美國在2001年10月爆發了安達信(Anderson)-安隆（Enron）案，對整個企業界造成極大的衝擊，提供非審計服務究竟是否會影響財務報表品質引起廣泛討論。 因證期會於民國九十二年一月三十日新修正「證券發行人財務報告編製準則」第二十二條，使得資訊相對過往較易取得，雖因研究限制使得樣本不具良好代表性，但在某種程度上仍能提供一定的參考價值，故本研究擬仿效Frankel et al. (2002)之研究，探討在台灣會計師提供非審計服務及審計服務是否會對財務報表品質造成影響；本研究以Threshold（公司實際每股盈餘-分析師預測每股盈餘）及裁量性應計(discretionary accrual)做為財務報表品質之代理變數。 本研究發現上市公司並未因審計公費及非審計公費較高而有進行盈餘管理，但上櫃公司卻會因審計公費及非審計公費較高而進行盈餘管理。 / The collapse of Enron and the conflict of interest surrounding their auditors Arthur Anderson, particularly the effect non-audit fees on the quality of the audited financial statements, have resulted in numerous changes to the regulations effectively limiting the level of non-audit service accounting firms can offer to their clients. The Taiwan SEC enacted new regulations forcing public companies that meet certain criteria, to disclose the level of audit and non-audit fees paid to accounting firms. This resulted in the availability of information that was previously unobtainable. However, concerns still remain, as research is restricted because the number of companies reporting represents a small percentage of the companies in Taiwan. Nonetheless, this research hopes to use the data from the reporting companies to examine the relationship between the quality of the financial statement and the level of fees paid to accounting firms. We intent to use an adaptation of the Frankel et al. (2002) model to study the companies in Taiwan. Using data provided by the companies we intend to demonstrate a causal relationship between the level of non-audit fees and the quality of the accounting statement. We used Threshold and discretionary accrual to represent the quality of the financial statement. We found that for the companies listed on the TAIEX there was no relationship between the quality of the financial statements and the level of audit and non-audit fees; however for companies trading on the OTC market we found there was a causal relationship.

本研究以2002至2004年非金融業之臺灣上市櫃公司為研究對象，從經營績效、股權結構及公司治理特性等觀點，探討企業發生委託書徵求事件之決定性因素、經營績效及其與盈餘管理行為之關聯性，並進一步分析企業特質對企業從事常態性委託書徵求行為之影響。就委託書徵求事件之決定性因素而言，本研究發現，整體績效表現愈差、獲利能力愈差、現金股利發放愈少、內部人持股比率愈低、董監事質押比率愈高、最終控制者之股份控制權愈低、席次偏離股份控制權程度愈大之企業，發生委託書徵求事件之機率愈高。經營績效之實證結果顯示，徵求委託書、利用金字塔及交叉持股之控股結構、控制權偏離所有權程度愈大之企業，當期之經營績效較差。前述實證結果亦適用於常態性徵求委託書之企業。至於委託書徵求事件與盈餘管理行為之關聯性而言，委託書徵求為企業從事盈餘管理行為之誘因之一，尤其在常態性徵求委託書之情況更為顯著。企業之董監事質押比例愈高、負債比率愈高、席次控制權偏離盈餘分配權程度愈大、控股結構複雜度(金字塔結構或交叉持股)愈高，其盈餘管理幅度較高。 / Based on a sample of non-baking corporations listed on Taiwan Securities Exchange and Over the Counter over the period of 2002 to 2004, this thesis first investigates the determinants and operation performance of proxy solicitation behavior, followed by examining the relationship between proxy solicitation and earnings management. In addition, the characteristics of companies that appeal to proxy solicitation on a regular basis are also studied. The empirical results show that companies with poorer overall performance, poorer profitability, lower cash dividend payout ratio, lower insiders shareholdings, higher share pledge ratio by the board members, lower control rights, and higher deviation in control rights from cash flow rights, are more likely to apply proxy solicitation. The empirical findings also indicate that companies with proxy solicitation, pyramid and cross-holdings structures, and higher deviation in control rights from cash flow rights, tend to have worse operating performance for the current period. The findings aforementioned can also apply to the companies that repeatedly employ proxy solicitation. This research documents that proxy solicitation is strongly associated with earnings management behavior, especially for companies that apply proxy solicitation repetitively. Companies with higher share pledge ratio by the board members, higher debt ratio, higher deviation in control rights from cash flow rights and employing pyramid and cross-holdings structures, are found to be associated with higher magnitude of earnings management.

