董監事薪酬與經歷和盈餘管理之分析 —以台灣上市櫃公司為例

Abstract

本研究探討台灣上市櫃公司董事會成員平均薪酬和經歷對公司盈餘管理之關聯性，採用修正後的Jones模型計算個別公司之裁決性應計項目做為盈餘管理的指標，樣本為2005年到2018台灣上市櫃公司之年度財務報表，實證結果顯示，前一年董監會平均薪酬和下一年度的盈餘管理呈現負相關，獨立董事兼任時，公司對盈餘管理程度愈低，在董監事成員經歷方面，成員具有公家機關背景比例愈高則盈餘管理程度則愈低。 當董監事和小股東利益相違背時，具有專業能力與知識之董監事成員似乎還不足以控制公司盈餘管理幅度，但有兼任的獨立董事和具有公家機關背景經歷之董監事成員相較具公正性與客觀性，能減少公司盈餘管理之程度，上述結果顯示董監事背景和薪酬與公司盈餘管理具有重要的關聯性。

This study is aimed to discuss the correlation between board average income of listed company at stock exchange and OTC market, education, and earnings management in Taiwan. Modified Jones Model was adapted to calculate the discretionary accrual of each company which was taken as the index of earnings management. Annual financial reports in Taiwan from 2005 to 2018 were analyzed. Empirical result suggests that the average board income correlates negatively with the degree of earnings management in the following year. A company have lower level of earning management with more board members having background of government agencies. In addition, a negative correlation was found between the degree of earnings management and independent director with concurrent jobs. The abovementioned results suggest a high correlation between the background and income of boards and earnings management. When benefit happens to conflict against each other between boards and minority shareholders, boards members with more professional knowledge seems hard to control the degree of earnings management, but independent director with concurrent jobs and high proportions board members with government agencies background are relatively impartial and objective, decreasing the degree of earnings management effectively.