衍生性商品交易是否影響盈餘管理決策：以交易目的動機探討

Does the Use of Derivatives Affect Earnings Management Decisions? The Examination of the Motivation for Trading

10.29731/SJA.201105.0003

陳俊合(Chun-Ho Chen)；胥愛琦(Ai-Chi Hsu)；楊禮全(Li-Chuan Yang)

衍生性商品 ； 盈餘管理 ； 裁決性應計項目 ； 交易目的 ； Derivatives ； Earnings management ； Discretionary accruals ； Trading purpose

會計學報

3卷2期（2011 / 05 / 01）

49 - 68

繁體中文

先前研究指出在管理當局損益平滑化策略下，避險目的之衍生性商品與裁決性應計項目兩者之間存在替代效果。然而公司承作衍生性商品並非只有避險目的，尚包括交易目的，因此本研究特別針對交易目的之衍生性商品，探討管理當局在制定盈餘管理決策時，其與裁決性應計項目間是否仍存在替代效果，抑或互補效果。本文使用聯立方程式與三階段最小平方法，來探討此兩種盈餘管理工具之關聯性。本文發現當成長機會愈低、公司規模愈大、持有現金與約當現金之比率愈大、投資愈多公平價值變動列入損益之金融資產、屬於資訊電子業公司等，則愈可能承作交易目的之衍生性商品。最後，本文結果顯示交易目的之衍生性商品與裁決性應計項目間並無顯著之關聯性。

Previous studies found that there is a substitution relationship between the magnitude of hedging derivatives and discretionary accruals under income smoothing strategy. However, companies use derivatives not only for hedging but also for trading. This paper aims at the trading derivatives, using simultaneous equation and three-stage least square to examine that the association between trading derivatives and discretionary accruals is substitutive or complementary. Our findings show that companies trade more trading derivatives when the companies with lower growth opportunities, greater firm size, held more cash and cash equivalents and invested more financial asset at fair value through profit or loss, and belonged to electronic industry. Finally, the results indicate that there is not a significant association between trading derivatives and discretionary accruals.