本文參照前人學者實證研究中所選取之財務比率變數，其中包含經營效率、獲利性、償債能力等構面中所選取財務比率變數共17個，另加入董事會特性、股權結構、參與管理等構面之公司治理變數共13個治理變數，以及納入盈餘管理變數與相關控制變數分別建構3個財務預警模型，並將會計資訊變數的資料型態依Platt(1990)之概念分為兩種，用意在分別比較原比率型態之預警模型與相對比率型態之預警模型之差異，樣本公司抽樣於2002年至2005年間，以TEJ資料庫認定為財務危機之企業，從中抽取跨產業41家財務危機之樣本企業，以1：2之比率抽取資產總額相近之82家正常企業樣本，總樣本數為123家樣本公司，實證結果顯示在財務危機發生前一、二年度，整體而言相對比率之預警模型預測能力與類比解釋能力相對優於一般原比率之財務預警模型，而盈餘管理變數確實能提高模型預測準確率，在越接近財務危機發生之時間點，其效果較為顯著，尤其相對比率之盈餘管理變數優於原比率之盈餘管理變數，再者公司治理變數之加入，亦同樣對模型之區別能力有所幫助，總和而言同時加入會計資訊變數、盈餘管理變數與公司治理變數之相對比率預警模型，是為本文所建預警模型中最佳效率之預警模型。

管理當局與利害關係人(stakeholders)之間，透過會計資訊的提供，可降低代理問題及資訊不對稱。惟會計資訊的提供，依管理當局介入的程度不同，會有層次上的差別。 本文即從層次開始，界定了盈餘管理(Earnings Management)與盈餘操縱(Earnings Manipulation)的不同，而透過營運政策中的營業活動(operational activities)來影響盈餘的方式地處兩者之間的灰色地帶，目前至今尚少討論。Roychowdhury(2006)則以美國市場為對象，首開先例發展了如何偵測公司透過營業活動的實質盈餘管理行為。 本文同樣選定避免報導損失為盈餘門檻，考量台灣市場的特性後，偵測台灣企業是否有真實營業活動的盈餘管行為。實證結果顯示，無論是透過銷貨操縱、降低裁決性支出還是過量生產以降低銷貨成本的實質交易操作，都得到顯著地支持。進一步分析那些特性的企業，較容易透過真實營業相關的活動來從事盈餘管理行為時發現，債務契約壓力高、成長性機會高及利害關係人緊密度高者符合預期，而製造業性質則與預期相反，盈餘管理彈性則未得到支持。另外在機構投資人持股方面，則發現高機構投資人持股可降低過量生產實質交易操作的可能，但未能有效防止降低裁決性支出的操作。 / Through providing accounting information for stakeholders , management could somewhat reduce agency problem and information asymmetry.But accounting information quality could be different depending on how management intervene in . This article begins from distinguishing between Earnings Management and Earnings Manipulation.To intervene in business policy through real operational activities is not only one way that is hard to categorize in Earnings Management or Earnings Manipulation but also receives little attention to date. Roychowdhury(2006), taking American market as observation values,was the first one who developed how to detect real operational activities earnings management. Following Roychowdhury(2006),I define avoiding reporting loss as earnings threshold to detect whether real operational activities earnings management exists in Taiwan business.There is obvious evidence suggesting sales manipulation、reduction of discretionary expenditures and overproduction to report lower cost of goods sold to improve reported margins.To go a step further,I test observation values of what characters are inclined to manipulate earnings through real operational activities. I find supporting evidence in observation values with higher debt stress、higher growth opportunity、higher connection with stakeholders and samples on non manufacturing industry.But I find no evidence in observation values with higer earnings management elasticity.In addition,I find observation values with higher instutional holding shares could abate the possibilities of overproduction to report lower cost of goods sold,but fail to avoid the manipulation of reduction of discretionary expenditures.

