本研究延伸Becker et al. ( 1998 )六大會計師事務所審計效率高於非六大的研究，探討會計師事務所在面對管理階層不同之盈餘管理動機時，也就是當會計師與管理階層兩者間的盈餘報導動機衝突或一致時，會計師事務所的監督功能是否對稱。本研究認為高審計品質的會計師事務所在決定盈餘報導時，會比低審計品質的會計師事務所更加保守，因為高品質之會計師事務所面對審計失敗伴隨而來的訴訟成本遠較其他會計師事務所來的高，使得會計師事務所對於客戶採用增加所得的會計政策會保持較高的專業懷疑態度，抑制客戶虛增盈餘，因此，當管理者產生增加所得的盈餘報導動機時，衝突就會發生；反之，當客戶採用減少所得的會計政策，基於會計上的穩健原則，會計師事務所干涉程度則較低，使客戶較易進行減少所得的盈餘管理，故會計師事務所的監督功能不具對稱性。 而本研究結果顯示，當客戶有增加所得的盈餘管理動機時，代表高審計品質的五大與產業專家會計師事務所的客戶所報導的裁量性應計顯著低於非五大與非產業專家之會計師事務所，表示在會計師事務所與管理階層的盈餘報導動機有衝突時，五大與產業專家會計師事務所的審計品質較佳，較能抑制客戶利用裁量性應計進行增加所得的盈餘管理；反之，當客戶有減少所得的盈餘管理動機時，五大與產業專家會計師事務所的客戶所報導的裁量性應計也顯著低於非五大與非產業專家之會計師事務所，表示在會計師事務所與管理階層的盈餘報導動機相一致時，五大與產業專家會計師事務所的審計品質反而較低，容許客戶利用裁量性應計進行減少所得的盈餘管理。此實證結果支持本研究之假說，當會計師事務所與管理階層的盈餘報導動機發生衝突(一致)時，五大與產業專家會計師事務所的審計品質高(低)於非五大與非產業專家會計師事務所，監督功能不具對稱性。 / The research of Becker et al ( 1998 ) found that the big 6 CPA firms’ audit efficiency was higher than the non-big 6 CPA firms’ audit efficiency. This research extends Becker’s research and discusses whether the surveillance function of CPA firms is symmetrical or not when CPA firms face different earnings management motives of the management. In other words, when the earnings management motives between CPAs and management are conflict or consistent, whether will result in different audit quality level or not. We thought that the CPA firms with high audit quality are more conservative than those with low audit quality when deciding the reported earnings. Because the lawsuit cost of the CPA firms with high audit quality is much greater than the lawsuit cost of other CPA firms when facing the audit defeat. Thus the high audit quality CPA firms maintain the higher specialized suspicion on their customers who use the accounting policy to increase their earnings and restrain their earnings management. Therefore, when the management has the motive to increase reported earnings, the conflict will occur; on the contrary, when the management has the motive to decrease reported earnings, the CPA firms will tolerate their customers making earnings management to decrease the reported earnings base on the conservatism of accounting, so the surveillance function of CPA firms will decline and become not symmetry. According to our research, we find that when the management has the motive to increase reported earnings, the reported discretionary accruals of the management audited by the big 5 and industrial expert CPA firms are much lower than those audited by the non-big 5 and non- industrial expert CPA firms. It means when the motive of earnings reporting between the CPA firms and management is conflict, the audit quality of the big 5 and industrial expert CPA firms is much better, and they can restrain their customer using the discretionary accruals to increase their earnings. On the other hand, when the management has the motive to decrease reported earnings, the reported discretionary accruals of the management audited by the big 5 and industrial expert CPA firms are also much lower than those audited by the non-big 5 and non- industrial expert CPA firms. It means when the motive of earnings reporting between the CPA firms and management is consistent, the audit quality of the big 5 and industrial expert CPA firms is much lower instead, and they tolerate their customer using the discretionary accruals to decrease their earnings. This result of statistics test supports our hypotheses. When the earnings reporting motive between the CPA firms and the management is conflict ( consistent ), the audit quality of big 5 and industrial expert CPA firms is higher ( lower ) than other CPA firms’ audit quality. The surveillance function does not have the symmetry.

京都大学 / 新制・課程博士 / 博士(法学) / 甲第23656号 / 法博第276号 / 新制||法||174(附属図書館) / 京都大学大学院法学研究科法政理論専攻 / (主査)教授 稲谷 龍彦, 教授 堀江 慎司, 教授 池田 公博 / 学位規則第4条第1項該当 / Doctor of Laws / Kyoto University / DGAM

京都大学 / 新制・課程博士 / 博士(法学) / 甲第25057号 / 法博第303号 / 京都大学大学院法学研究科法政理論専攻 / (主査)教授 仲野 武志, 教授 原田 大樹, 教授 田中 晶国 / 学位規則第4条第1項該当 / Doctor of Laws / Kyoto University / DGAM

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.

