力霸案引發之董監事離職潮與盈餘管理之關聯性研究

Resignations of Directors after Rebar Crisis and Earnings Management

10.6545/JFS.2010.18(4).2

李淑華(Shu-hua Lee)；林昆民(Kun-Min Lin)；蔡彥卿(Yann-Ching Tsai)

盈餘管理 ； 裁量性應計數 ； 力霸集團 ； 董監事離職 ； Earnings management ； Discretionary accruals ； Rebar Group ； Resignation of directors

財務金融學刊

18卷4期（2010 / 12 / 31）

37 - 72

繁體中文

本研究旨在探討力霸案爆發後，其所引發之上市櫃公司董監事離職潮現象是否能作為公司財務報表品質與財務狀況是否可能異常的警訊。本文以裁量性應計數絕對值衡量公司盈餘管理幅度，探討相對於力霸案爆發後未出現董監事離職現象之公司（對照公司組），力霸案爆發後旋即出現董監事離職現象之公司（離職公司組），其盈餘管理幅度是否較大。實證結果與本文之推論一致，這些異常離職潮公司之盈餘管理幅度顯著大於對照公司組；且進一步控制相關財務比率與極端績效表現後，離職公司組的盈餘管理幅度依然比對照公司組嚴重。

The purpose of this study is to examine whether the trend of resignations of directors immediately after the outbreak of the Rebar Group scandal is related with earnings management. The unusual large scale law enforcement action and pressure from the society for a severe punishment might have caused the directors to reassess the risks they should bear as directors. Therefore, the resignation may be an indication of abnormal financial conditions. The empirical evidence supports our hypothesis that the magnitude of earnings management, measured by absolute value of discretionary accruals, of resignation-companies is higher than other firms. Out results are still robust after controlling for these confounding factors, financial ratios and extreme financial performance.

