盈餘管理與營業現金流量之關聯性研究

The Association between Earnings Management and Operating Cash Flow

林如玉(Ru-Yu Lin)

指導教授 ： 黃素慧

朝陽科技大學/管理學院/會計所/碩士(2009年)

摘要

本研究採用Kothari, Andrew and Wasely (2005)提出之模型，探討盈餘管理與營業現金流量之關聯性。在考量公司不同之特性下，進一步探討股東權益報酬率與盈餘管理之關係。
實證結果發現(1)營業現金流量與盈餘管理有顯著負向之關係，當企業之營業現金流量愈低，管理當局愈可能從事向上盈餘管理之行為，當營業現金流量愈低的時候愈會增強管理當局從事盈餘管理行為之動機；(2)股東權益報酬率愈高時，管理當局會傾向向上盈餘管理。以杜邦分析系統將股東權益報酬率進一步拆解，探討考量資產報酬率、淨利率、資產週轉率與權益乘數，營業現金流量對盈餘管理之影響，其實證結果發現：管理當局會做向上盈餘操縱的動機，除了營業現金流量之因素外，淨利率與債務比例亦是考量之因素之一，而管理當局會做向下盈餘操縱的動機，除了營業現金流量之因素外，資產報酬率與資產週轉率亦是考量之因素，而資產報酬率會使管理當局從事向下盈餘管理之行為，是受到資產週轉率之影響。另本研究發現電子業之公司相較非電子業公司更可能為盈餘操縱。

關鍵字

盈餘管理 ； 杜邦分析 ； 營業活動現金流量

並列摘要

Our study uses the model of Kothari, Andrew and Wasely(2005), discussing the association between earnings management and operating cash flow. Under considering company''s different characteristics, further discussing the association between the return on equity and earnings management.
Our empirical results show that (1) operating cash flow and earnings management of a significant negative relationship, when the operating cash flow enterprises lower management more likely to engage in upward earnings management behavior, when the lower operating cash flow will increase when more management to engage in earnings management behavior motivation; (2) the higher the return on equity, the management will be inclined upward earnings management. And disassemble the return on equity with Du Pont analysis, discussing the influence between operating cash flow and earnings management under considering the return on assets, net income ratio, the turnover of the assets and equity multiplier., evidence was found that the management will do up the motivation to manipulate earnings, operating cash flow in addition to the factors, the ratio of margin debt is also considered one of the factors, and management will do down the motivation to manipulate earnings, in addition to operating cash flow of factors, return on assets and asset turnover ratio is also a factor to consider, and will return on assets management authorities to engage in the conduct of downward earnings management, are subject to the effect of asset turnover. Another study found that the electronics companies compared to the non-electronics companies are more likely to manipulate earnings.

並列關鍵字

Operating Cash Flow ； Du Pont Analysis ； Earnings Management

參考文獻

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