本研究以1999年至2009年底國泰安(CSMAR)資料庫中以因連續兩年虧損被中國證監會列為ST公司定義為特殊處理公司並與特殊處理公司發生財務危機時之(1)同年度、同產業、市值規模相似及(2)同年度、同產業、資產規模相似等條件相似之正常公司,進行配對。並擬以1:3之比例,為研究樣本,使用裁決性應計項目(DA)、經營績效(ROA)與成長機會(Tobin's )作為衡量指標,並運用Logistic迴歸分析,探討中國大陸特殊處理公司與盈餘管理、經營績效、成長機會之關聯性。基於本研究之目的,透過實證研究歸納出以下結論: 企業使用裁決性應計項目對特殊處理公司呈現顯著的正相關,表示管理當局操控裁決性應計項目愈多時,愈容易成為特殊處理公司;企業之經營績效對特殊處理公司呈現顯著的負相關,表示管理當局經營績效愈差時,愈容易成為特殊處理公司;成長機會對特殊處理公司呈現顯著的正相關,表示管理當局成長機會愈高時,愈容易成為特殊處理公司;裁決性應計項目與經營績效對特殊處理公司呈現正相關但未達顯著水準;裁決性應計項目與成長機會對特殊處理公司呈現顯著的正相關,表示管理當局操控裁決性應計項目愈多且為成長機會較高之企業,愈容易成為特殊處理公司。
In this study, from 1999 to the end of 2009 CSMAR database to be due to consecutive years of losses as China Securities Regulatory Commission's definition of ST for special processing company and with the special treatment of the company in financial crisis (1) the same year with industry, the market value of similar size and (2) the same year, with the industry, asset size is similar to other conditions similar to the normal company matching. And intended to be 1:3 ratio for the study sample, using the rule of accruals (DA), earnings performance (ROA) and opportunities for growth (Tobin's) as a measure, and the use of Logistic regression analysis to explore the special processing company in China and earnings management , operating performance, growth opportunities of relevance. Based on the purpose of this study, empirical research summarized by the following conclusions: Award of companies use accruals for special treatment company showed significant positive correlation, indicating that the management control of the more decision accruals, the more likely to become a special treatment company; company's business performance for special treatment company showed significant negative correlation that the poorer earnings performance management, the more likely to become a special treatment company; growth opportunities for special treatment company presented significant positive correlation, the higher the growth opportunities that management, the more likely to become a special treatment company; ruling accruals and operational performance of the company special treatment showed a positive correlation but not reached significant levels; ruling accruals and growth opportunities for special treatment company showed significant positive correlation, indicating that management decisions accruals manipulation and the opportunities for growth than the more High corporate, the more likely to become a special treatment company.