上市櫃公司利用關係人交易從事盈餘管理與利益輸送之研究

The Study on the Using Related Party Transactions in Earnings Management and Tunneling

彭馨慧(Hsin-Hui Peng)

指導教授 ： 林維珩

中原大學/商學院/會計研究所/碩士(2007年)

https://doi.org/10.6840/cycu200700484

摘要

本研究之目的係將樣本公司財務報表中的關係人區分為非合併報表編製個體且屬非投資關係者、非合併報表編製個體且屬投資關係者及合併報表編製個體者(聯屬公司)三大類，以及將合併財務報表關係人區分為屬非投資關係者及屬投資關係者二大類進行以下探討，當公司存在盈餘低於門檻的盈餘管理誘因情況下，公司是否藉由與某些特定關係人進行關係人銷貨交易，從事盈餘管理行為，以及市場對於關係人銷貨的反應。另一部分為探討公司是否存在利益輸送的情形以及其市場價值。

研究結果指出，在樣本公司財務報表中，當公司盈餘低於門檻時，會增加與非合併報表編製個體且屬非投資關係者間的關係人銷貨，而探討市場對於關係人銷貨交易及非關係人銷貨交易的反應時，無法推論非關係人銷貨交易的反應係數較關係人銷貨交易反應係數小。在利益輸送方面，無法推論出公司借給關係人的錢會較關係人借給公司的多，顯示借貸主要為內部市場。而當公司累積更多自由現金流量時，與非合併報表編製個體且屬投資關係者發生的淨公司借出會更多。最後，無法推論有關係人借款的公司，市場價值會較低，可能的解釋原因為當公司績效較好時，才有能力借款給關係人。

關鍵字

合併報表 ； 關係人交易 ； 利益輸送 ； 盈餘管理

並列摘要

This research divides related party transactions into three types according to the nature of relationship between related parties and the reporting entities: non-consolidated without investment relationship, non-consolidated with investment relationship and affiliated companies. Related parties transactions in the consolidated statements are divided into non-investment and investment. The purpose of this study is to examine whether companies use related parties transactions with some specific related parties to engage in earnings management as the company has the earnings management incentive when earnings are lower than the thresholds, and to analyze the market's reaction of related parties sales. We then examine existence of tunneling and the company's market value.
The empirical results indicate when company’s earnings are lower than the thresholds, it will increase the related parties sales with non-consolidated non-investment related entities. However, we are unable to infer the response coefficient of non-related parties sales transactions is smaller than that of related parties sales transactions. In tunneling, we are incapable of inferring the money company lends related parties is more than that the company borrows from related parties. It appears the loans is mainly internal market, and when the company accumulate more free cash flow, the net company debits will increase more in the individual of non-consolidated statement which belongs to investment relations. Finally, we are unable to infer related parties loans bring down the market value. The possible explanation is as the company has better performance, it just have the ability to lend related parties money.

並列關鍵字

earnings management ； consolidated financial statement ； related party transactions ； tunneling

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