2008年金融風暴後企業盈餘管理之研究

Abstract

2008年，源自美國的金融風暴擴展至全球，不止重創美國的金融機構和經濟環境，也加劇了國際金融市場的不確定性。而在台灣，許多產業仰賴出口甚深，國際間整體經濟環境的衰退，對於台灣產業將造成不小的衝擊，投資人的投資信心也會受到影響，公司的管理者也因此背負了更大的壓力。 本研究主要探討公司面臨如2008年金融風暴，所造成之整體經濟衰退時，公司管理當局是否會因外界的壓力或自身利益而操控公司帳面盈餘，因而誤導報表使用者。 本研究以裁決性應計項目做為衡量盈餘管理之工具，使用Dechow, Sloan and Sweeney(1995)之舊模型與Dechow, Hutton, Kim and Sloan(2010)所發展出另加入應計項目迴轉變數之新模型作為偵測盈餘管理之模型，並比較其偵測盈餘管理之檢定力。另外，本研究認為，財務困難公司面臨金融風暴的衝擊將大於一般公司，因此進一步測試財務困難公司在金融風暴時，其盈餘管理情形是否會更加嚴重。 本研究實證結果顯示，金融風暴爆發後，不論是否為財務困難公司，皆有管理盈餘之情形發生，且各公司傾向向下調整其盈餘；而財務困難公司管理盈餘之情形，並不比一般公司嚴重。另外，利用加入應計項目迴轉變數之新模型，其檢測能力並未優於舊有模型，但兩者皆能檢測出在面臨2008年金融風暴的衝擊時，公司盈餘管理的情形。

Since 2008, America’s domestic financial crisis has developed into a global financial storm. The crisis strongly impacts the economic condition not only in the U.S, but all over the world, especially in the countries that rely much on the exportation to America, including Taiwan. The purpose of this study is to examine whether or not managers manipulate earnings in the face of the 2008 financial storm, to mislead the users of the financial report. This study adopts discretionary accruals to examine earnings management, using the approach developed by Dechow, Sloan and Sweeney (1995) and a new approach developed by Dechow, Hutton, Kim and Sloan (2010), which exploits the inherent property of accrual accounting that any accrual-based earnings management in one period must reverse in another period. Also, this research hypothesizes that managers of financially distressed companies have more incentives to manipulate earnings. The empirical results indicate that after the outbreak of financial crisis, earnings tend to be managed downwards. Further, the managers of the distressed companies didn’t manipulate more of the earnings. Also, this study compares the power of the two approaches. As the result, the new approach incorporating reversals didn’t increase the power of the test to examine earnings management. Nevertheless, both approaches can discover the manipulation of earnings