股不得上市流通的股權分置情形，從而導致大部分上市公司擁有股權高度集中且國有股一股獨大特性。中國證監會於2005年9月進行股權分置改革使得所有性質股份皆可上市流通，更於同年10月、12月相繼發佈實施股權激勵制度相關法令，因此在證劵市場與激勵制度健全情況下，本研究欲探討中國股權激勵、股權結構對盈餘管理的影響。本研究以2006年至2009年在中國上海及深圳證劵交易所上市的公司為研究樣本，在應變數方面以Kothari et al.(2005)提出的模型衡量盈餘管理程度，在自變數方面以管理者持股比例衡量股權激勵程度、使用赫芬德指數(Herfindahl Index)衡量股權集中度以及依最終控制者型態分為中央國有企業、地方國有企業與民營企業。

實證結果如下：(1)股權激勵程度與盈餘管理程度呈無顯著相關；(2)股權集中度與盈餘管理程度呈顯著正相關；(3)中央與地方國有企業盈餘管理程度小於民營企業；(4)中央國有企業盈餘管理程度小於地方國有企業；(5)股權集中於中央和地方的國有企業其盈餘管理程度小於股權集中於民營的企業；(6)股權集中於中央國有企業其盈餘管理程度小於股權集中於地方的國有企業。

The Chinese stock market has the characteristics of split-share structure due to the non-tradable shares cannot be listed, resulted in most of Chinese listed firms have characteristics of high ownership concentration and the dominance of state-owned shares. All types of shares can be traded because China Securities Regulatory Commission implemented split-share structure reform in September 2005, and announced relevance of equity incentive regulations in October and December 2005. Therefore, under the condition of the stock market and incentive systems are sound, this study examines the influence of equity incentive and ownership structure on earnings management in China. We use the firms listed on the Shanghai and Shenzhen Stock Exchange during the period of 2006 to 2009 as samples. In dependent variable aspect, the Kothari et al. (2005) model is used to measure the degree of earnings management. In independent variables aspect, the proportion of managerial ownership is used to measure the level of equity incentive, the Herfindahl Index is used to measure ownership concentration. The enterprises’ ultimate controller were divided into three types: central government, local government and private enterprises.

The empirical results are as follows: (1) the level of equity incentive has no significantly relationship with the degree of earnings management; (2) ownership concentration has significantly positive relationship with the degree of earnings management; (3) the degree of earnings management of central and local state-owned enterprises are weaker than private enterprises; (4) the degree of earnings management of central state-owned enterprises are weaker than local state-owned enterprises; (5) the effect of ownership concentration on earnings management is weaker in central and local state-owned enterprises than in private enterprises; (6) the effect of ownership concentration on earnings management is weaker in central state-owned enterprises than in local state-owned enterprises.

摘要I
AbstractII
目錄III
表目錄IV
圖目錄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4
第三節　預期貢獻5
第四節 研究流程與論文架構6
第二章 文獻探討9
第一節 盈餘管理文獻回顧9
第二節 股權激勵制度與相關文獻回顧22
第三節 股權結構與相關文獻回顧31
第三章 中國股權激勵制度法律背景與股權分置改革42
第一節 股權激勵制度法律背景42
第二節 股權分置改革背景50
第四章 假說發展54
第五章 研究方法60
第一節 研究樣本與資料來源60
第二節 實證模型與變數衡量63
第六章 實證結果與分析70
第一節 敘述性統計與相關性分析70
第二節 實證迴歸分析78
第七章 結論與建議84
第一節 研究結論84
第二節 研究限制與後續研究建議86
參考文獻87

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