公司為了維持永續經營，必須不斷地投資，對於每個企業而言，資金為企業進行投資之必需，當內部資金不足，外部資金將成為主要的資金募得方式，倘若公司對外取得資金比重過高，則有可能會面對融資限制之情況。融資限制公司，除了較高的財務風險外，資金需求壓力也較大，因此，更具盈餘管理的動機。

本研究從2004年到2009年之六年間，以台灣上市公司為樣本，使用KZ指標來區分融資限制公司與非融資限制公司，分別利用獨立樣本t檢定線性與迴歸分析法，分別驗證：1.融資限制公司對盈餘管理是否有顯著之關聯性。2. 融資限制與非融資限制公司在投資前之盈餘管理是否有顯著差異。3.處於不同生命週期下之融資限制公司之盈餘管理是否有顯著的差異。

本研究實證結果證實融資限制公司確實會因為資金需求而進行較高程度的盈餘管理。融資限制公司若未來具有高度成長機會，盈餘管理亦越高。但是在不同的生命週期下，盈餘管理亦有所差異，處於成長期的融資限制公司，其盈餘管理之程度最高，其原因可能係成長期公司投資機會較多，為了獲取較多的資金進行投資而採取較高程度的盈餘管理，而融資限制公司也有可能透過盈餘管理來降低資金成本以獲取資金。

In order to maintain the sustainable management company must continuously invest, for each firm, the financial relationship between the necessary investment to help enterprises. If the companies achieved the high cost of external guidance, are likely to face financial constraints of the situation; on the financial constrained companies, in addition to high financial risk, capital requirements more pressure, and thus more earnings management motivation.

Using data from firms listed in Taiwan Stock Market during the period 2004-2009. KZ index used to distinguish between financing constrained companies and unconstrained constraints companies. This paper using independent sample t test, respectively, linear regression analysis were verified: 1. financial constraints on earnings management companies have significant related party nature. 2. Financial constrained and unconstrained companies before investing whether the extent of earnings management are significantly different. 3.In the different life cycle of a finance constraints, the extent of earnings management companies have significant differences.

The empirical results confirm that financial constrained company will using earnings management to ease financial constraints, and financial constraints in the high growth opportunities in the state, have higher degree of earnings management; However, in the different life cycle, The extent of earnings management will be different, which has been in a growth period of the financial constrained companies, its level of earnings management the highest, possible causes are more opportunities for growth period companies, In order to obtain more money to do investment, growth period companies financial constrained companies are more likely to manage earnings to ease financial constraints.

摘要 I
Abstract II
目錄 III
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構 4
第二章 文獻探討 6
第一節 融資限制 6
第二節 盈餘管理 11
第三節 企業的生命週期 21
第三章 研究方法 26
第一節 樣本資料來源 26
第二節 研究假說推論 27
第三節 變數定義 30
第四節 模型建立 38
第四章 實證結果與分析 40
第一節 敘述性統計與相關性分析 40
第二節 實證模型與變數衡量 46
第五章 結論與建議 55
第一節 研究結論 55
第二節 研究限制與建議 57
參考文獻 58

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