整體而言，會計盈餘提供財務報表使用者有關於企業獲利能力之相關資訊。然而，由於會計盈餘同時包含了雜訊 (noises) 與偏差 (biases)，因而影響到會計盈餘對公司獲利能力評價的正確性。因此，過去的會計文獻發展出不同的盈餘管理估計模型 (如: Healy 1985; DeAngelo 1986; Friedlan 1994; DeFond and Jiambalvo 1994 以及Dechow, Sloan and Sweeney 1995)，以嘗試去除這些雜訊與偏差。然而，究竟哪一個估計模型能夠提供最為純淨之非裁量性淨利 (nondiscretionary income) 的衡量指標，則並無定論。在效率市場 (market efficiency) 的假說下，本研究透過本益比 (P/E ratio) 的平均數復歸 (mean-reverting) 現象來評比五種盈餘管理估計模型。由於過去的文獻同時發現盈餘成長率與風險係數均會影響本益比的高低，因此，本研究同時將這兩個變數納入考量。 　　實證結果發現，依照上述五種盈餘管理估計模型所估計之本益比皆有平均數復歸的現象。其中Friedlan (1994) 模型在全體樣本與控制盈餘成長率之後，其本益比平均數復歸現象均較其他模型為快；次佳之盈餘管理估計模型為DeFond and Jiambalvo (1994) 與Dechow et al. (1995) 兩模型；最差的則為 Healy (1985) 模型。 / Overall speaking, accounting earnings provide financial statement users with useful information about a firm's profitability. However, because of the biases and noises included in the accounting earnings, the accuracy and reliability of accounting earnings to the evaluation of a firm's profitability may be adversely influenced. In light of this, prior earnings management studies have developed various estimation models of nondiscretionary income (e.g., Healy 1985; DeAngelo 1986; Friedlan 1994; DeFond and Jiambalvo 1994; Dechow, Sloan & Sweeney 1995) with an attempt to remove the biases and noises embedded in the accounting earnings. Nonetheless, there is no consistent empirical evidence about the relative performance of these estimation models. Assuming market efficiency, the main purpose of this study is to utilize the mean-reverting phenomenon of P/E ratios to evaluate the relative performance of these models. Since prior studies have found that earnings growth rate and risk coefficient may affect the magnitude of P/E ratios, we also control for these two variables in our analyses. 　　The empirical results reveal several findings. First, P/E ratios calculated using different earnings management estimation models exhibit the mean-reverting phenomenon. Second, the Friedlan (1994) model has the best performance among all models when we use the overall sample and three subsamples grouped based on the earnings growth rate. In addition, the DeFond and Jiambalvo (1994) and Dechow, Sloan & Sweeney (1995) models perform moderately. Finally, the Healy (1985) model shows the worst performance.

