台灣上市櫃公司盈餘管理運用結構探討

The Earning Management of Taiwan Listed Companies Applications and Structures

邱志昌(Chih-Chang Chiu)

《真理財經學報》 25期 (2011/12) Pp. 39-66

https://doi.org/10.29963/TOJEB.201112.0003

摘要

盈餘管理是上市櫃公司財報處理中常見之事，瞭解它可使債權人與投資人深入掌握公司真實價值。但，上市櫃公司進行盈餘調整與其本身面對之會計制度、公司市場價值、與公司委託代理等問題有關。台灣上市櫃公司是否也是將盈餘管理視為理所當然？在平日又如何進行盈餘管理？是以機遇（Opportunistic）為主，或是常態性（Routine）？經理人是否也是透過裁決性應計（Discretionary Accruals）、與自由現金流量（Free Cash Flow）進行盈餘管理？其擅用的財務項目有哪一些？而這一些財務項目的運用對公司績效有助益？其長期與短期效果如何？而這一些運作，何者對盈餘管理最有利？本文以台灣上櫃公司1999年到2010年公司年資料，以Jones（1991）與Modified Jones（1995）模型為基礎，以裁決性應計與自由現金流量為主要變數，再以公司規模與公司績效風險、經營風險、報酬率風險與成長因子為控制變數，建立多元迴歸模型，以資料進行驗證。實證結果為：我們發現：一、台灣上市櫃公司經理人顯著從事盈餘管理。二、長期之盈餘管理運用，以自由現金流量對公司績效最具顯著影響。三、長期以裁決性應計為工具進行盈餘管理對公司績效之助益不顯著。四、盈餘管理有規模效果，對小股本公司的影響顯著大於大股本公司。

關鍵字

盈餘管理 ； 裁決性應計 ； 公司績效 ； 委託代理

並列摘要

Earning management is the popular in companies. Investors and stockholders will deeply catch the instinct value of company if they could understand this management. CEO of the listed companies will apply elasticity of GAAP to manage its reported earnings, because of the agency problem. Does listed companies of Taiwan also advocate earning management? Is it opportunistic or routine works? Is it whether the opportunistic or a habit? Do CEOs adopt earning management using discretionary accruals or free cash flow? What are their main instruments to apply? And, is the effects to performance well? Long run or short run? Which choice is the best solution? This paper use the data of Taiwan listed companies financial reports to examine, and then apply Jones (1991) and Modified Jones model (1994) to test. The model of main variables are discretionary accruals and free cash flow, the control variables are: size, company performance variation, running risk, financial leverage .This paper apply cross-section multiple regression method to run. The contributions are: 1. Managers do earnings management significantly.2.In the long run, cash flow is the useful for earnings management.3.But that is not significance in discretionary accruals.4.The earnings management has the size effects.

並列關鍵字

Earnings Management ； Discretionary Accruals ； Company Performance ； Agency Problems