實質盈餘管理與應計基礎盈餘管理的成本及發生先後順序對於盈餘管理方法選擇上的影響

Abstract

本研究主要探討管理人員在進行盈餘管理時，對於應計基礎盈餘管理以及實質盈餘管理兩種方法上的選擇，是否受到其相對成本的以及兩種方法使用先後順序的影響。經過迴歸分析的實證結果發現，與實質盈餘管理相關的成本項目如公司領導地位、公司財務結構狀況、以及公司的機構投資人持股比例，並沒有如預期對實質盈餘管理的使用帶來抑制的效果，也沒有顯示有助於應計基礎盈餘管理使用程度上的提升。另一方面，與應計基礎盈餘管理相關的成本項目中，與外界環境規範相關的成本項目如查核事務所是否為四大事務所以及查核事務所任期，並沒有如預期對應計基礎盈餘管理的使用帶來抑制的效果，也沒有顯示與實質盈餘管理間存在正向關係；但是與會計彈性相關的成本項目如期初淨營運資產與淨營運週期如預期對應計基礎盈餘管理帶來抑制效果，也與實質盈餘管理存在正向關聯。而實質盈餘管理的未預期結果並沒有如預期與應計基礎盈餘管理存在反向關聯。

This study investigates the relationship between the following two kinds of earnings managements and their relative costs. The two kinds of earnings managements are real activities manipulation and accrual-based earnings management. In addition to the above research, this study also examines the sequential features between these two earnings managements. This study applies the models from Zang (2012) to examine the relationship between the cost associated with these two earnings management methods and managers’ trade off. Based on the sample of public firms in Taiwan from 1991 to 2012, the empirical results are summarized as below: 1. The costs associated with real activities manipulation does not limit the use of real activities manipulation and increase the use of accrual-based earnings management. 2. Most of the costs associated with accrual-based earnings management limit the use of accrual-based earnings management and increase the use of real activities manipulation. 3. The unexpected real activities manipulation does not have negative relationship with accrual-based earnings management.