強制報導資產減損的目的為希冀企業能夠真實反映出資產的公平價值，使會計資訊能夠有更完整的報導。 本研究探討的主題一為上市公司選擇適用三十五號財務會計準則公報之時點是否會受到管理階層之盈餘管理動機與公司特性所影響。實證結果顯示，當上市公司有未預期的負營運績效時，管理階層會自願提前認列資產減損來達到洗大澡的目的，而一旦提前適用三十五號財務會計準則公報時，管理階層也會同時選擇認列鉅額的資產減損比例來達成盈餘管理的目的，與釋放潛在獲利改善的訊息給投資大眾。 本研究探討的主題二為上市公司認列資產減損金額比率是否會受到管理階層之盈餘管理動機與公司特性之影響。實證結果顯示，上市公司認列減損金額時，除受到管理階層洗大澡動機的影響外，也會將公司本身之固定資產比率、負債比率與公司規模等公司特性列入考量，而非只是單純的應公報要求認列資產減損而認列損失。 與三十五號財務會計準則公報的本意相反，實證結果顯示資產減損的報導在強制認列之後，似乎未使財務報表的品質提升，反映出企業的真實價值，而是給予經理人更多空間與誘因操縱盈餘。 / Accounting Research and Development Foundation in Taiwan (the Accounting Standards Setting Body in Taiwan) issued Statement Financial Accounting Standards No.35, “Accounting for the Impairment of Assets”on July 2004. Prior to SFAS No.35, accounting for assets impairment often remains room for substantial judgments and estimates without any specific regulation. The new statement was issued primarily to establish guidelines to recognize impairment of assets that reflects more true value of the enterprises. The statement was effective for fiscal year 2005. The board encouraged early application of the standard. The purposes of this research are to find out (i) if companies manage earnings by adopting SFAS No.35 earlier and what characteristics of firms will tend to adopt it earlier, and (ii) when a company recognizes impairment of assets, does the amount of the impairment affected by the motivation for earnings management of other characteristics of the company. The empirical analysis reveals “taking a big bath” of earnings management behavior and the growth of fix assets are the factors influencing the decision of early adoption of the accounting standard. Another empirical result suggests that when companies have higher unexpected losses, they tend to recognize large amount of impairment loss to improve the quality of the earnings in the future. Companies that chose to adopt SFAS No.35 earlier appeal to have a great amount of impairment loss too. Finally, the characteristics of companies such as high fixed assets ratio, high debt ratio, and small size are also the factors leading to the recognition of a larger amount of impairment loss.

本研究旨在探討內部人股票交易與盈餘管理之關聯性，並進一步檢視我國近年來為強化公司治理所引進之獨立董監事制度是否能對內部人交易與盈餘管理間之關聯性產生抑制效果。在分析時，本研究係將全部樣本區分為賣出組及買入組，並分別進行驗證。 實證結果顯示，發生內部人異常出售股票交易之樣本公司，其管理階層將於同一期進行使盈餘降低之盈餘管理。而此一結果所隱含之意義為，內部人為降低日後回補持股之成本，會於出售持股當期進行盈餘之操弄，以求影響未來股價。然而，在發生內部人異常買入股票現象之樣本公司，卻未發現如本研究所預期之內部人為極大化未來出售持股利益而從事使盈餘提高之盈餘管理的現象，本研究推測可能原因係內部人買入本公司股票之理由眾多，因此也不必然有拉抬未來股價以求自未來出售股票交易中獲利之考量。 另外，在獨立董事與獨立監察人對於內部人異常交易及盈餘管理間關係之抑制效果的部分，在買入組或賣出組均未發現顯著之抑制效果。對此，本研究認為可能之原因係獨立董監事制度在我國實施之時間尚短，且多數公司係基於法令之要求始設置獨立董監事，而在這樣的現況下，似乎難以預期獨立董監事能有效監督公司內部人之異常股票交易行為以及盈餘管理行為。 / This thesis examines if there is an association between insider trading and earnings management. Furthermore, this thesis examines whether independent directors and independent supervisors can suppress the relationship between insider trading and earnings management. In the analytical process, the whole sample is divided into two sub samples which are sell and buy sub sample. The two sub samples are examined separately. And this thesis finds that there is a negative association between insider trading and earnings management in the sell sub sample which suggests that executives will manage earnings downward in the same period of insider selling to minimize their cost of buying stocks back in the future. And this result is consistent with the hypothesis. But no proper evidence is found about the relationship between insider trading and earning management in the buy sub sample. This may result from that there are many reasons for insiders to buy stocks of their firms. And insiders do not necessarily buy stocks of their firms to make profits by selling them in the future. Besides, in the part of the suppressing effect of independent directors and supervisors, proper evidences do not exist neither in the buy sub sample nor in the sell sub sample. A possible reason is that since the independent directors and supervisors system is still new in Taiwan, and most firms with independent directors and supervisors are just enforced by regulations to set independent directors and supervisors, it's hard to expect that independent directors and supervisors to play their roles effectively.

