在財務報表中,企業本身所能獲得之報酬以及相關的風險揭露事項,為其最主要的資訊部份。就公司治理觀點而言,使企業進行盈餘管理的最主要原因是大多為資本市場的動機與壓力。而有文獻指出,淨利的穩定,則有助於在改善公司未來的經濟價值,是以,盈餘平穩化亦屬於企業的財務目標之一。而在不同生命週期階段當中,企業所面臨的生存問題或目標等壓力也會大相逕庭,因而本文之研究目的為透過企業生命週期來探討盈餘平穩化與企業價值的關係,並檢視不同生命週期之企業,是否傾向利用不同方法來進行盈餘平穩化行為。本研究採用量化研究,以民國93年至97年間於證券交易所上市之電子產業為研究對象,全部樣本資料均取自台灣經濟新報(TEJ)。研究結果發現,不論是以何種指標來劃分企業生命週期,處於衰退期及成熟期的企業均有利用應計項目進行盈餘平穩化行為之傾向,再者,當以普通股現金股利發放率作為劃分生命週期的指標時,處於不同生命週期之企業,利用應計項目或營業外損益進行盈餘平穩化將對股價造成影響,但以其他指標劃分企業生命週期時,不論以應計項目或營業外損益進行盈餘平穩化對股價都不會造成顯著影響。
The main information in the financial statements is the remuneration and risk exposition of the enterprise. From the viewpoint of corporate governance, the major reason about earnings management is originated in the causation and pressure of capital market. Since lots of literatures indicated that the stability of net income is helpful to improve the market value of business, earning smoothing is also one of the company's financial goals. This study which carries on empirical study which viewed the life cycle’s impact to a surplus of smoothing on enterprise risk how to present. We used quantification research. The data in this study got from the Taiwan Economic Journal (TEJ). The electronics industries were the research object of the study(from 2004 to 2008). We used the SPSS statistical software as a tool to conduct the linear regression analysis. When the common stock cash dividend payout ratio of impulse life-cycle take accrual of the project a smooth earnings showed significant cases in the results of our study; in addition, we used the sales growth ratio, capital expenditure ratio, composite index measuring the enterprise's faced with different life-cycle, it is inclined to using accrual-based earnings management in order to engage earnings management smoothing. It has a significant response, too. At the same time, we found that enterprises use items of accrual or non-operating gains and losses to smooth earnings-oriented management of the influence of stock prices. It means the effect of the stock price in the interaction of management that is more inclined through a life-cycle and non-operating items.