本研究旨在探討家族企業及非家族企業兩種不同的公司治理型態，其董事會各組成區塊與企業進行實質盈餘管理之間的關聯性。實質盈餘管理係以異常營運活動現金流量、異常生產成本及異常裁決性費用為衡量指標，並以2004年至2011年間我國初次上市櫃(IPO)的電子產業為樣本範圍。 實證結果發現，在家族企業中：(1)最終控制者控制席次過半及經理人董事席次比率愈高，愈可顯著抑制企業進行實質盈餘管理。(2)外部董事席次比率愈高，對企業進行實質盈餘管理有反向助長之傾向。(3)獨立董事席次愈多，愈能顯著監督企業進行實質盈餘管理，唯在企業以裁決性支出方式操弄盈餘方面較無監督能力。在非家族企業中：(1)最終控制者控制席次過半及外部董事席次比率的增加，對抑制企業從事實質盈餘管理無顯著效果。(2)獨立董事席次的增加可顯著抑制企業操弄盈餘。(3)經理人董事席次比率愈高，愈顯著助長企業進行實質盈餘管理。 / This thesis aims to discuss the relationship between board composition and real earnings management (hereafter, REM) under family business and non-family business. This study uses abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenses as a measure of real earnings management. Data is collected from electronics industry in Taiwan which applied for Initial Public Offerings (IPO) from 2004 to 2011. The empirical results show that in family business: (1) If the ratio of board seat-control of ultimate controller is over 50 percents, or the ratio of board seats of manager is higher, it is helpful to restrain firms from manipulating earnings by REM.(2) Once the ratio of board seats of outside directors is higher, it is prone to promote firms to do REM.(3) Once the board seats of independent directors are more, it is significant to reduce the degree of REM. However, they seem to have no abilities to restrain firms from manipulating earnings by varying discretionary expenses. In non-family business: (1) The board seat-control of ultimate controller over 50 has nothing to do with decreasing the degree of REM. Also,the increase of the ratio of board seats of outside directors is not significantly to suppress the degree of REM. (2)The increase of board seats of independent directors is effectively to reduce the extent of REM. (3) If the ratio of board seats of manager is higher, it will push firms to manipulate earnings by REM.

本文主要探討新股初次上市(櫃)前後期間的股價反應，並藉由觀察準上市(櫃)公司正式上市(櫃)前於興櫃市場交易的股價反應，來驗證興櫃市場的價發現機能。實證結果顯示，上市(櫃)申請日起至興櫃市場最後交易日止期間平均持有報酬47.01%、上市(櫃)首日異常報酬為58.37%、正式掛牌上市(櫃)第二交易日起至一年後的報酬表現，新上櫃股票報酬為14.01%普遍優於新上市的-1.23%。 興櫃市場的價格發現機能相關研究方面，興櫃市場的價格發現機能相關研究的結論為:IPO首日超額報酬在興櫃市場就已經能率先適當反應，興櫃市場是有價格發現機能的，IPO首日超額報酬存在，很有可能是因為承銷價低估。 / This research aims to investigate the performance of IPO stocks during their offering. Our sample consists of IPO announced from March 1, 2005 to February 28, 2010 drawn from the Taiwan Economic Journal. The empirical results show that (1) the return from the day applying to TWSE or OTC to the last trading day on emerging stock market is 47.01%. (2)The IPOs market adjusted return on the first trading day is 58.37%. (3) The performance of IPO stocks listed on OTC is better than stocks listed on TWSE after their offering. We also observed the stock price before listing to test price discovery function of emerging stock market. Our research show that stocks price on emerging stock market has appropriately reacted before listing. Emerging stock market has price discovery mechanism.