關係人交易特徵與實質盈餘管理之關係研究

The Relationship between Related Party Transaction Characteristics and Real Earnings Management

陳宗岡(TSUNG-KANG CHEN)；郭慧如(HUI-JU KUO)；盧嘉梧(CHIA-WU LU)；李彥德(YEN-TE LEE)

實質盈餘管理 ； 關係人交易 ； 關係人銷貨 ； 關係人進貨 ； Real Earnings Management ； Related Party Transaction ； Accounts Receivable-Related Parties ； Accounts Payable-Related Parties

輔仁管理評論

28卷3期（2021 / 09 / 01）

37 - 62

繁體中文

本研究旨在利用2001年至2018年台灣上市櫃公司資料來探討關係人交易特徵與實質盈餘管理之間是否存在顯著關聯性。其中，關係人交易特徵乃以關係人銷貨比率、關係人進貨比率、關係人銷貨比率波動度及關係人進貨比率波動度等四項指標來衡量。實證結果顯示：關係人銷貨比率、關係人進貨比率皆與實質盈餘管理行為呈現顯著正相關，此意謂關係人交易程度越高的公司，其實質盈餘管理行為程度亦越高。此外，關係人銷貨比率波動率、關係人進貨比率波動率在分別控制關係人銷貨比率及關係人進貨比率下皆與實質盈餘管理行為無顯著關係。再者，本研究亦發現公司規模將顯著減弱關係人銷貨比率與實質盈餘管理行為的正向關係。此亦即當公司規模越大時，公司較不會因關係人銷貨比率越高來從事較多的實質盈餘管理活動。

The purpose of this study is to investigate whether there is an association between related party transaction characteristics and real earnings management activities using Taiwan listed firms from 2001 to 2018. The characteristics of related party transactions are measured by four indicators: the related party sales ratio, the related party purchase ratio, the volatility of related party sales ratio and the volatility of related party purchase ratio. Empirical results of this study show that both the related party sales ratio and related party purchase ratio are significantly and positively associated with the real earnings management activities, suggesting that firms with higher level of related party transactions are likely to engage in greater real earnings management activities. In addition, there is no significant relationship between the volatility of related party sales (purchase) ratio and real earnings management activities when controlling for the related party sales (purchase) ratio. Furthermore, this study also finds that the effect of the related party sales ratio on real earnings management activities is less pronounced for large firms.

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