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

Ownership Structure, Earnings Management and Firm Value: The Role of Derivatives and Abnormal Accruals

10.29731/SJA.200905.0003

曹壽民(Shou-Min Tsao)；陳光政(Guang-Zheng Chen)；紀信義(Hsin-Yi Chi)；羅秀玲(Siou-Ling Lo)

衍生性金融商品 ； 裁決性應計 ； 公司價值 ； 股權結構 ； Derivatives ； Discretionary accruals ； Firm value ； Ownership structure

會計學報

1卷2期（2009 / 05 / 01）

63 - 91

繁體中文

本研究旨在探討盈餘管理方法的使用程度（衍生性金融商品／裁決性應計項目）對於公司價值的影響，並進一步探討上市公司的股權結構是否會影響盈餘管理方法的選擇。本文實證發現，公司使用衍生性金融商品從事盈餘管理的比例與公司價值呈正相關。再者，控制股東股權結構會影響公司選擇盈餘管理的方法，當公司治理結構較為弱式時，會使用較高程度的裁決性應計項目從事盈餘管理。

This study examines the effect of the relative use of earnings management methods (i.e., derivatives / discretionary accruals) on firm value. Further, we study how the ownership structure of public corporations is associated with the relative use of derivatives to discretionary accruals. We find that there is a positive association between the relative use of derivatives to discretionary accruals and firm value. In addition, the controlling shareholder's ownership structure will affect the choice of earnings management devices. When the corporate governance mechanism is weaker, firms are likely to use more discretionary accruals than derivatives as their earnings management method.

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