公司內部人與法人持股對公司盈餘管理之研究
—以半導體公司為例

本研究主要探討在西元2013年至2018年半導體產業上市櫃公司的內部人持股比率、三大法人持股比率以及屬於產業鏈上中下游是否有顯著影響盈餘管理程度。樣本取自於台灣經濟新報資料庫（TEJ），並採用The Modified Jones Model來估計裁決性應計項目，以裁決性應計項目的絕對值來代表盈餘管理程度，而自變數則是以公司屬於半導體產業鏈上中下游與內部人持股比率，分為：董事持股比率、監察人持股比率、經理人持股比率，以及三大法人持股比率，分為：外資持股比率、投信持股比率、自營商持股比率；另外再加入控制變數：公司成長性、公司規模、負債比率、資產週轉率、股東權益報酬率、財務槓桿度來更準確衡量變數間的影響。　　最後實證結果顯示內部人持股比率的確有顯著正向影響盈餘管理，而法人持股比率中則是外資持股比率有顯著正向影響盈餘管理，投信持股比率與自營商持股比率由於佔比普遍非常低，因此並沒有顯著影響盈餘管理的情形；在產業鏈角度來看，在模型一中發現上游與下游公司之間盈餘管理程度無顯著差異，而中游公司與下游公司相比，盈餘管理程度較不嚴重；模型二中則是皆無顯著差異。

關鍵字

內部人持股比率；法人持股比率；盈餘管理

並列摘要

This study mainly investigates whether internal shareholding ratio, institutional shareholding ratio and the relative position of industry chain has a prominent impact on earnings management. Samples are from TEJ database, with the Modified Jones Model adopted to estimate adjudicative accruals, whose absolute value represents the degree of earnings management. The major independent variables include the industry chain position and several kinds of shareholding ratio, while the major control variables include elements in financial reports. The results show that the internal shareholding ratio and the foreign institutional investor's shareholding ratio have a significantly positive effect on earnings management. The investment trust’s shareholding ratio and the dealer’s shareholding is generally very low, so they don’t have significant effect on earnings management. Under the perspective of industry chain, model I finds there is no significant difference in the degree of earnings management between upstream and downstream companies, while the midstream companies are less than the downstream companies in degree of earnings management; the model II has no significant difference.