本研究首次以財務危機解除公司為觀察對象,以財務危機發生年與財務危機解除年劃分為財務危機發生前、財務危機期間及財務危機解除後三段期間,取1990年至2008年間發生並解除財務危機之公司為樣本,採用Kothari et al.(2005) 提出以資產報酬率進行績效調整之估計模型(Performance-matched Model)計算出異常裁決性應計數,以及Roychowdury (2006) 所發展,其後為Cohen et al. (2008) 等多篇研究用來偵測公司透過營業活動進行實質盈餘管理的衡量方式估計異常營運活動現金流量、異常裁決性費用及異常生產成本,觀察財務危機解除公司在各段期間的盈餘管理行為。 實證結果發現實質盈餘管理與裁決性應計項目盈餘管理之間確實存在替代關係,研究結果中裁決性項目的操作都未得到顯著的支持,然而卻發現財務危機公司實際上都偏好採用實際交易操作的方式影響盈餘,比起財務危機期間,財務危機發生前喜好採用超量生產降低生產成本以及放寬信用條件或增加銷貨折扣之方式為之,而財務危機解除之後亦有超量生產之情形發生。在財務解除危機公司與下市或倒閉公司之危機期間相互比較之結果中發現僅有微弱之證據顯示解除危機公司比下市或倒閉公司會使用裁決性項目操縱盈餘,實際交易操作方面,則是會遞延研究發展、廣告及維修等裁決性費用達到盈餘操縱之目的。
This is the first study that takes the financial distress relieved companies as obesearvation, devided the period by the first year the company occared financial distress and the year financial distress relieved. The study period is from 1990 to 2008. Measuring discretionary accruals by uesing the method developed by Kothari et al.(2005) which performance matching on return on assets controls for the effect of performance on measured discretionary accruals, and the method developed by Roychowdury (2006) followed by Cohen et al. (2008) to detect real operational activities earnings management, which include abnormal cash flow, abnormal discretionary expenditures and abnormal production cost. To observe the variation of earnings management among the three periods. The results suggest that companies prefer to manipulate real operational activities than discretionary accruals, the evidences represent that there are significant different in real operational activities between companies before and during financial distress occured, companies before financial distress occurred tend to use sales manipulation and overproduction to report lower cost of goods sold to improve reported earnings, companies after relieved from financial distress, tend to report of lower cost of goods sold through increased production. Besides, To compare those companies which relieved from financial distress and those companies which were delisted from public market or went out of business, when during financial distress, I find weak evidence to support that relieved companies are likely to adopt income-increasing accruals upward the earnings, on the aspect of real operational activities they significantly tend to decrease in discretionary expenses for increasing earnings.