家族企業約佔我國上市公司的80.63％，其管理權與經營權多掌握在同一家族中，家族對企業有很大的影響力。本研究探討家族企業與非家族企業多角化程度與董監質押比例之高低跟盈餘管理之關聯性。 本研究以我國1997年至2006年底之上市公司為樣本，實證結果發現：(1)家族企業較非家族企業從事盈餘管理的可能性為高；(2)當公司多角化經營程度越高時，公司有較大之誘因進行盈餘管理之行為，然而當公司為家族企業且其多角化程度越高時，反而會降低家族企業盈餘管理可能性；(3)家族企業樣本中，多角化經營程度高低，與家族企業是否從事盈餘管理並無顯著之關係；(4)公司非相關多角化經營之高低，與家族企業是否從事盈餘管理，並無顯著之關係；(5)公司董監事質押比率之高低，與家族企業是否從事盈餘管理，並無顯著之關係。 / Family firms take about 81% of the listed firms in Taiwan. This study investigates the relation between business diversification and earnings management and that between stock pledge of directors and earnings management under the family-firms/non-family -firms setting. Based on the sample of firms listed in Taiwan during 1997-2006, the empirical results show that the family companies are more apt to manipulate earnings than the non-family companies. The higher the degree of diversification, the more the companies are apt to manipulate the earnings. However, neither unrelated diversification nor stock pledge of directors is related to earning management. Contrast to non-families, well-diversified family companies may decrease the possibility of earnings management, but taking family companies as a sample, diversification is not associated with earnings management.

本論文包含兩個主題，分別是信用評等的不一致性與盈餘管理是否影響銀行的信用評等。首先，本文以標準普爾信評機構之長期信用評等資料，試圖了解為何相同財務比率的銀行在不同的國家卻獲得不同的信用評等，我們提出『品質增進假說』，預期高所得、高度發展及政府治理較佳的國家，其銀行財務報表的可信度較高，財務資訊更能反映銀行的內在價值，此時信評機構與銀行間存在較少資訊不對稱的問題，使信評機構更信任財務報表的品質，因而提高財務比率對信用評等的解釋能力。相反地，在較低度發展或政府治理較差的國家，由於信評機構與銀行間存在較嚴重的訊息不對稱問題，使信評機構減低財務比率對信用評等的解釋能力。 實證結果與我們的假說一致。此外，本文也發現信評機構將較低度發展國家之較高的資本適足率視為有利於評等的財務比率，且給予較大的權數，表示較低度發展國家可以經由提高資本適足率以獲得較佳的信用評等。 本文的第二主旨仍為全球銀行業信用評等的決定，但與過去文獻不同，本文將檢視信評機構是否能辨識企業的盈餘管理的行為。本文以全球85國的資料探討銀行的盈餘管理是否對信用評等造成影響。由於企業進行盈餘管理將造成內部人與外部人間的訊息不對稱的問題，我們提出一 “較佳治理效果”，認為符合較佳治理的銀行可以降低訊息不對稱的程度，而較佳治理指的是一銀行位於高所得國家、債權人保護程度較佳的國家、或當一銀行的財務報表係由全球前五大會計師簽證時，我們認為在這些情況下，信評機構相信其報表盈餘是可信的，使得盈餘管理對信用評等不會造成影響，也因此不影響銀行的債務資金成本。相反地，在一個不符合較佳治理情況的銀行，訊息不對稱的情況較為嚴重，當信評機構發現銀行進行盈餘管理，認為此舉會使銀行真實的經濟表現受到隱匿，進而調降該銀行之信用評等，也因此將增加該銀行的債務資金成本。 實證結果發現當未考慮治理變數時，我們發現兩個盈餘管理的代理變數，即盈餘平滑與盈餘操縱都對信用評等造成 “不利效果”。也就是說，當銀行進行盈餘管理時，信評機構會調降其評等，繼而使債務資本成本增加。 當考慮治理變數且以盈餘平滑當作盈餘管理的代理變數時，我們的較佳治理效果獲得強烈支持，在高所得國家，債權人保護程度較佳的國家，或財務報表是由前五大會計師簽證的銀行，均可以有效地降低訊息不對稱的問題，且發現，當一銀行位於高所得國家或一銀行的財報是由前五大會計師簽證，則盈餘平滑對信用評等的影響接近 “中立效果”，亦即不會影響銀行的債務資金成本。然而，當一銀行是來自於中所得國家、東歐及中亞及東亞及太平洋地區，因為存在較嚴重的訊息不對稱問題，均加重盈餘平滑對信用評等的不利效果，繼而使得銀行的債務資金成本提高。 最後，當考慮治理變數且以盈餘操縱當作盈餘管理的代理變數時，在高所得國家，盈餘操縱對信用評等的影響不顯著，中所得國家則顯著地減緩了盈餘操縱對信用評等的不利影響。此結果與過去研究一致，中所得及較低度發展國家的銀行會提列較高的可裁量的呆帳費用，藉以傳遞有利的內部訊息予外部投資人；但高所得國家，訊息不對稱的現象並不明顯，故不需要透過可裁量的呆帳費用來傳遞訊息，且較高的可裁量的呆帳費用反而使得盈餘被低估。在債權人保護程度較高的國家也減緩了盈餘操縱的不利效果。

