公司治理與關係人交易及盈餘管理 之關聯性研究

Abstract

2004年發生博達科技現金掏空的財務醜聞，檢視其公司治理架構，發現董事會遭葉素菲姐弟操控且高階主管亦多由內部人擔任，表示博達在公司治理方面存在相當大的問題。 本研究即以此為出發點，選取2003年間554家上市公司為樣本，研究公司治理的設計對於管理者進行裁量性應計項目之操縱或關係人交易之安排是否有所影響，並檢視目前上市公司在公司治理方面的成效，研究結果如下： 一、 盈餘管理方面： 內部人持股率與裁量性應計數呈正相關，且與公司會計績效成正相關，表示當內部人持股率越高越有可能會利用操縱裁量性應計項目去美化公司會計績效；內部人持股質押比率與裁量性應計數成正相關，表示當內部人財務壓力越大操縱損益的動機就越強。 二、 關係人交易方面： 董事會規模與關係人銷貨、其他收入費用比率呈負相關，顯示當董事會成員越多，利益越分散，監督效果也越強；外部董監事比例與關係人進、銷貨及賒銷應收帳款比率呈負相關，表示董事越獨立越可以有效地監督管理者進行財務之操縱。大股東兼任董事長與關係人融資保證比率呈正相關；董事長兼任總經理與關係人進、銷貨比率呈正相關，而其交叉乘項與關係人銷貨及賒銷應收帳款比率亦呈正相關，顯示若大股東控制了董事會，或因兼任總經理而使董事會喪失監督機制，將使管理者藉由安排關係人交易獲取私利之動機大幅提高。

In 2004 Procomp Informatis Ltd had a financial scandal. Examining the composition of board, the board is controlled by Yeh Su-fei and her brother. The top executives are almost insiders as well. Apparently severe weaknesses of corporate governance of Procomp have contributed to the failure of the company substantially. Therefore, this study discussing the relationship between corporate governance and the degree of earnings management or related party transactions arrangement is for the purpose of examining the effect of corporate governance. Our samples are 554 listed companies in 2003. The results are below: 1. In the part of earnings management: The percentage of ownership hold by insiders has positive impact on discretionary accruals and accounting performance. It appears that higher percentage of ownership hold by insiders, more possibly they may manage earnings by controlling discretionary accruals. Pledged share ratio of insiders has positive impact on discretionary accruals. It seems that insiders may attempt to manage earnings under financial pressure. 2. In the part of related party transactions: The size of board has negative impact on related party sales ratio and other revenues ratios. The percentage of outside directors has negative impact on related party sales ratios, purchases ratios, and receivables ratios. Duality of block holder and chairman has positive impact on related party finance ratio. Duality of chairman and CEO has positive impact on related party sales ratio and purchases ratio. Finally, interactive variance of the two has positive impact on related party sales ratio and receivables ratio. It appears that the independent board will supervise top managers more effectively.