公司揭露重大內部控制缺失與盈餘管理之關聯性

Abstract

本文採用modified Jones model (Dechow et al, 1995)，以裁決性應計數作為盈餘品質的代理變數，並以美國2004年有揭露重大缺失的170家公司為測試樣本，再以產業別以及相當資產規模為標準，選取無揭露重大缺失的170家公司為對照組。觀察期間2000年到2007年，總共2,720個觀察値，比較公司在揭露重大內控缺失之前與之後的盈餘品質。另外，本研究將缺失分為控制環境缺失與非控制環境缺失兩類，測試揭露重大控制環境缺失與重大非控制環境缺失之後，何者盈餘品質的改善幅度較大。 實證結果如下:首先、揭露缺失年度後，重大內控缺失公司與絕對值、正、負裁決性應計數皆呈顯著反向關係。顯示內控缺失公司於揭露後之盈餘管理機會下降，沙賓法案要求揭露缺失的機制可以提供回饋價值以設計更有效的內部控制，提高財務報導的可靠性。第二、本研究僅發現有限的證據支持揭露缺失年度後，重大控制環境缺失公司和裁決性應計數呈顯著反向關係的程度大於重大非控制環境缺失公司。表示公司揭露重大控制環境缺失後，改善盈餘品質的幅度大於公司揭露重大非控制環境缺失。

In this study we investigate the effect of disclosing weakness in internal control over financial reporting on accruals quality. For 170 firms in each of material weakness firms and non-material Weakness (control) firms per year from 2000 to 2007, the pooled cross-sectional analysis brings a total of 2,720 firm-year observations in full sample. We develop the measure, discretionary accruals, by modified Jones model (Dechow et al, 1995) to examine the change of discretionary accruals before and after disclosing material weakness in internal control. In addition, we break the material weaknesses into weaknesses related to control environment and weaknesses unrelated to control environment to test which one provide more improvement in accruals quality after disclosing year. Empirical results are as follows: First, we document a significant negative association between absolute (positive and negative) discretional accruals and material weakness firms after disclosing year. It suggests that disclosures of internal control weaknesses can reduce the opportunity of earnings management, help develop more effective internal control system and increase the reliability of financial reporting. Second, we find weak evidence that, after disclosing year, the extent of significant negative association between firms with control environment-related weakness and discretionary accruals is greater than the association between firms with control environment-unrelated weakness and discretionary accruals. It indicates that improvement in accruals quality after firms disclosing weakness related to control environment is greater than the other type of firm.