公司治理、景氣循環與盈餘品質關係之研究

The Relationship Among Corporate Governance, Business Cycle And Earnings Quality

楊鉑釧(Bo-Chuan Yang)

指導教授 ： 黃德舜

國立中正大學/管理學院/企業管理學系/碩士(2012年)

摘要

企業管理階層操縱會計數字的行為不勝枚舉，已嚴重打擊投資大眾對企業「盈餘品質」的信賴程度，突顯出公司缺乏專業的監督機制，將會讓管理階層有動機從事不法舞弊行為，故「公司治理」與盈餘品質之關係值得被探討。再者，企業盈餘容易受「景氣循環」的轉變而產生波動，可能會提升管理階層操弄盈餘可能性，導致盈餘品質受到影響，故本研究亦將景氣循環與盈餘品質之關係納入探討。此外，由於上市公司所處產業不盡相同，本研究將高科技與非高科技產業之公司治理、景氣循環與盈餘品質關係是否存在差異一併探討。

　　本研究以台灣上市公司為研究對象，研究期間橫跨十一個年度為2000-2010年。主旨在探討公司治理、景氣循環與盈餘品質之關係，實證結果如下：

一、公司治理對盈餘品質具有顯著影響：

董事長兼任總經理對盈餘品質呈正向顯著影響，但產業分為高科技產業及非高科技產業，董事長兼任總經理對非高科技產業之盈餘品質呈無顯著影響；法人機構持股比例對盈餘品質呈負向顯著影響，顯示法人機構持股比例愈高時，公司管理階層較會操弄盈餘，盈餘品質較差。

二、景氣循環對盈餘品質具有顯著影響：

景氣循環對盈餘品質具有負向顯著影響，顯示景氣愈好，公司管理階層愈有動機操弄盈餘，盈餘品質較差；但產業分為高科技產業及非高科技產業，景氣循環對非高科技產業之盈餘品質呈無顯著影響。

關鍵字

盈餘品質 ； 景氣循環 ； 公司治理

並列摘要

Earnings manipulation by corporate management has been a wide-spread phenomenon that has been seriously damaging public trust on earnings quality. The lack of professional supervisory mechanism may have been the reason for management engaging in the illegal action. Thus, the relationship between corporate governance and earnings quality worth further investigate. On the other hand, corporate earnings fluctuate because of cyclic business environment. Such an earning variation might give management incentive in manipulating corporate earnings, which will affect earnings quality. This research hereby incorporates the relationship between business cycle and earnings quality into consideration. Furthermore, listed firms are in different industries. This research thus divided the samples into high-tech and non-high-tech industry sectors to study the relationship among corporate governance, business cycle, and earnings quality.

　　Samples are drawn from listed companies in Taiwan between 2000 and 2010, and empirical results show that:

1.　Corporate governance has significant impact on earnings quality.

Chairperson doubled as general manager has a significant positive impact on earnings quality; when divided into high-tech and non-high-tech sections, however, such an impact has become insignificant in non-high-tech industry. Percentage of shares holding by institutional investors has a significant negative impact on earnings quality. This shows that when institutional investors holding more shares, management tends to manipulate earnings, and this will results in lower earnings quality.

2.　Business cycle shows a significant impact on earnings quality.

Business cycle exhibits a significant negative impact on earnings quality. This is to say, the better the economic situation, the higher inclination the management to manipulate its earnings, and result in a worse earnings quality. However, when divided into high-tech and non-high-tech industry sectors, such an impact becomes insignificant in non-high-tech industry.

並列關鍵字

Business Cycle ； Corporate Governance ； Earnings Quality

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