本研究係探析保險業在監理管制下，若有違監理標準之虞時，其經理人是否興起盈餘管理的動機，以避免不必要的監理成本。蓋保險監理最重要的目的為預防保險公司失卻清償能力，以保障被保險人的權益，並維持金融安定。在實施風險基礎資本制前，邊際清償能力的標準仍以保險法第143條第一項之規定為依歸，即保險業認許資產減除負債之餘額，未達實收資本之45%時，主管機關應命其於限期內，以現金增資補足之。若保險業不依第143條規定限期增資補足者，保險法第149條第二項授權主管機關應依情節輕重，分別處以派員監理、撤換負責人或有關人員、限期改組、甚至命其停業或解散。故本研究預期清償能力不佳的保險公司，其經理人會動用裁量性應計項目調整財務狀況，以跨過清償能力標竿，避免受到監理機關的注意與查核。另外，保險法對於保險業資金運用管道有所縮限，以驅使保險公司穩健地運用資金，預防保險公司因巨額投資損失致使清償能力敗壞。但隨著產業競爭度增強與低利率時代的來臨，保險公司在經營績效與保單預定利率的壓力下，是否會安於目前的投資限制，而放棄賺取投資報酬的機會。據此，本研究預期年度中持有短期有價證券總額超過或可能超過35%資金門檻的保險公司，其經理人會選擇處分位於利得部位的短期有價證券，以規避超過保險法第146條之1第一項第二款的門檻限制。同理，年度中持有合格的公司股票及公司債超過或可能超過35%資金門檻的保險公司，其經理人可能會選擇出售位於利得部位的股票或公司債，以規避超過146條之1第一項第三款的門檻限制。 　　在研究設計上，為捕捉各類操縱財務報表的淨影響，本研究採用總裁量性應計項目作為代理變數。在所有可用的裁量性應計項目估計模型中，研究指出Modified Jones模型顯示了相對較強的檢定力(Dechow et al. 1995)。因此本研究援引Modified Jones模型估計裁量性應計數字。其次，將該模型析出的裁量性應計數字與各類監理門檻距離組成一迴歸模型，以測試其關聯性強弱。實證結果如下：一、在產險業，保單持有人盈餘與實收資本之45%的距離愈小者，其盈餘管理幅度愈大。二、壽險業比較沒有利用裁量性應計項目來達到監理標準的動機。但依公司規模來看，大小公司行為仍有所差異，即相較於大公司，小公司利用裁量性應計項目來達到監理標準的動機較為強烈。根據本文實證研究結論，建議監理機關與被保險人應特別注意產險業及小壽險公司的財務狀況，並確認其清償能力之品質。 / This paper examined whether insurance companies have incentives to manipulate accounting accruals to appear more solvent and less risky. In Taiwan, virtually all industries are regulated to some degree, but insurance industry faces regulatory monitoring that is explicitly tied to accounting data. Insurance regulators required that insurers meet conditions for minimum financial health. It is frequency asserted that such regulations create incentives to manipulate financial statement to avoid regulatory intervention The primary hypothesis of this paper is that the incentive to manipulate financial statement is a decreasing function of the insurers’ difference between policyholders’ surplus and 45% of capital. This paper assumes that insurance managers use their reporting discretion to achieve solvency goal and avoid exceeding investment limits. Following Healy (1985), accruals-based measures are wide employed in test of earnings management hypothesis. In the past, the most frequency used techniques for estimating discretionary accruals are the cross-sectional versions of the modified Jones model. In this paper, the magnitude of earnings management is proxied by the discretionary accruals which are estimated by using a cross-sectional version of the modified Jones model and regressed by three differences of regulatory requirements which measure the insurers’ behavior under the regulation. The evidence indicates that when policyholders’ surplus of property-casualty insurers is closer to 45% of capital, the incentive to manipulate financial statement is stronger. On the other hand, life insurers have less incentive to manipulate financial statement, but relative to big size insurers, small size insurers have stronger incentive to meet regulatory requirements.

本研究主要探討裁量性紅利對企業未來財務績效之激勵效果，而本研究係以2010年美國S&P500公司作為研究對象，研究期間為2006年至2010年。實證結果顯示：(1)依據主觀績效衡量所發放的裁量性紅利確實可以對企業未來財務績效產生激勵效果；(2)獎酬契約運用主觀與客觀績效衡量時，主觀績效衡量所發放的裁量性紅利佔總紅利比重愈高，對於企業未來財務績效激勵效果愈高；(3)裁量性紅利對於企業未來後續財務績效具有長期激勵效果；(4)績效較低之企業發予高階經理人主觀績效衡量之裁量性紅利，對於企業未來財務績效仍具有激勵效果。 / The study investigate the impact of discretionary bonus on the future firm financial performance. Based on a sample of 2010 S&P500 companies spanning from 2006 and 2010. I find : (1) Discretionary bonus, which was measured subjectively, can improve future firm financial performance. (2) The more proportion of discretionary bonus to total bonus can improve more future firm financial performance. (3) Discretionary bonus can improve the long-term future firm financial performance. (4) Using subjectively discretionary bonus to CEOs on low-profit-company can improve the future firm financial performance.

