股利政策對實質盈餘管理之影響

企業揭露的盈餘一直以來都是資本市場上投資人與分析師所關注的焦點。而管理當局對於股利政策具有絕對的影響力，因此，本研究欲深入探討是否發放股利之企業透過實質交易操作(例如，研發與廣告費用、資本資產的購置與處分時點等)，而使盈餘達到某一特定水準，以平穩目標股利及股利支付率。本研究利用台灣經濟新報資料庫之上市上櫃企業為樣本。研究結果顯示，股利政策確實會衝擊管理當局採取實質盈餘管理。因為股利水準被視為企業之重要指標，當管理前盈餘(Pre-managed earnings)低於前期股利(prior year dividends)時，發放股利之企業會透過實質交易操縱使盈餘增加以減輕管理前盈餘(Pre-managed earnings)和前期股利(prior year dividends)之差額。相較於未發放股利之企業，本研究認為發放股利企業之管理前盈餘和實質盈餘管理間的變動額有高度相關，且企業發放股利時，採取保守股利政策之企業有較大誘因操縱盈餘。由此可知，企業會透過股利政策進行實質盈餘管理，以達到預期目標。

關鍵字

股利政策；實質盈餘管理；管理前盈餘；股利水準

並列摘要

Investors and analysts from capital market when firms report their earnings. Given the importance of historical dividend policy to firms, this research provide whether dividend payers manipulate earnings through real activities to smooth dividend levels and dividend payout ratios. This research finds that dividend policy impacts both upward and downward real earnings management. Payers manipulate earnings upward through real activities to mitigate the shortfall of pre-managed earnings relative to prior year dividends when pre-managed earnings are lower than dividends paid in the prior year, suggesting that dividend levels are an important earnings benchmark. This research document a stronger relationship between changes in pre-managed earnings and real earnings management for payers than for non-payers, suggesting that dividend policies impact real earnings management. Consistent with the importance of dividend policy in real earnings management, this research show that dividend payers that follow conservative dividend policies manipulate earnings to a greater extent than dividend payers that do not follow conservative dividend policies.

並列關鍵字

Dividend Policy ； Real Earnings Management ； Pre-managed Earnings ； Dividend Levels

參考文獻

[2] 蕭慧玲、陳筱雯，「現金股利門檻、現金流量與盈餘管理關聯性之

[3] 陳筱雯，現金股利門檻、現金流量與盈餘管理關聯性之研究，碩士論

學會計研究所，台北，1999

[21] 陳一如，公司資產購買的實證研究，碩士論文，國立台灣大學財務金

國立中正大學財務金融研究所，嘉義，2002

國際替代計量

股利政策對實質盈餘管理之影響

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