處分資產損益及董監事特性對盈餘管理之相關性

本文以Jones (1991)模型和Kothari, Leone, and Wasley (2005)模型，評估裁決性應計數，探討管理者將可透過裁決性應計數操縱盈餘。研究樣本取自於台灣經濟新報資料庫，取樣期間為2011~2013 年，以有進行出售處分資產損益的台灣上市公司做為研究對象，探討出售處分資產損益、應計項目盈餘管理與董監事相關特性三者間的關聯性，藉以探討出售處分資產損益是否會受到公司進行盈餘管理使得財報之應計項目而有所變動，另外再加入董監事相關特性，並同時探討兩者與盈餘管理的相關性。實證結果如下：(1)獨立董監事規模與盈餘管理有正向顯著關係。(2)負債比率與盈餘管理呈現負相關，負債比率越高，裁決性應計項目越低，表示公司盈餘管理越沒有操弄。(3)股東權益收益率與應計項目盈餘管理有負相關的顯著關係。(4)出售處分資產損益對裁決性應計項目有正向顯著關係，顯示公司當年度的財報盈餘若不理想，公司的管理階層會以出售資產的方式來增加公司的盈餘，可使得盈餘達到預期的目標。

關鍵字

應計項目盈餘管理；處分資產利益；董監事特性

並列摘要

The study's sample taken from the Database of Taiwan Economic Journal for the period of 2011-2003, listed companies in Taiwan have conducted on disposal of asset income obtained as the study sample. This study explore on disposal of asset income, accruals-based earnings management and board characteristics by manipulating earnings management. Disposal of assets income disposal to discuss whether the company will be making earnings accruals-based earnings management accruals related to the financial statements are therefore subject to change, then add the board characteristics to be measured, and whether the board of directors to discuss disposal of assets income, by the board of earnings management to manipulate earnings. In computation earnings partial this article by the Jones (1991) and the Kothari et al.(2005), discretionary accruals assessment to explore whether managers can arbitrary accruals to manipulate earnings, Empirical results: (1)The size of the independent directors and supervisors and earnings management has a significant positive relationship. (2) The gearing ratio and a negative correlation of earnings management, the higher the debt ratio, the less said the company manipulated earnings management. (3) Return on Equity and accruals earnings management has a significant negative correlation relationship. (4) Disposal of Assets income and Accruals-based earnings management has a significant positive relationship, the company reported fiscal year earnings is not satisfactory, the company's management will be by way of sale of assets to increase the company's earnings, can make earnings reached the desired objectives.