本研究主要在彙整探討財務危機公司是否較財務正常公司,更容易利用裁決性應計項目與營業外損益作為盈餘管理的操縱。本研究主要為臺灣地區2002年至2011年間,曾經打入全額交割股的財務危機上市公司以及上市上櫃公司財務正常公司,樣本資料選取自台灣經濟新報資料庫裡所歸類出之曾經發生財務危機之上市公司。並選定同期間、同產業、公司規模相近之財務正常公司進行比對,根據兩組樣本來分析該裁決性應計項目之差異性。本研究並利用Jones模型、修改後Jones模型、DeAngelo(1986)模型分別計算財務危機公司及財務正常公司之裁決性應計項目。 實證結果顯示財務危機公司之裁決性應計項目在初期都呈現低點,但隨著越接近財務危機爆發的時間點,財務危機公司之裁決性應計項目都有明顯的高於財務正常公司,顯示了財務危機公司為了避免被打入全額交割股亦或者故意拉高股價進行變賣,利用了裁決性應計項目提高盈餘進行財務報表美化之現象。 營業外項目之實證結果發現,財務危機公司在前第(6)季處分長期投資時有小幅度提高盈餘但也不明顯,故本研究發現,裁決性應計項目及營業外項目對於財務危機公司而言,財務危機公司較傾向利用裁決性應計項目進行盈餘管理。 對如何預防企業爆發財務危機,不論是政府機構、銀行、投資者等,可根據本篇研究之財務危機預警模型來做為參考的依據。
This study examined whether firms are more likely to use discretionary accruals or non-operating gains/losses to manipulate income before facing financial distress. The sample consists of the companies that financial distress and healthy companies listed in the TSE and OTC during the period 2002 - 2011. The market data come from the Taiwan Economic Journal Database. This study utilized the Jones Model and the Modified Jones Model to estimate discretionary accruals. Furthermore, this study uses the DeAngelo (1986) Model to estimate non-operating discretionary accruals (disposition of investments and disposition of assets). The empirical results revealed that in the initial stages, the financially unstable companies did not use many of the discretionary accruals. However, when these companies came closer to the explosion point of financial crisis, a significant increase of using discretionary accruals occurred. The empirical results also indicated that in the sixth quarter before the financial crisis explosion, the financially unstable companies tend to increase the earnings of non-operating items by the disposal of investments. However, it was not significant. Therefore, this research concluded that the companies in financial crisis would tend to use discretionary accruals to achieve earnings management, instead of using non-operating items.