經理人教育背景與盈餘管理之關係－以台灣上市櫃公司為例

本研究2006年至 2019年台灣上市櫃公司為研究樣本，檢驗當公司經理人的學歷科系，如果和所屬產業領域相差甚遠，同時也沒有管理相關學歷背景時，是否會導致盈餘管理程度上升。本研究以裁決性應計數作為盈餘管理之代理變數。實證結果顯示，當總經理學歷和產業及管理領域皆不相關時，將顯著增加盈餘管理的程度和正向盈餘管理的幅度。同時，如果將學歷專業不相關與管理專業不相關分開來看，分別也都呈現顯著的正相關。另一方面，研究發現，經理人的年資和企業是否採用四大會計師事務所，和盈餘管理的程度與正向盈餘管理的幅度呈現顯著負相關。最後，進一步依照財務指標進行子樣本篩選，發現在公司規模較小、以及營運現金流較低的情況下，總經理學歷不相關才會對盈餘管理有解釋能力。其意涵為總經理學歷不相關，不一定就代表有直接的盈餘管理動機。然而，當公司是從財務比例來看，是進行盈餘管理的潛在對象時，總經理學歷和產業及管理領域皆不相關，會使得該公司更傾向進行盈餘管理。

關鍵字

盈餘管理；經理人學歷；產業相關學歷；學歷相關性； Modified Jones Model

並列摘要

This paper examines whether earnings management will increase when executives do not have academic background related to the industry of the company or degree of management with a sample of Taiwan-listed firms from 2006 to 2019. We use discretionary accruals as proxy of earnings management. Empirical evidence shows that earnings management and the extent of positive earnings management will be enhanced when executives have irrelative academic background to the industry they work at or have no degree of management. Meanwhile, the results give significantly positive correlation even when irrelative academic background and a lack of management degree is considered separately. Additionally, the results also indicate that earnings management and the extent of positive earnings management have significantly negative correlation to executive seniority and whether a corporation adopts Big Four accounting firms or not. Lastly, after filtering out samples with several financial indicators, we discover that the factor of CEOs with irrelative academic background has explanatory power on earnings management in companies with smaller scale and lower operating cash flows. It implies that CEOs with no relevant academic background do not directly have the incentive of the earnings management. However, when a company has the tendency of earnings management based on the analysis of financial ratios, CEOs without relevant academic background and degree of management will increase company’s inclination to earnings management.