A Study on the Relationship between Related Party Transactions and Monthly Sales in Taiwan's Publicly Issued Companies

台灣企業關係人交易與月營收淨額之研究

10.29977/JCIIE.200909.0002

林鳳儀(Feng-Yi Lin)；張志揚(Chih-Yang Chang)；吳壽山(Sou-Shan Wu)

關係人交易 ； 多準則妥協解排序法 ； 班福法則 ； 盈餘管理 ； related party transaction ； VIKOR method ； Benford's law ； earnings management

工業工程學刊

26卷5期（2009 / 09 / 01）

337 - 343

英文

本研究以關係人銷貨、關係人進貨、關係人融資、財報重編次數及財務主管異動次數等五項準則，運用VIKOR篩選出關係人交易比率較高且財報重編及財務主管異動次數較多的100家公開發行公司，再以班福法則分析銷貨狀況，結果發現企業營收淨額受人爲操縱之影響顯著。顯示台灣企業以關係人交易調整營收淨額作爲盈餘管理工具之情形日益增多，本文運用VIKOR方法篩選後，較相關文獻單純以班福法則，更容易檢驗出財務報表遭受人爲舞弊之情形。本研究之政策意涵在於提醒政府主管當局應正視台灣整體證券市場以關係人交易及營收淨額作爲盈餘管理工具之情形，以保護投資大眾及債權人之權益。

This study utilizes VIKOR (VIšekriterijumsko KOmpromisno Rangiranje) method and five important financial features to analyze 100 publicly issued companies. Benford's law is applied to examine the relationship between net sales and related party transactions. According to the study results, joint application of VIKOR and Benford's law appears to be more applicable to identify the manipulation of corporate monthly sales than the use of Benford's law alone. VIKOR method, as we suggested in this paper, can therefore be adopted by relevant government agencies and auditors as an effective tool in uncovering financial crises of Taiwan stock market so as to provide more thorough protection to investors and creditors.

1. Lin, J. H.,G. H. Tzeng,W. Jen(2005).Utilizing VIKOR to make ERP system supplier selection decision.Journal of Agriculture and Economic,34,69-90.
   連結：
2. Lin, Y. C.,S. S. Wu,T. Y. Hsiao,C. S. Lin(2007).Constructing the model of detecting abnormal related-party sales.Journal of Management,24,585-601.
   連結：
3. Liu, Y. H.,Y. C. Tsai(2006).The private information trading during monthly sales announcements.Journal of Management and Systems,13,47-76.
   連結：
4. Tsai, Y. C.,Y. H. Liu(2006).The private information trading during monthly sales announcements.Journal of Management & System,13,47-76.
   連結：
5. Wu, S.,Y. C. Lin,T. Y. Hsiao,C. S. Lin(2007).Constructing the model of detecting abnormal related-party sales.Journal of management,24,585-601.
   連結：
6. Aharony, J.,J. Wang(2005).Related party transactions as a direct means for earnings management and tunneling during the IPO process in China.presented at the Singapore management university.
7. Ali, A. A.,S. Hussain,Z. L. Yan(2008).Earnings quality, bankruptcy risk and future cash flows.Accounting and Business Research,38,5-20.
8. Benford, F.(1938).The law of anomalous numbers.Proceedings of the American Philosophical Society,78,551-572.
9. Caneghem, T. V.(2002).Earnings management induced by cognitive reference points.The British Accounting Review,34,167-178.
10. Carslaw, C.(1988).Anomalies in income numbers: evidence of goal oriented behavior.The Accounting Review,63,321-327.
11. Chen, H. L.(2004).How to detect the possibility of financial fraud.Money Watching & Credit Rating,49,15-36.
12. DeFond, M. L.,J. Jiambalvo(1991).Incidence and circumstances of accounting errors.The Accounting Review,66,643-655.
13. Guan, L.,D. He,D. Yang(2006).Auditing, integral approach to quarterly reporting, and cosmetic earnings management.Managerial Auditing Journal,21,569.
14. Guan, L.,F. Lin,,W. Fang(2008).Goal-oriented earnings management: evidence from Taiwanese firms.Emerging Markets Finance and Trade,44,19-32.
15. Hill, T. P.(1995).A statistical derivation of the significant- digit law.Statistical Science,10,354-363.
16. Hsin, Y. S.(2004).Taipei, Taiwan,Chinese Culture University.
17. Huang, N. C.(2005).Taipei, Taiwan,National Chengchi University.
18. Kinney, W.,L. S. McDaniel(1989).Characteristics of firms correcting previously reported quarterly earnings.Journal of Accounting and Economics,11,71-93.
19. Li, X. L.,J. J. Ding(2007).An empirical research on how the delisting rules influence the profit management of listed companies.Journal of Anhui University (Philosophy and Social Sciences),31,148-153.
20. Meek, G. K.,R. P. Rao,C. J. Skousen(2007).Evidence on factors affecting the relationship between CEO stock option compensation and earnings management.Review of Accounting & Finance,6,304-323.
21. Newcomb, S.(1881).Note on the frequency of use of the different digits in natural numbers.American Journal of Mathematics,4,39-40.
22. Nigrini, M. J.(1996).A taxpayer compliance application of Benford's law.Journal of the American Taxation Association,1,72-91.
23. Nigrini, M. J.(1994).Using digital frequencies to detect fraud.Fraud Magazine,8,3-6.
24. Opricovic, S.(1998).Multicriteria optimization of civil engineering systems.presented at the faculty of civil engineering university of Belgrade.
25. Posch, P. N.,W. A. Kreiner(2006).Analyzing digits for portfolio formation and index tracking.Journal of Asset Management,7,69-80.
26. Economic crime: people, culture and controls, the 4th biennial economic crime survey
27. Quick, R.,M. Wolz(2005).Benford's law in German financial statements.Finance India,19,1285-1302.
28. Skousen, C. J.,L. Guan,S. T. Wetzel(2004).Anomalies and unusual patterns in reported earnings: Japanese managers round earnings.Journal of International Financial Management & Accounting,5,212-234.
29. Thomas, J. K.(1989).Unusual patterns in reported earnings.The Accounting Review,64,773-787.
30. Wang, F.,S. Li,S. Sohn(2007).The application of Benford's law in auditing.Journal of Finance and Accounting,3,53-56.
31. Yeh, Y. H.,Y. H. Su,C. E. Ko,G. D. Lee(2004).The impact of corporate governance mechanism for the related-party transaction.The Journal of Development of Stock Market,4,69-106.
32. Yu, P. L.(1973).A class of solutions for group decision problems.Management Science,19,936-946.
33. Zeleny, M.(1982).Multiple Criteria Decision Making.NY:McGraw-Hill.

1. 蘇信安、林鳳儀(2011)。應用VIKOR為計分模式之公司治理評等系統。Electronic Commerce Studies，9(1)，101-124。