台灣銀行業盈餘管理相關研究－考量不同環境因素

An Empirical Study of Earnings Management in Banking Industry: Under Different Environments

10.6985/TBFQ.201006.0025

葉彩蓮(Tsai-Lien Yeh)；黃建森(Chien-Sen Huang)；吳劭昀(Shao-Yun Wu)

盈餘管理 ； 已實現有價證券買賣損益 ； 壞帳費用提列 ； 放款成長率 ； Earnings management ； gain or loss of sales of securities ； provision for loan loss ； growth rate of loan

台灣金融財務季刊

11卷2期（2010 / 06 / 01）

25 - 47

繁體中文

本文參酌Shrieves and Dahl(2003)模型，探討在不同環境下，台灣銀行業盈餘管理行為之差異性，實證結果顯示，銀行業之盈餘管理行為確實受到不同時期環境因素影響。1.在國內開放民營銀行設立初期（第一期1993年至1997年），新設銀行為提高獲利表現，故當非裁決性盈餘下降時，經理人積極認列有價證券買賣利得以提高盈餘。此外當銀行所持有之有價證券越多，經理人越容易運用有價證券買賣損益操弄盈餘。此結果與Beatty et al.(2002)之結論一致。2.壞帳費用提列與非裁決性盈餘呈顯著正向關係，此乃因1998年本土金融風暴爆發（第二期1998年至2001年），逾放比率持續升高，在主管機關限期改善資產品質之要求下，銀行盈餘越高時，經理人越會積極增提呆帳費用，以打消壞帳。此結果與沈中華(2005)之結論一致，證實經理人會以壞帳費用操弄盈餘。3.三個不同研究期間(1993-2006)，非裁決性盈餘與放款成長率呈顯著正相關，此結果與Agarwal et al.(2007)之實證相符，說明盈餘增加使得銀行資金更為充裕，銀行業者可積極拓展放款業務。

This study used Shrieves and Dahl (2003) model to analysis Taiwan banks' earning management behavior under different environments. The empirical studies are demonstrated as follow: 1. The gain or loss of sales of securities (GAINSit) is negatively related to the nondiscretionary earning (ROIit), indicating that bank mangers employed the gain or loss of sales of securities to smooth their earnings reports in face of reducing earning in the first period (before Asia Financial Crisis, 1993-1997). The gain or loss of sales of securities is influenced by the amount of securities hold (MSit) throughout 3 periods (1993-2006) that consistent with the analytical perspective proposed by Beatty et al (2002). 2. After the Asia Financial Crisis (1998-2001), the provision for loan loss (PROVit) is positively associated with the nondiscretionary earning (ROIit) indicating that banks increase the provision for loan loss to write off the default loan when the banks have higher earning. 3. The growth rate of loan (DLOANit) has a positive relationship with nondiscretionary earning (ROIit) throughout 3 periods (1993-2006) demonstrating that the earning increased the bank lending ability. The empirical results are consistent with the study of Agarwal et al (2007).

