在日前許多公司弊案中(如:Enron案),不外乎是利用會計手法來做帳,而這些手法在會計領域中稱之為「盈餘操弄(earnings manipulation)」。盈餘操弄(或稱盈餘管理)的類型有許多,以「營業外損益」來看,內容包括:利息收入、投資損益、遠匯匯兌損益、固定資產出售損益等,由於此類的收益來源並不穩定,因此又稱之為「短暫性收益(transitory earning)」。根據過去學者的研究,對於此類款項與公司價值的關係看法不一,有人認為短暫性收益之目的在於使財務報表中的盈餘呈現平穩化(income-smoothing),導致表面數字美觀吸引投資者目光,Chung等人(2004)更以日本股市為例,發覺投資者對交叉持股公司中「裁決性應計項目(discretionary accrual)」佔盈餘比重過高的企業普遍不看好。然而,Bao&Bao(2004)指出,以台灣投資市場為例,「業外收益」對股價有著相當程度的解釋能力;此外,國外許多學者也認為企業進行轉投資對其價值的提昇存在著必要性。本文以Hansen在1999年所提出的「門檻迴歸模型」來檢視業外損益與公司價值的關係。研究中利用「本業收支」此代表本業營運體質的門檻變數,找到兩個門檻點三個門檻區間,在這些區間內外,「業外損益」與「企業價值」存在著不同的關係,希望讓企業各利害關係人對此有所省思。
In recent years, corporate governance seems a popular financial issue after Enron and World Com such cases burst out. In these cases, the fraudulent techniques mostly come from the accounting management, and “income-smoothing” is one of the commonest ways. The managers usually make use of transitory earnings(or non-operating earnings)to smooth the income numbers in the financial statement so as to fascinate investors. In this research, the author makes use of the threshold variable “operating earnings”, and wants to find out the threshold point(s) which divides the sample into regimes. In or out of one regime, the power and influencing direction of main explaining variable (non-operating earnings) would be different. The result shows that in Taiwan stock market form 2000 to 2004, the relationship between non-operating income and corporate value actually can be divided into three regimes (two threshold points) with threshold variable “operating earnings”. With the operating earnings of our sample companies perform better and better, it is clear that non-operating earnings do more and more help to the corporate values.