金融機構健全經營、信用分配決策之公平性，經營階層能否以誠實、正當的方式，信守並履行對客戶之承諾，對人民財產保障、金融秩序穩定、國家經濟發展之影響甚鉅。職是之故，各國金融監理主管機關乃對金融機構的各項營業活動與以監理並採行必要之行政處分或導正措施，甚且於相關法規中，課予其善良管理人之法定義務，以確保民眾之財產權。然而，一家金融機構能否有效健全經營，主要關鍵仍在於經營者之良窳，即其負責人是否具備充足的專業知識與良好的道德品性，因此主管機關對金融機構負責人所訂的「適格性」條件，必然較一般企業的負責人更為嚴格。 本文從金融監理機關之行政處分與爭訟出發，先了解主管機關的組織架構、運作機制及行政權限，進而探討其行政處分範圍。考量行政機關之行政行為必須符合一般法律原則與行政程序法之規定，因此進一步檢視金融處分應如何適用一般法律原則，及如何確保能踐正當法律程序；本文亦從日、德、英、美等四個金融市場發展歷程較久、且法制較為完備的國家，窺探其相關法令中，對於金融機構負責人資格審查之規範重點與實務操作，並與我國相關法規中之規定與監理實務進行比較，冀從中獲得啟發。 為了解相關行政處分之司法實務觀點，進而將透過臺北高等行政法院與最高行政法院，就金融監督管理委員會對金控公司、銀行、保險公司、證券公司之負責人，所作成不適格的若干行政處分案件之司法判決，加以整理。冀能從司法實務中釐清相關爭點。最後擬從主管機關對金融機構負責人適格性審查之前、中、後三個階段，透過相關制度的設計即審查前能建立相關審查原則，且對於若干不確定法律概念之法規要件，力求客觀與明確；於審查時，能就個案事實與法規要件加以調和，作成妥適的行政決定；而對於通過適格性審查後之負責人，其後如有不符合適格性條件，應如何為適當之處置，冀就此一類型之行政事件，建立最佳行政處理程序。

近幾年來，財務弊案層出不窮，管理當局參與創造性會計的情事日益嚴重，資本市場陷入紀律危機，徒增成本。為喚醒投資者對於盈餘品質的關注，以及對盈餘管理有更客觀的瞭解，本研究提出兩種不同基礎之盈餘品質分類法，並探討台灣上市公司在盈餘品質分類法下，財務特性與盈餘管理成分的差異。 以往國內文獻多個別探討盈餘品質的內涵，或盈餘管理的現象；將盈餘品質與盈餘管理兩大主題做結合，乃新嘗試。研究主要分為兩大部分，第一部份定義盈餘品質，而第二部分深入盈餘管理的課題。 研究以2002年第3季到2004年第3季，381家台灣上市公司，共3429個樣本點，進行迴歸模型分析。 首先將樣本以：一、盈餘對營運現金流量的關係，及二、應收帳款成長率對營收成長率的比較，共兩種基礎，區分盈餘品質。在區分盈餘品質後，以盈餘品質測試盈餘評價能力與持續性。發現以盈餘對營運現金流量關係作為基礎之盈餘品質，具有增額評價能力，而以應收帳款成長率對營收成長率的比較做為基礎者，無增額評價能力。而兩種盈餘品質對盈餘持續性有顯著貢獻。 第二部分將樣本分為盈餘平滑企業與非盈餘平滑企業，探討盈餘評價功能之強弱，發現在盈餘平滑與盈餘非平滑兩組別中，盈餘平滑化並不影響盈餘評價能力。接著導入盈餘品質，觀察在交叉分組下盈餘評價功能的差異，發現高盈餘品質結合盈餘非平滑化（Quality Non-Smoother）的組別中，有最高盈餘評價係數。盈餘進一步拆解成三個組成份子：營運現金流量，裁量性應計數，與非裁量性應計數。其中，觀察重點在於裁量性應計數，研究同樣加入盈餘品質，測試其評價能力與持續性。發現裁量性應計數具有評價功能，而在兩種盈餘品質指標分類下，高盈餘品質之裁量性應計數，並無增量評價貢獻；在持續性方面，兩種盈餘品質指標同樣對裁量性應計數有正向貢獻。 為測試盈餘品質在盈餘管理誘因下的反應，最後將盈餘管理誘因區分為達成損益兩平與超越前期盈餘兩項目標，並加入盈餘品質，觀察其交互作用。發現在「達成損益兩平」與「超越前期盈餘」兩種盈餘目標下，盈餘管理現象的確存在。加入盈餘品質變數後，在兩種盈餘品質變數之作用下，對「達成損益兩平」與「超越前期盈餘」兩項管理誘因均有抑制作用。 / During the last few years, there have been numerous cases of financial ma-nipulation and scandals of firms and the situation of the managing authority par-ticipating in creative accounting has become worsen which has posed enormous disciplinary risks and unnecessary costs on the entire capital market. In order to invoke the concern of investors towards earning quality and to objectively under-stand more broadly about earning management, this study focused on two dif-ferent earning quality categorization based on different basis. The other aim of this study was to discuss the differences of financial characteristics and earning management that arise under two different earning quality categorizations. Most of the local existing literature discussed separately on the essence of earning management or the phenomenon of earning management; this study would be a completely new attempt, which combined the above-mentioned two topics into one study. The first part of this study focused on the definition of earn-ing quality and the second part discussed in detail on issues concerning earning management. A regression analysis was conducted on 381 publicly listed firms in Taiwan during the period from the third quarter of 2002 to the third quarter of 2004 and the total sample points were 3429. Firstly, the samples were processed and the samples’ earning qualities were categorized based on: 1. the comparison between earning and operating cash flow; 2. the comparison between the growth rate of account receivables and the growth rate of revenue. After the categorization of earning qualities, earning qual-ity was used to test the ability of earning valuation and the persistence of the earning. It was revealed in this study that the earning quality based on the com-parison between earning and operating cash flow could greatly enhance the abil-ity of earning valuation. On other hand, the earning quality based on the compari-son between the growth rate of account receivables and the growth rate of reve-nue failed to enhance the earning valuation. However, both categories of earning qualities had significant contribution to the persistence of earning. The second part of the study separated the samples into earning smoothing firms and non-earning smoothing firms in order to discuss the power of the ability of earning valuation. The results showed that earning smoothing did not have any impact on ability of earning valuation. The next step was to introduce earning quality into this part of the study and to observe the differences in the ability of earning valuation that arise from cross grouping. It was revealed that the group of high earning quality combining non-smoother had the highest earning valuation coefficient. Earning was further decomposed into three components: operating cash flow, discretional accruals and non-discretional accruals. The focus was on the observation of discretional accruals, and in this part of the study, the earning quality was also introduced in order to test the ability to valuate and the persis-tence of earning. It was discovered that discretional accruals possessed the func-tion of valuation. Furthermore, under the categorization of earning quality indexes with two different bases, discretional accruals with high earning quality had no contribution toward the ability to enhance valuation; however, about the persis-tence, both earning quality indexes had positive contribution toward discretional accruals. Finally, in order to test the reactions of earning quality under the influence of the incentives of earning management, the incentives of earning management were categorized into two groups with two different goals: 1. to reach breakeven; 2. to exceed prior period earning. The earning quality was also introduced to ob-serve the interactions. It was observed that under the two different goals in earn-ing, the phenomenon of earning management did indeed exist. After including the variable of earning quality, under the influences of two different categories of earning quality variables, there was some kind of suppressive effects on the management incentives of “reaching breakeven” and “earning that surpasses the prior period earning”.

