臺灣博碩士論文加值系統

本研究以台灣上市公司1989至2013年間10,788筆公司-年資料為觀察值，主要研究企業生命週期、公司財務績效與盈餘管理三者之間的關聯性。基於以往相關研究僅對於企業生命週期與盈餘管理之關係、財務績效與盈餘管理三變數之兩兩關係做探究，且無一致結論。因此，以杜邦分析（DuPont analysis）為績效指標，本研究主要探討：（1）不同的企業生命週期是否有顯著不同的績效，（2）不同生命週期的企業是否有不同的盈餘管理行為，（3）杜邦分析拆解後的財務績效是否均對企業生命週期與盈餘管理關係有中介影響之效果。實證結果發現：(1)成長期企業的績效表現較成熟期及衰退期的企業差；成長期的企業總資產週轉率大於成熟期及衰退期的企業；成長期的企業財務槓桿高於成熟期及衰退期的企業。（2）成長期的企業較傾向操縱裁決性應計數以增加盈餘；而成熟期的企業傾向操縱裁決性應計數以降低盈餘。（3）財務績效中，股東權益報酬率、總資產週轉率對成長期企業而言，會降低生命週期與裁決性應計數之間之影響，但對成熟期和衰退期的企業績效無此效果。

This paper examines the relationship among earnings management (EM), financial performance and firm life cycle (LC) by using 10,788 firm-year observations from the listed companies in Taiwan during 1989 to 2013. Prior studies explore the relationship between LC and EM or performance and EM obtaining mixed conclusions. Contrary to the prior study, this study using the financial performance factors of DuPont explores: (1) Whether firms under different LC have diverse performance, (2) Whether firm under different LC has saliently diverse behavior of EM, (3) Are there mediating effects of DuPont indicators on the relationship between LC and EM. The results are as follows: (1) The performance of firm under growth cycle is worse than those of firm under mature or decay. The asset turnover (leverage rate) of firm under growth cycle is more than those of under mature or decay. (2) The EM of firm under growth cycle is inclined to increase earnings, while the EM of firm under mature cycle is inclined to decrease earnings. (3) Including return on equity and asset turnover for growth firm reduces the relationship between life cycle and EM, while no such impact exists under mature or decay cycles.

中文摘要 iii
英文摘要 iv
目　次 v
表　目　次 vi
圖　目　次 vii
第一章、緒論 vii
第一節、研究動機及目的 1
第二節、研究架構與流程 1
第二章、文獻回顧與假說發展 7
第一節、杜邦分析之定義 7
第二節、企業生命週期 8
第三節、盈餘管理 11
第四節、企業生命週期對財務績效之影響 13
第五節、企業生命週期對盈餘管理之影響 16
第六節、企業生命週期、財務績效與盈餘管理之關聯 17
第三章、研究方法 18
第一節、變數衡量與實證模型 18
第二節、研究期間、資料篩選與樣本分布 26
第四章、實證結果分析 29
第一節、敘述統計分析 29
第二節、迴歸結果分析 31
第五章、結論與建議 39
參考文獻 42

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