時至2011年,近十年來金控業遭遇許多風風雨雨,雙卡風暴、次貸風暴與金融海嘯不斷的重創台灣金控產業。在國外許多知名金控巨人紛紛中箭落馬,哀鴻遍野之時,台灣的金控產業是否透過集團性產業的優勢進行盈餘管理,是本研究欲探討的。 本研究針對近年來遭遇極大問題的金融商品已實現損益,透過假設檢定的方式測試金控業是否透過金融商品已實現損益來進行盈餘管理,主要檢驗的假設為判斷金融商品已實現損益之變異數是否子公司小於母公司及扣除集團中最大正數(負數)之金融商品已實現損益,其他子公司損益是否為負數的情況進行檢驗,研究發現各金控公司至少存在一家子公司金融商品已實現損益變異數大於母公司的情況,並且只有少數幾家子公司的變異數小於母公司的變異數,間接證明金控公司透過子公司進行損益平穩化的操作,造成母公司金融商品已實現損益之變異數小於子公司的情況。 透過本研究對台灣金控業進行盈餘管理之分析,提供金控集團性產業之盈餘管理的全新思考面向,透過此研究間接發現金控業透過金融商品進行盈餘管理的情勢,提供了後續金控業相關金融商品之監理法規與行業規範的修法建議。
In the past decade, financial holding companies in Taiwan have confronted with varied worldwide catastrophes, including the subprime crisis and financial tsunami, which culminated in the collapses of several financial giants in the U.S. However, to compare with the U.S. financial companies, all the local Taiwanese financial companies have managed to stand still. Inspired by this fact, this thesis proposes that, to survive from the plights, all these companies might have practiced earning managements under the auspice of the conglomerates. This thesis aims to find the earning management behaviors by analyzing realized gain or loss from financial merchandises since the inappropriate valuations are deemed to have caused the financial crises above. The result shows that the variances of realized gain or loss in parent companies are less than that of subsidiary companies, indirectly supporting the hypothesis of earnings managements by the subsidiaries. In conclusion, based on the findings above, this thesis sheds light on the potential deficiencies in the current financial regulation system, and thus contributes alternative direction to relevant law-making and revision of governmental restrictions.