關係人交易與盈餘管理之關聯性研究－以臺灣股票上市公司為例

The Study of Relational People Trading and Earnings Management- Take Taiwan Stock Listed Companies as an Example

廖瓊正(Chiung-Cheng Liao)

《全球管理與經濟》 15卷2期 (2019/12) Pp. 91-138

https://doi.org/10.6565/JGME.201912_15(2).0005

摘要

一連串企業財報醜聞，掏空弊案中，實務界以及學術界愈來愈重視財務會計盈餘管理的相關議題。關係人交易普遍存在企業界。本研究主要探討臺灣股票上市公司是否利用關係人交易，進而從事盈餘管理。並檢視我國上市企業之關係人交易，調降營利事業所得稅稅率及促產研究發展費用租稅減免改制之際，進行盈餘管理的影響。本研究目的有四：（一）本研究第一項研究目的為以裁量性的應計數與關係人交易之關聯性，探討上市公司管理當局是否利用關係人交易進行盈餘管理現象。（二）其次，本研究第二研究目的為以關係人資金融通與負債比率，作為資本稀釋解釋變數，探討上市公司管理當局是否利用關係人資金融通進行盈餘管理之關聯性。（三）本研究利用年度稅率不同，在稅率調降之稅制變革，探討上市公司管理當局是否利用關係人交易在稅率調降年度進行盈餘管理。（四）本研究最後研究目的為因應產業創新條例保留研究發展支出投資抵減之租稅優惠變革，上市公司管理當局是否會利用關係人之研究發展費用以進行盈餘管理。本研究以國內400家上市公司為研究對象，實證發現：（1）關係人銷貨（RPSALE）及關係人進貨（RPPUR）估計係數呈顯著為正，與預期結果相符，表示關係人交易有較大的運用時，關係人交易與公司盈餘管理愈趨向於一致。（2）一般產業之研究發展費用對盈餘管理達顯著影響；電子業之研究發展費用對盈餘管理達顯著水準；鋼鐵業之研究發展費用對盈餘管理未達顯著水準；營建業之研究發展費用對盈餘管理未達顯著水準。（3）稅率調降當年度關係人進貨對盈餘管理則為顯著正相關。

關鍵字

關係人交易 ； 盈餘管理 ； 稅率調降

並列摘要

In a series of corporate earnings scandals, in the shortcomings, the practice and academic circles have paid more and more attention to the issues related to financial accounting earnings management. Related party transactions are common in the corporate world. This study mainly discusses whether Taiwan stock listed companies use related party transactions and then engage in earnings management. It also examines the influence of earnings management on the basis of the relationship transactions between listed companies in Taiwan, the reduction of the income tax rate for profit-making businesses and the restructuring of the research and development costs. The purpose of this study is fourfold: (1) The purpose of the first study is to explore whether the management of listed companies uses the relationship transaction to conduct earnings management by the correlation between discretionary counts and related person transactions. (2) Secondly, the purpose of the second study is to use the relationship between financial resources and liabilities as a capital dilution explanatory variable to explore whether the management of listed companies uses the relationship between financial management and earnings management. (3) This study uses the different annual tax rates to change the tax system in which the tax rate is low, and explores whether the management of the listed company uses the related party transaction to manage the earnings in the annual rate reduction. (4) The final research purpose of this study is to change the tax incentives for research and development expenditure investment offsets in accordance with the industrial innovation regulations. This empirical results show that: (1) the estimated coefficient of RPSALE and RPPUR is significantly positive, which is consistent with the expected result, indicating that the related party transaction has a greater application. At the same time, relationship transactions and corporate earnings management tend to be more consistent. (2) The research and development expenses of the general industry have a significant impact on earnings management; the research and development expenses of the electronics industry have reached a significant level of earnings management; the research and development expenses of the steel industry have not reached a significant level of earnings management. (3) When tax rate reduction, between the purchase of the related persons and the earnings management is significantly positive.

並列關鍵字

Relationship Transaction ； Earnings Management ； Tax Rate Reduction