本研究以2003年至2014年間辦理現金增資之上市公司為研究對象,探討我國企業在現金增資前後之盈餘管理行為,以及現金增資盈餘管理是否與公司治理特性存在關聯性。結果發現現金增資前一年度較後一年度之裁決性應計數有顯著增加,而且當年度較後一年度也有顯著的增加,表示現金增資公司在增資前一年與當年度有進行盈餘的操弄。此外,隨著董監質押比例的提高、法人機構持股比率的增加以及董事長兼任總經理,現金增資所導致之前期盈餘管理行為更明顯。額外測試發現資產負債表法盈餘管理行為與公司治理特性對現金增資盈餘管理影響之結果與損益表法不一致;電子業之盈餘管理行為與公司治理特性對現金增資盈餘管理影響之結果與非電子業也不一致。
This study examines the earning management before and after Seasoned Equity Offerings and the impact of the corporate governance on the earnings management resulted from Seasoned Equity Offerings (SEO). The sample of this study includes SEO from 2003 to 2014. The results show that there is a significant increase in earnings management in the previous year of SEO as compared with that in the following year. Besides, the earnings management in the year and the latter year of SEO are also significantly different. In addition, with the increase in the pledge ratio of directors and supervisors, the increase in the shareholding ratio of institutional investors, and the chairman of the board concurrently served as manager, earnings management caused by SEO is more pronounced. The results of the additional tests show that the earnings management behavior and the impact of the corporate governance on the earnings management resulted from SEO of the balance sheet method are inconsistent with those of the income statement method. The earnings management behavior and the impact of the corporate governance on the earnings management resulted from SEO of the electronics industry are different from those of the non-electronics industry.