會計資訊是企業與外部關係人溝通最直接的工具,外部人可透過會計資訊了解公司經營成果及財務狀況,因此,財務報表上之資訊對企業而言十分重要,企業管理階層是否會為了達到盈餘目標而從事盈餘管理,是本研究欲探討的。 本研究針對製造業之行業特性,從實質盈餘管理構面切入,採用 Roychowdhury(2006)實質盈餘管理模型,以臺灣上市櫃製造業公司為樣本,探討製造業公司是否會為了達成盈餘目標而進行過量生產之實質盈餘管理。 本研究以T檢定法及迴歸分析法做研究,研究結果顯示,製造業公司前三季常續性稅後淨利低於零之公司,會在第四季經由過量生產改善盈餘。前三季銷貨毛利率低於零之公司,在第四季也存在過量生產盈餘管理之情事,並發現獲利不佳之公司,相較於獲利良好之公司,其存貨變動與異常生產成本的相關程度高出許多。
In this research, I focus on real earnings management of manufacturing, based on Roychowdhury (2006)'s real earnings management model. This study uses the financial information of TWSE(OTC) listed manufacturing companies from 2010 to 2011, to test whether manufacturing companies engage in earnings management by adjusting inventory cost through production volumes. In this study, I use T test and regression analysis as research methods. The research results have shown:(1) If the manufacturing companies' net profits of the first three quarters are below zero, then manufacturing companies would improve net profit through overproduction in the fourth quarter. (2)If the manufacturing companies' gross margin of the first three quarters come below zero, and manufacturing companies would improve gross margin through overproduction in the fourth quarter.(3)The change in inventories and abnormal production costs is more significantly for companies with poor profitability those with good profits.