市場競爭、資訊透明度與盈餘管理

本研究利用 2006-2014 年期間的台灣上市(櫃)公司作為研究對象，並搭配證券暨期貨市場法展基金會所建置的「資訊揭露評鑑系統」資訊，結合為本研究之樣本，試圖探討競爭程度、資訊透明度與盈餘管理之間的關係。本研究利用六種方式衡量競爭變數，實證結果發現，如果利用賀芬達指數當競爭變數，在高競爭程度下之資訊透明度能提供互補的功效，使得企業操縱盈餘管理程度更低;如果利用其他競爭代理變數(產業成長率、產品差異性、進入成本、市場規模、勒納指數)時，發現在非高競爭程度下之資訊透明度能提供替代功效。根據本實證結果，發現產業競爭程度對資訊透明度與盈餘管理有一定層面上的影響。因此，建議分析師或監管人員在分析公司資訊透明度對盈餘管理時，應將該公司所屬產業的競爭程度列入考量因素，才能更全面理解企業操縱盈餘管理的脈絡。

關鍵字

市場競爭；資訊透明度；盈餘管理

並列摘要

This study uses the listed companies in Taiwan as a research sample from 2006 to 2014.In this study, the information transparency data established by the Securities and Futures Institute is utilized to explore the relationships among the competition level, information transparency and earnings management. In addition, this study uses six variables to measure the company's competition level. The empirical results show that if the Hefinda index is used as a competitive variable, the transparency of information under a highly competitive situation may have a complementary effect, thereby reducing the company’s manipulation of earnings management. When using other variables (industry growth rate, product difference, entry cost, market size, Lerner index) to measure the company's competition level, the results indicate that in the case of low or medium competition, information transparency can provide alternative effects. According to the empirical results, it is found that the degree of industrial competition has a certain impact on information transparency and earnings management. Therefore, it is recommended that when discussing the company's information transparency and earnings management, analysts or supervisors should take the company's competition level into consideration to fully understand the situation in which companies manipulate earnings management.