本研究首先針對台灣上市公司宣告買回庫藏股後之長期營運績效表現作探討，藉由公司宣告買回後之長期績效表現來探討公司宣告買回庫藏股之主要動機以及資訊意涵，究竟為傳遞公司價值受到低估之訊號或是將多餘現金還給股東，以降低代理成本。接著探討公司宣告買回庫藏股前之盈餘管理行為，發現宣告公司宣告前存在顯著負的異常應計，且與宣告後之營運績效表現呈現負相關。盈餘管理之程度隨著公司買回比率以及宣告前經理人持股增加。宣告前之異常應計數與宣告後之營運績效表現呈現顯著負相關，同時也發現公司宣告買回庫藏股後之長期營運績效表現成長，受到宣告前盈餘管理行為之影響，並非宣告公司真實的營運績效成長。 因此本研究發現台灣上市公司宣告買回庫藏股整體而言雖有宣告後之績效成長，尤以買回意圖強烈之宣告公司成長幅度最明顯，但是並非代表宣告公司之真實成長，而是受到宣告公司宣告前盈餘管理行為之影響；買回意圖低之宣告公司，其宣告後績效表現並無進步(甚至退步)，表示從長期營運績效之角度而言其宣告動機並非價值受到低估。且無論買回意圖為何，宣告前均存在顯著負的異常應計。綜合上述本研究推論，就長期營運績效的角度來看，台灣上市公司宣告買回庫藏股並非主要以傳遞公司價值受到低估為主要目的。就宣告後之長期績效表現以及宣告前之異常應計變化而言，宣告動機較可能符合現金流量假說、盈餘管理動機假說以及經理人動機假說。 / This study examine the long-term operation and stock performance after open-market repurchases of Taiwan company in order to find out the information content of open-market repurchase decisions.We also examine the earning management behavior before open-market repurchase, and find that the average firm report significantly negative abnormal accruals prior to open-market repurchases. The extent of the downward earnings management increases with the volume of the company repurchase and CEO ownership.The pre-repurchase abnormal accruals are also significantly associated with future operating performance. We find that the operation performance of the company improve after open-market repurchase program,especially the companies with actual buyback behavior. The post-repurchase performance of the firm that don’t have buyback intend does not improve,even regress.This study provide evidence suggesting that the post-repurchase long-term operation performance improvement is partly driven by pre-repurchase downward earnings management,rather than genuine grouth of the company. Thus,we provide evidence suggesting that the motive of the Taiwan companies to repurchase stock is not consist with the information signaling hypothesis.The results of this study support implication of free cash hypothesis、earnming management incentive hypothesis and management incentive hypothesis.

本研究以2002年至2007年曾發行員工認股權之國內上市(櫃)公司為研究樣本，首先從公司特性及股權結構之觀點，分析公司選擇發行員工認股權之決定性因素。此外，本研究進一步以績效調整後之盈餘管理幅度為應變數，從員工認股權佔總獎酬之重要程度，探討員工認股權、公司治理特性與盈餘管理之關聯性。 實證結果顯示，在公司發行員工認股權之決定性因素方面，公司成長機會、人力資源貢獻度、員工股票分紅比率與公司發行員工認股權之可能性呈顯著正向關係，而自由現金流量、股權結構綜合指標則與公司發行員工認股權之可能性呈顯著負向關係。在探討員工認股權、公司治理特性與盈餘管之關聯性方面，員工認股權佔總獎酬之比例與盈餘管理幅度呈顯著正向關係，而公司治理特性綜合指標則與盈餘管理幅度呈顯著負向關係。 / Based on a sample of Taiwanese companies has been issued employee stock option listed in Taiwan Securities Exchange over the period of 2002-2007. First, this thesis analyses the determinant of the company issued employee stock options of the company characteristics and ownership structure. Second, uses the performance matched discretionary accruals and the employee stock option of the total compensation to explore the impacts of employee stock options and corporate governance characteristics on the earnings management. The empirical results show that in the determinant of the company issued employee stock options, the company's growth opportunities, the contribution of human resources, employee stock bonus to total bonus and the possibility of issued employee stock options was a significant positive relationship, and free cash flow, ownership structure composite indicator the possibility of issued employee stock options was a significant negative to the relationship. In the impacts of employee stock options and corporate governance characteristics on the earnings management, the employee stock option of total compensation and earnings management was a significant positive relationship. The corporate governance and earnings management was a significant negative relationship.