Enterprise Risk Management, Earnings Management, and Value Relevance of Earnings

企業風險管理、盈餘管理與盈餘價值攸關性

林宜勉(Yi-Mien Lin)；劉純之(Chwen-Chi Liu)；郭雅芬(Ya-Fen Kuo)

企業風險管理 ； 應計項目 ； 盈餘價值攸關性 ； 實質盈餘管理 ； Enterprise risk management ； Accrual ； Value relevance of earnings ； Real earnings management

會計審計論叢

3卷1期（2013 / 06 / 01）

81 - 116

英文

本文主要探討企業風險管理（ERM）與盈餘管理之關聯性，並驗證在控制盈餘管理下，企業風險管理是否可提升盈餘的價值攸關性。實證結果顯示，風險管理程度較佳的企業較會採用真實營業活動的方式操縱盈餘。而高負債比率、有財務困境及流通在外股數較多的企業皆偏好採用真實營業活動方式操縱盈餘，顯示企業會採取投機行為的方式達成盈餘目標，此結果亦證明盈餘管理誘因之重要性。研究亦發現，公司從事風險管理及應計基礎盈餘管理有助於平穩公司的盈餘波動風險，對公司績效具有正面影響，而從事實質盈餘管理因為影響經濟實質，則會降低績效。實質盈餘管理與股價呈負相關，即盈餘攸關價值較低；而企業風險管理、企業風險管理與盈餘之交乘項皆與股價呈顯著正相關，顯示風險管理程度較佳者確實可提高公司價值。敏感性分析方面，企業風險管理與異常生產成本呈顯著為正、與異常裁決性費用呈顯著為負之關係，代表公司的風險管理會透過生產成本與裁決性費用的方式進行實質盈餘管理。

This study examines the relationship between enterprise risk management (ERM) and earnings management as well as their influence on the value relevance of earnings. The finding shows that ERM is related to real earnings management (REM). This finding suggests that a firm with better ERM tends to manage earnings through real economic activities as opposed to accruals. Furthermore, a firm with high debt ratios or financial distress is more likely to manipulate earnings by real activities. We reveal that a firm with many shares outstanding is more likely to adopt real activities to manage earnings, and therefore induces opportunistic behavior in managers to achieve per-share earnings targets. These results also confirm the importance of managerial incentives. We also find that firms use accruals to increase firm performance; however, real earnings management affects economic substance and reduces performance. REM negatively impacts the value relevance of earnings; however, ERM and the interaction term between ERM and earnings are positively related to the value relevance of earnings, implying that better enterprise risk management can increase the value relevance. In a robust check, ERM is positively related to abnormal production costs and negatively correlated with abnormal discretionary expenses, meaning that firms with better risk management are engaged in real earnings management via the management of production costs and discretionary expenses.