1. 李佳玲、葉穎蓉、何晉滄(2005)。績效、公司治理與高階管理者離職關係之實證研究。中山管理評論，13(1)，75-106。
   連結：
2. 李建然、廖益興、張光佑(2007)。法律責任與財務報表品質之關聯性研究—從臺灣上市（櫃）公司海外集資的角度探討。管理與系統，14(2)，265-292。
   連結：
3. 林穎芬、祝道松、洪晨桓(2006)。經濟附加價值與總經理更替之探討。當代會計，7(1)，103-134。
   連結：
4. 黃旭輝(2006)。經理人異動與股東財富效果。管理評論，25(1)，23-45。
   連結：
5. 楊朝旭、蔡柳卿(2003)。總經理更換與相對績效評估。人力資源管理學報，3(1)，63-80。
   連結：
6. Bowen, R. M., S. Rajgopal and M. Venkatachalam, 2003, Accounting choice, corporate governance and firm performance (Working paper, University of Washington)
7. 工商時報，＂元月份逾60位董事、11席監察人，10餘位總經理異動！力霸效應董監爆辭職潮＂，工商時報A5版，民國九十六年二月一日
8. Cohen, Dey and Lys, 2007, Real and Accrual-based Earnings Management in the Pre-and Post-Sarbanes Oxley Periods (Working paper, University of Washington)
9. Barth, M. E.,Beaver, W. H.,Landsman, W. R.(1999).Accruals, cash flows, and equity values.Review of Accounting Studies,4,205-229.
10. Bartov, E.,Givoly, D.,Hayn, C.(2002).The Rewards to Meeting or Beating Earnings Expectations.Journal of accounting and Economics,June,173-204.
11. Becker, C. L.,DeFond, M. L.,Jiambalvo, J.,Sburamanyam, K. R.(1998).The effect of audit quality on earnings management.Comtemparary Accounting Research,15,1-24.
12. Bendeck, Yvette M.,Waller, Edward R.(1999).The Wealth Effects of Non-Senior Management Departures from Investment Banks.Journal of Business Research,46,95-105.
13. Cahan, S. F.(1992).The Effect of Antitrust Investigations on Discretionary Accruals: A Refined Test of the Political-Cost Hypothesis.The Accounting Review,67(1),77-95.
14. Craswell, A.,Stokes, D. J.,Laughton J.(2002).Auditor independence and fee dependence.Journal of Accounting and Economics,33,253-275.
15. Dahay, J.,McConnell, J. J.,Travlos, N. G.(2002).The Cadbury Committee, Corporate Performance, and Top Management Turnover.Journal of Finance,1,461-438.
16. Dechow, P. M.,Skinner, D. J.(2000).Earnings management: reconciling the views of accounting academics, practitioners, and regulators.Accounting Horizons,14(2),235-250.
17. Dechow, P. M.,Sloan, R. G.(1991).Executive Incentives and the horizon problem.Journal of Accounting and Economics,14(1),51-89.
18. Dechow, P. M.,Sloan, R. G.,Sweeney, A. P.(1995).Detecting Earnings Management.The Accounting Review,70(2),193-225.
19. DeFond, M. L.,Jiambalvo, J.(1994).Debt covenant violation and manipulation of accruals.Journal of Accounting and Economics,17(1-2),145-176.
20. DeFond, M. L.,Park, C. W.(1997).Smoothing income in anticipation of future earnings.Journal of Accounting and Economics,23,115-139.
21. Denis, D. J.,Denis, D. K.,Sarin, A.(1997).Ownership Structure and Top Executive Turnover.Journal of Finance economics,45,193-221.
22. Frankel, R. M.,M. F. Johnson,K. K. Nelson(2002).The relationship between audit fees for nonaudit services and earnings quality.The Accounting Review,77(4),71-105.
23. Friedlan, J. M.(1994).Accounting choices of issuers of initial public offerings.Contemporary Accounting Research,11(1),1-31.
24. Guan, L.,Koo, M.,Teruya, J.(2005).CFO resignation and earnings management.Commercial Lending Review,20(2),9-16.
25. Gui, F. A.,Tsui, J. S. L.(2000).Discretionary-accruals models and audit qualifications.Journal of Accounting and Economics,30(3),421-452.
26. Han, J. C. Y.,Wang, S. W.(1998).Political Costs and Earnings Management of Oil Companies during the 1990 Persian Gulf Crisis.The Accounting Review,73(1),103-117.
27. Healy, P. M.(1985).The effect of bonus schemes on accounting decisions.Journal of Accounting and Economics,7(1-3),85-107.
28. Healy, P. M.,Wahlen, J. M.(1999).A review of the earnings management literature and its implications for standard setting.Accounting Horizons,13(4),365-383.
29. James, D. R.,M. Soref(1981).Profit Constraints on Managerial Autonomy: Managerial Theory and the Unmaking of the Corporate President.American Sociological Review,46,1-18.
30. Jones, J. J.(1991).Earnings Management During Import Relief Investigations.Journal of Accounting Research,29(2),193-228.
31. Klein, A.(2002).Audit committee, board of director characteristics, and earnings management.Journal of Accounting and Economics,33(3),375-400.
32. Kothari, S.(2001).Capital markets research in accounting.Journal of Accounting & Economics,31(1-3),105-231.
33. KriShnan, G.(2003).Does big 6 auditor industry expertise constrain earnings management?.Accounting Horizons,17,1-16.
34. Lee, H. Y.,Mande, V.(2005).The relationship of audit committee characteristics with endogenously determined audit and non-audit fees.Quarterly Journal of Business & Economics,44,93-112.
35. Martin, K. J.,Mcconnell, J. J.(1991).Corporate Performance, Corporate Takeovers, and Management Turnover.Journal of Finance,2,671-687.
36. Menon, K.,Williams, D. D.(2004).Former audit partners and abnormal accruals.The Accounting Review,79,1095-1118.
37. Pourciau, S.(1993).Earnings management and nonroutine executive changes.Journal of Accounting and Economics,16(1-3),317-336.
38. Reynolds, J. K.,Francis, J. R.(2000).Does size matter? The influence of large clients on office-level auditor reporting decisions.Journal of Accounting and Economics,30(3),375-400.
39. Richardson, V. J.,Waegelein, J. F.(2002).The Influence of Long-Term Performance Plans on Earnings Management and Firm Performance.Review of Quantitative Finance and Accounting,18(2),161-183.
40. Scott, William R.(2009).Financial Accounting Theory.Pearson Prentice Hall.
41. Skinner, D. J.,Sloan, R. G.(2002).Earning Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio.Review of Accoungting Studies,289-312.
42. Teoh, S. H.,Welch, I.,Wong, T. J.(1998).Earnings Management and the Long-Run Market Performance of Initial Public Offerings.The Journal of Finance,53(6),1935-1974.
43. Warner, J. B.,Watts, R. L.,Wruck, K. H.(1988).Stock prices and top management changes.Journal of Financial Economics,20(1),461-492.
44. Watts, R. L.,Zimmerman, J. L.(1986).Positive accounting theory.NJ:Prentice-Hall Englewood Cliffs.
45. Weisbach, M. S.(1988).Outside directors and CEO Turnover.Journal of Financial Economics,20,431-470.
46. Wells, P.(2002).Earnings management surrounding CEO changes.Accounting and Finance,42(2),169-193.
47. 吳文言(2006)。碩士論文(碩士論文)。國立台北大學國際財務金融碩士在職專班。
48. 林嬋娟、洪櫻芬、薛敏正(1997)。財務困難公司之盈餘管理實證研究。管理學報，14(1)，15-38。
49. 曾發鎬(2007)。碩士論文(碩士論文)。國立臺北大學會計學系。
50. 葉銀華(2005)。蒸發的股王：領先發現地雷危機。台北商智文化。
51. 劉儀婷(2005)。碩士論文(碩士論文)。國立臺北大學會計學系。
52. 賴彥伶(2006)。碩士論文(碩士論文)。輔仁大學金融研究所。

1. 李語軒,吳幸蓁(2021)。學者或女性獨立董事的價值：來自離職事件的證據。會計審計論叢，11(2)，113-165。
2. 詹凌菁、彭火樹、郭翠菱、吳安妮(2016)。臺灣會計領域研究之回顧與展望。管理學報，33(1)，139-187。
3. (2024)。董監事責任險與董事辭任。經濟研究，60(1)，33-109。
4. (2024)。公司的企業社會責任表現有助於降低董事辭任對績效的負面影響？。管理與系統，31(1)，1-48。