1. 曹壽民、陳光政、紀信義、羅秀玲(2009)。股權結構、盈餘管理與公司價值：衍生性金融商品與異常應計項目的角色。會計學報，88(2)，63-91。
   連結：
2. 陳育成(2002)。台灣金融業的壞帳管理及相關研究。管理評論，21(4)，1-17。
   連結：
3. Agarwal, S.,S. Chomsisengphet,C. Liu,S. G. Rhee(2007).Earnings Management Behaviors under Different Economic Environments: Evidence from Japanese Banks.International Review of Economics and Finance,16(3),429-443.
4. Ahmed, A. S.,C. Takeda,S. Thomas(1999).Bank Loan Provision: A Reexamination of Capital Management and Signaling Effects.Journal of Accounting and Economics,28,1-25.
5. Barton, J.(2001).Does the Use of Financial Derivatives Affect Earnings Management Decisions?.The Accounting Review,76,1-26.
6. Beatty, A. L.,Ke, B.,Petroni K. R.(2002).Earnings Management to Avoid Earnings Declines Across Publicly and Privately Held Banks.The Accounting Review,77,547-570.
7. Beatty, A.,D. Harris(1999).The Effects of Taxes, Agency Costs and Information Asymmetry on Earnings Management: A Comparison of Public and Private Firms.Review of Accounting Studies,4,299-326.
8. Beatty, A.,S. Chamberlain L.,Magliolo, J.(1995).Managing Financial Reports of Commercial Banks: The Influence of Taxes, Regulatory Capital, and Earnings.Journal of Accounting Research,33,231-261.
9. Carter, D. A.,D. A. Rogers,B. J. Simkins(2006).Does Hedging Affect Firm Value? Evidence from the US Airline Industry.Financial Management,35,53-86.
10. Choi, J. H.,D. Somnath(2003).The Predictive Ability of Comprehensive Income Disclosures.Working Paper under SFAS No. 130.
11. Choi, J. H.,Y. Zang(2006).Implications of Comprehensive Income Disclosure for Future Earning and Analysts' Forecasts.Seoul Journal of Business,12(2),77-109.
12. Collins, J. H.,D. A. Shackelford,J. M. Wahlen(1995).Bank differences in the coordination of regulatory capital, earnings and taxes.Journal of Accounting Research,33(2),263-291.
13. Davidson, R.,J. G MacKinnon(1989).Testing for Consistency using Artificial Regressions.Econometric Theory,5,363-384.
14. Davidson, R.,J. G MacKinnon(1993).Estimation and Inference in Econometrics.Oxford:Oxford University Press.
15. DeAngelo, L. E.(1988).Managerial Competition, Information Costs, and Corporate Governance: the use of Accounting Performance Measures in Proxy Contest.Journal of Accounting and Economics,10,3-36.
16. Graham, J. R.,D. A. Rogers(2002).Do Firms Hedge in Response to Tax Incentives?.The Journal of Finance,57,815-839.
17. Guan, L.,C. J. Wright,S. L. Leikam(2005).Earnings Management and Forced CEO Dismissal.Advances in Accounting,21,61-81.
18. Guay, W.,S. P. Kothari(2003).How Much Do Firms Hedge with Derivatives?.Journal of Financial Economics,70,423-461.
19. 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.
20. Hunton James, R. Libby,C. Mazza(2004).Financial Reporting Transparency and Earnings Management.Working Paper.
21. Jackson, P.(1999).Capital Requirement and Bank Behavior: The impact of the Basle Accord. Basic Committee on Banking Supervision.Working paper, No. 1.
22. McNichols, M.,Wilson. G. P.(1988).Evidence of Earnings Management from the Provision for Bad Debts.Journal of Accounting Research,26,1-31.
23. Moyer, S.(1990).Capital Adequacy Ratio Regulations and Accounting Choices in Commercial Banks.Journal of Accounting and Economics,13,125-154.
24. Murphy, K. J.,J. L. Zimmerman(1993).Financial Performance Surrounding CEO Turnover.Journal of Accounting and Economics,16,273-315.
25. Pincus, M.,S. Rajgopal(2002).The Interaction of Accrual Management and Hedging: Evidence From Oil and Gas Firms.The Accounting Review,77,127-160.
26. Shrieves, R. E.,D. Dahl(2003).Discretionary Accounting and the Behavior of Japanese Banks Under Financial Duress.Journal of Banking and Finance,27,1219-1243.
27. Teoh, S. H.,I. Welch,T. J. Wong(1998).Earnings Management and the Underperformance of Seasoned Equity Offerings.Journal of Financial Economics,50,63-99.
28. Wahlen, J. M.(1994).The Nature of information in Commercial Bank Loan Disclosures.The Accounting Review,69,455-478.
29. 沈中華(2005)。銀行評比：推估品質一致的盈餘。金融風險管理季刊，1(3)，89-105。
30. 林修葳、陳育成(1997)。國內商業銀行壞帳及票券買賣損益策略性調控問題之實證研究。臺大管理論叢，8(2)，33-66。
31. 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。
32. 陳育成、李秀英、李佩芬(2005)。商業銀行加入金融控股公司盈餘管理之實證研究。華人前瞻研究，1(2)，25-42。