近年來,許多企業受到全球性經濟不景氣之影響,使得部分企業在營運上發生財務困難而導致鉅額虧損,為了避免被打入全額交割股或是為了引進新資金,經過多方面考量後選擇依公司法規定辦理減資以打消帳上鉅額虧損、重整資本結構,此一方法對企業而言視為重新再出發之好機會。企業進行減資以彌補虧損資背後所隱藏意涵值得我們進行探討,企業在進行彌補虧損減資時的盈餘管理方向性,並且是否會對不同的盈餘管理動機或決策產生影響?因此,本研究以2002年至2009年間上市櫃公司為研究對象,利用裁決性應計項目作為盈餘管理的代理變數,探討公司企業進行彌補虧損減資與裁決性應計數之可能關聯性及彌補虧損減資是否存有盈餘管理動機。實證結果顯示,彌補虧損減資公司有盈餘管理之行為,管理當局會利用裁決性應計數將盈餘向下修,更進一步發現當公司進行彌補虧損減資的盈餘管理動機為洗大澡,而不是盈餘平穩化。
Recently, because of the global economy downturn, many firms were in financial difficulty, and even lead to huge losses. Firms will maybe select to announce capital reduction for making up loss by Company Acts, this way can restructure the capital structure and it’s a good opportunity for firms to get back on the horse. The main purpose of this study is to understand what the mean behind announcement of capital reduction for making up loss. First, this study use discretionary accruals as the proxy variable of earnings management, and examine the association between announcement of capital reduction for making up loss and discretionary accruals. Second, this study examine earnings management motivations after announcement of capital reduction for making up loss. Therefore, base on all listed firms in the period from 2002 to 2009, the result shows that firms exhibit more earnings management after the announcement of capital reduction for making up loss, and use discretionary accruals to manage earnings downward. Moreover, the result also shows earnings management motivation after announcement capital reduction for making up loss is taking a big bath, instead of earnings smoothing.