經理人過度自信與盈餘品質之關係

Managerial Overconfidence and Earnings Quality

10.6295/TAMJ.201702_17(1).0001

蘇迺惠(Nai-Hui Su)；陳雲英(Yun-Ying Chen)；黃勝華(Shung-Hwa Huang)

過度自信 ； 盈餘品質 ； 應計數 ； 裁決性應計數 ； 會計穩健性 ； overconfidence ； earnings quality ； accruals ； discretionary accruals ； accounting conservatism

台灣管理學刊

17卷1期（2017 / 02 / 01）

1 - 22

繁體中文

本研究以2005年至2014年台灣上市櫃電子工業公司為樣本，檢測經理人過度自信傾向與盈餘穩健性之關係。本研究以當年度持股增加達10%以上做為經理人過度自信之衡量，以應計數及裁決性應計數做為盈餘穩健性之代理變數。結果顯示當經理人具過度自信傾向，公司負值的應計盈餘數愈少，表示經理人過度自信使盈餘報導較不穩健。本研究進一步探討裁決性應計數與經理人過度自信之關係，結果發現經理人過度自信與正裁決性應計數呈顯著正相關，表示過度自信經理人會有從事正向盈餘管理的現象，導致盈餘穩健程度降低。整體 而言，本研究證實具過度自信心理特質之經理人會有樂觀的盈餘報導及正向的盈餘管理，因而減少盈餘穩健性，不利影響盈餘品質。

Overconfident managers tend to overestimate future returns from their firms’ investment. Thus, this study predicts that overconfident managers will tend to delay loss recognition and use less conservative accounting. Based on a sample of Taiwanese listed companies in the electronics industry from 2005 to 2014, this study investigates the relationship between managerial overconfidence and earnings quality. This study classifies managers as overconfident using a dichotomous variable where OverCon is set equal to 1 if managers increase their ownership in the firm by 10% during the fiscal year. This study uses accruals and discretionary accruals as proxies to measure earnings conservatism. The empirical results show that managerial overconfidence is significantly and negatively associated with negative accruals, indicating that overconfident managers use less conservative accounting. This study further finds that managerial overconfidence is positively associated with positive discretionary accruals, suggesting that overconfident managers tend to manage their earnings upward. Thus, this study suggests a negative association between managerial overconfidence and earning equality.

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