從董事會特性看盈餘管理

The Characteristics of Board of Directors and Earnings Management

廖浿彣(PEI-WEN LIAO)

指導教授 ： 王若蓮

朝陽科技大學/管理學院/會計系/碩士(2016年)

摘要

企業報導盈餘有其欲跨越之門檻，當企業盈餘低於門檻時，可能會導致其積極從事向上盈餘管理；此外，當企業獲利情況遠高於同業水準時，是否從事向下盈餘管理，成為企業欲避免之盈餘高度。本研究在探討當企業面對盈餘門檻及同業水準時，其盈餘管理行為。亦即公司在面對正盈餘門檻及前期盈餘門檻時，是否會為了達到或超越門檻而從事向下或向上盈餘管理，而在面對盈餘遠高於同業時，是否會為了盈餘平穩化而從事向下盈餘管理。本研究並探討董事會特性對盈餘管理之影響。本文以2009年至2014年台灣上市(櫃)公司為樣本，檢驗盈餘管理以及董事會規模、獨立董事席次比率、控制董事席次比率與現金流量權比率偏離程度是否影響管理盈餘。結果顯示:(1)正盈餘門檻與盈餘管理呈現顯著的正向關係，代表公司可能會為了達到或跨越正盈餘門檻而從事向上盈餘管理。(2)前期盈餘門檻與盈餘管理呈現顯著的正向關係，代表公司可能會為了達到或跨越前期盈餘門檻而積極從事向上盈餘管理。(3)當企業獲利遠高於同業水準時，經理人亦會積極操弄盈餘使其下降，而從事向下盈餘管理。(4)公司治理機制確實能在公司面臨小額虧損或小額衰退時降低其向上盈餘管理。
關鍵字:盈餘管理、盈餘門檻、董事會特性、董事會規模、獨立董事

關鍵字

盈餘管理 ； 盈餘門檻 ； 董事會特性 ； 董事會規模 ； 獨立董事

並列摘要

Enterprises tend to carry on upward earnings management when the earnings of the enterprise go below the earnings threshold and, on the other hand, adopt downward earnings management when the enterprise earnings are much higher than peers to avoid excessive earnings. This study aims to explore the earnings management behavior of enterprises in terms of earnings threshold and level of peers, with the expectation to find out whether enterprises would take advantage of downward or upward earnings management when faced with positive earnings threshold and pre-earnings threshold in order to meet or exceed the earnings threshold and whether they would utilize downward earnings management to smooth the earnings in case of excessive earnings compared with peers. In addition, this study also examines the impact of board characteristics on earnings management by studying the listed (OTC) companies in Taiwan from 2009 to 2014 and conducting analysis of the possible influencing factors including earnings management, board size, the ratio of independent directors and the degree of deviation between the ratio of Control Board and ratio of cash flow rights. The findings show that: (1) Positive earnings threshold is significantly and positively correlated with earnings management, suggesting that the enterprise would adopt upward earnings management in order to meet or exceed the positive earnings threshold. (2) There is a significant positive correlation between pre-earnings threshold and earnings management, indicating that the enterprise would take advantage of upward earnings management in order to meet or exceed the pre-earnings threshold. (3) When the enterprise earnings are much higher than the level of peers, the managers would actively adopt downward earnings management to manipulate the earnings to bring it down. (4) Corporate governance mechanism does play its role in minimizing the adoption of upward earnings management in case of small losses or minor slump in earnings.
Keywords: Earnings management, Earnings threshold, Board characteristics, Board structure, Independent directors

並列關鍵字

Earnings management ； Earnings threshold ； Board characteristics ； Board structure ； Independent directors

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