以季資料檢驗不同實質盈餘管理方式之替代性

Abstract

本研究係探討經理人對於不同的實質盈餘管理方式是否在一年四季中會有不同的策略。過去的文獻都著重於探討應計項目盈餘管理與實質盈餘管理的相互替代性，本研究進一步探討是否不同的實質盈餘管理方式也存在著替代關係。研究發現:異常生產成本四季變動相當平均，異常裁量性費用裁減第四季顯著多於前三季。本研究推估主要原因可能為:異常生產受到公司產能的限制，且產能短期內難以改變，以致於經理人於第四季無法過度超額異常生產，所以必須於第四季大量裁減研發費用已達到年度盈餘目標。

This study examines whether managers trade off alternative real earnings management mechanisms across four quarters in a year. Using a sample including firms that are suspected to have conducted real earnings management, I find that abnormal production costs are stable across four quarters during a year, but abnormal discretionary expenses are much lower in the fourth quarter than those in the other three quarters. The results suggest that over-production management has limitation resulting from the stickiness of production capacity so firms resort to cutting more discretionary expenditures in the fourth quarter.