村里基層行政人員是執行政策的主要行動者，其業務執行的判斷與裁量行為將影響民眾的權利，其對民主價值觀的認知，則左右其行政行為態樣。本研究的主要目的是欲探討民主化後的台灣，村里基層行政人員的民主價值，並找出影響因素。同時，探討村里基層行政人員是否因為民主價值的差異，而對於裁量行為有不同偏好。本研究使用2007年國科會計畫『填補「公民參與」研究脫落的環節—基層公務人員對公民參與態度的初探』所收集的量化資料。在分析961位村里基層行政人員所填答的問卷資料後，發現多數村里基層行政人員具中等程度的民主價值，其中村里幹事更達八成以上。主要影響民主價值差異的因素，是村里基層行政人員的年齡與教育程度。在裁量的偏好方面，多數受訪者傾向依法行政，民眾需求居次。主要解釋變異的因素是村里長與村里幹事間職責的差異，導致其偏好不同的裁量原則。因為村里長與村里幹事在民主價值以及裁量類型方面有許多的不同，而村里層級又是民主機制運作的第一線，因此應強化村里基層行政人員的民主價值。本研究建議政府應當建立村里長的培訓課程，以提升其對民主機制的認識與涵養，確保民眾的利益。 / Street-level administrators in Village/Li are the main actors for policy implementation. Their discretionary behaviors will affect the rights of citizens and such behaviors are profoundly influenced by their belief in democracy. The purpose of this thesis is to explore the democratic values of Village/Li Chiefs and Secretaries in Taiwan, and to find out the influential factors of democratic values. Further, this thesis discusses the extent to which their democratic values affect the preference of discretionary behaviors. The data used in this article are from the research sponsored by the National Science Council of the Executive Yuan; which conducted 961 face-to-face interviews with Village/Li Chiefs and Village/Li Secretaries in Taiwan in early 2007. This study finds that the majority of street-level administrators and 80% of Village/Li Secretaries have moderate democratic values. Statistical analysis indicates that age and education have critical influence on democratic values. With regard to their preference of discretionary behaviors, most respondents make decision mainly based on the enactments, and the need of citizens is secondary concern. The crucial factor to explain the variation is the difference on duties between Village/Li Chiefs and Secretaries. Consequently, the preference of their discretionary behaviors is diverse. Because of such divergence and the crucial role of street-level administrators in service delivery and grass-root democracy, this study suggests that the government should provide training programs to enhance the democratic values of Village/Li chiefs in particular and street-level administrators in general.