資訊揭露評鑑系統對企業盈餘管理行為之影響

Effects of the Information Disclosure and Evaluation System on Earnings Management

張瑞當(Ruey-Dang Chang) ； 方俊儒(Chun-Ju Fang)

《會計評論》 42期 (2006/01) Pp. 1-22

https://doi.org/10.6552/JOAR.2006.42.1

摘要

企業資訊透明化是提升公司治理的重要源頭，證交所最近委託證基會對國內上市櫃公司進行資訊揭露的評鑑，希望藉由企業自行揭露更多資訊，引進社會大眾的監督力量，來提升公司治理的效能。本研究探討該「資訊揭露評鑑系統」的實施，是否能有效降低企業盈餘管理的行為？並探討該企業資訊揭露評鑑的結果是否真能有效區別公司盈餘管理程度的差異。實證結果顯示該評鑑系統實施後，整體而言，企業盈餘管理行為已顯著降低，其中又以管理當局持股比率較高的企業，受此系統的影響較為明顯。不過，資訊揭露評鑑結果「較透明」及「較不透明」的企業，在盈餘管理的程度上並沒有顯著差異，可能是因僅將評鑑結果分成「較透明」與「較不透明」兩組，並無法達到明顯區分其盈餘管理程度的效果。

關鍵字

資訊揭露 ； 盈餘管理 ； 公司治理

並列摘要

Information transparency enhances corporate governance. In an attempt to improve information transparency of the publicly traded and OTC companies and bring the power of the public into improvements: on corporate governance, the Taiwan Stock Exchange Corporation (TSEC) requested the Securities & Futures Institute (SFI) to implement an information disclosure and evaluation system for all publicly traded and OTC companies listed in TSEC. This study investigates effects of the system on earnings management behavior and the ability of the system to differentiate earnings management behavior among firms differed in their extents of information transparency. Empirical results indicate that earnings management decreased after the implementation of the system and the effects are higher for companies with higher management ownership holdings. However, the difference between ”more transparent” and ”less transparent” companies is not statistically significant. This is likely a result of inadequacy of a two-group classification system in distinguishing clearly differences in earnings management.

並列關鍵字

Information disclosure ； Earnings management ； Corporate governance

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