探討影響上市公司經理人會計決策之因素－以利害關係人對財務報表滿意度為前提

The Study on the Determinants of Manager's Accounting Choice in Taiwan's Publicly Held Company: From the Premise of the Stakeholders' Satisfaction

10.30066/JCS.200509.0002

祝道松(Dauw-Song Zhu)；盧正宗(Cheng-Tsung Lu)；趙玉鈴(Yu-Ling Chao)

實是性會計理論 ； 紅利計畫假說 ； 負債／權益假說 ； 政治成本假說 ； Positive Accounting Theory ； Bonus Plan Hypothesis ； Debt/Equity Hypothesis ； Size Hypothesis

顧客滿意學刊

1卷2期（2005 / 09 / 01）

43 - 72

繁體中文

本文以投資人、債權人、政府監督機構、企業管理者等對企業財務報表財務狀況與營運績效的滿意度為前提，來探討台灣186家上市公司經理人為符合利害關係人之滿意度需求，而有動機去從事盈餘數字的操控行為，因而透過裁量性會計應計項目來影響財務報表數字。本研究以實是性會計理論來分析其盈餘管理活動。透過複迴歸模式檢定以下假說，研究結論發現：(1)紅利計畫假說方面，不論有無劃分產業別，紅利變數皆不顯著，由於國內企業紅利計畫有以非會計盈餘為發放基準，故該假說未獲證實。(2)債務契約假說方面，不論有無劃分產業別，負債/權益比皆不顯著；而利息保障倍數則與公司裁量性應計項目值有顯著相關；若依產業別劃分，則利息保障倍數假說未獲證實。(3)政治成本假說方面，不分產業別之銷貨與資本密集度皆未獲證實；而風險變數則具顯著性，故風險可為政治成本之理想代理變數；依產業別之劃分，則紡織業及電子業之風險變數均顯著，唯塑膠與化學產業並未達顯著性。

The purpose of this study is to understand what factors influenced the manager's decision in making accounting choices from the premise of the stakeholders' satisfaction. This research applies the three hypotheses：bonus plan hypothesis、debt/equity hypothesis and size hypothesis in the positive accounting theory to examine 186 publicly held companies in Taiwan. Bonus、debt/equity、interest coverage ratio、size、capital intensity and risk are independent variables. Firm's discretionary accrual is the dependent variable. This study using linear regression model to examine if there are relations between independent and dependent variables, and the results indicate that two of these factors (interest coverage ratio and risk) have a significant association with the firm's discretionary accruals.

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