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.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0095353031 |
| Creators | 劉建言 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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