本研究之主要目的在探討台灣實施34號公報前後,董事會(包含獨立董事設立)及股東結構特徵與管理當局盈餘管理決策間關聯性之差異分析,本研究以異常應計數之絕對值為盈餘管理之替代變數,並設定了6個實驗變數及8個控制變數用以檢定7個假說,樣本期間為2004年至2007年共計4732個樣本,本研究之實證研究方法為縱橫資料分析法。 主要之發現如下:一、34號公報的實施對公司盈餘管理具有顯著正相關。二、不論是全部樣本或34號公報實施前後樣本,董事會之規模與盈餘管理均具有顯著負相關。三、獨立董事設置比率、董事長兼任總經理與否、外部機構法人持股比率、董監持股比率及董監持股質押比率等在34號公報實施後與盈餘管理決策不具顯著關聯性。
The objective of this study is to examine the relationship between corporate governance characteristics and earnings management decision before and after the enforcement of the No.34 Statement of Financial Accounting Standard (SFAS) in Taiwan. The absolute value of the abnormal accruals is used as a proxy variable for earning management. Panel Data Analysis is utilized to a model of six experimental variables and eight control variables to test the seven hypotheses of the study. The sample period is from 2004 to 2007 with the enforcement of the No.34 SFAS in the last two years. A total of 4,732 listed sample firms of Taiwan’s stock market are collected. The results of the study are as follows. First, the enforcement of the No.34 SFAS is found significantly positively related to firm’s earning management decision. Second, the size of the board of director is found to be significantly negatively related to the earnings management of the firm for all samples and for the enforcement before and after the No.34 SFAS. Third, the independent director ratio, president serving as a CEO or not, institutional investor’s shareholding ratio, directors and auditors’ shareholding ratio, and directors and auditors’ shareholding pledge ratio are found to be not significantly related to earnings management decision after the enforcement of the No.34 SFAS.