1. Chien, C. Y.,Chen, Y. M.(2009).The impact of auditor industry specialization and independent directors / supervisors on the capital cost of newly issued corporate bonds.Journal of Contemporary Accounting,10(1),99-130.
   連結：
2. Andersen, T. J.(2008).The performance relationship of effective risk management: exploring the firm-specific investment rationale.Long Range Planning,41(2),155-176.
3. Ball, R.,Brown, P.(1968).An empirical evaluation of accounting income numbers.Journal of Accounting Research,6(2),159-178.
4. Barth, M. E.,Beaver, W. H.,Landsman, W. R.(2001).The relevance of the value relevance literature for financial accounting standard setting: Another view.Journal of Accounting and Economics,31(1-3),77-104.
5. Barton, J.(2001).Does the use of financial derivatives affect earnings management decisions?.The Accounting Review,76(1),1-26.
6. Bartov, E.,Mohanram, P.(2004).Private information, earnings manipulations, and executive stock-option exercises.The Accounting Review,79(4),889-920.
7. Beasley, M. S.,Clune, R.,Hermanson, D. R.(2005).Enterprise risk management: an empirical analysis of factors associated with the extent of implementation.Journal of Accounting and Public Policy,24(6),521-531.
8. Beasley, M. S.,Pagach, D.,Warr, R.(2008).Information conveyed in hiring announcements of senior executives overseeing enterprise-wide risk management processes.Journal of Accounting, Auditing and Finance,23(3),311-332.
9. Bowen, R. M., S. Rajgopal, and M. Venkatachalam. 2005. Accounting discretion, corporate governance, and firm performance. Working paper, University of Washington.
10. Brown, L., and K. Sivakumar. 2001. Comparing the quality of three earnings measures. Working paper, Georgia State University.
11. Cohen, D. A.,Zarowin, P.(2010).Accrual-based and real earnings management activities around seasoned equity offerings.Journal of Accounting and Economics,50(1),2-19.
12. Cohen, J.,Krishnamoorthy, G.,Wright, A.(2004).The corporate governance mosaic and financial reporting quality.Journal of Accounting Literature,23,87-152.
13. Cumming, C.,Hirtle, B.(2001).The challenges of risk management in diversified financial companies.FRBNY Economic Policy Review,7(1),1-17.
14. DeAngelo, L. E.(1988).Managerial competition, information costs, and corporate governance: the use of accounting performance measures in proxy contests.Journal of Accounting and Economics,10(1),3-36.
15. Dechow, P. M.,Skinner, D. J.(2000).Earnings management: reconciling the views of accounting academics, practitioners, and regulators.Accounting Horizon,14(2),235-250.
16. Dechow, P. M.,Watts, R. L.,Watts, R. L.(1998).The relation between earnings and cash flows.Journal of Accounting and Economics,25(2),133-168.
17. Francis, J.,Schipper, K.(1999).Have financial statements lost their relevance?.Journal of Accounting Research,37(2),319-352.
18. Gordon, L. A.,Loeb, M. P.,Tseng, C. Y.(2009).Enterprise risk management and firm performance: a contingency perspective.Journal of Accounting and Public Policy,28(4),301-327.
19. Graham, J. R.,Harvey, C. R.,Rajgopal, S.(2005).The economic implications of corporate financial reporting.Journal of Accounting and Economics,40(1),3-73.
20. Guay, W.,Kothari, S. P.,Watts, R. L.(1996).A market-based evaluation of discretionary accrual models.Journal of Accounting Research,34(Supplement),83-105.
21. Gunny, K. 2005. What are the consequences of real earnings management? Working Paper, University of Colorado at Boulder.
22. Healy, P. M.(1985).The effect of bonus schemes on accounting decisions.Journal of Accounting and Economics,7(1-3),85-107.
23. 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.
24. Heckman, J. J.(1979).Sample selection bias as a specification error.Econometrica,47(1),153-161.
25. Hogan, C. E.,Jeter, D. C.(1999).Industry specialization by auditors.Auditing: A Journal of Practice and Theory,18(1),1-17.
26. Hoyt, R. E.,Liebenberg, A. P.(2011).The value of enterprise risk management.The Journal of Risk and Insurance,78(4),795-822.
27. Hoyt, R. E.,Moore, D. L.,Liebenberg, A. P.(2008).,Society of Actuaries.
28. Johnson, V. E.,Khurana, I. K.,Reynolds, J. K.(2002).Audit-firm tenure and the quality of financial reports.Contemporary Accounting Research,19(4),637-660.
29. Kothari, S. P.(2001).Capital markets research in accounting.Journal of Accounting and Economics,31(1-3),105-231.
30. Kothari, S. P.,Leone, A.,Wasley, C.(2005).Performance matched discretionary accrual measures.Journal of Accounting and Economics,39(1),163-197.
31. Liebenberg, A. P.,Hoyt, R. E.(2003).The determinants of enterprise risk management: evidence from the appointment of chief risk officers.Risk Management and Insurance Review,6(1),37-52.
32. Marquardt, C. A.,Wiedman, C. I.(2004).The effect of earnings management on the value relevance of accounting information.Journal of Business Finance and Accounting,31(3-4),297-332.
33. O’Keefe, T. B.,King, R. D.,Gaver, K. M.(1994).Audit fees, industry specialization, and compliance with GAAS reporting standards.Auditing: A Journal of Practice and Theory,13(2),41-55.
34. Porter, M. E.(2008).The five competitive forces that shape strategy.Harvard Business Review,86(1),78-93.
35. Roychowdhury, S.(2006).Earnings management: through real activities manipulation.Journal of Accounting and Economics,42(3),335-370.
36. Schipper, K.(1989).Commentary on earnings management.Accounting Horizons,3(4),91-102.
37. Smith, C. W., Jr.(1993).A perspective on accounting-based debt covenant violations.The Accounting Review,68(2),289-303.
38. The Committee of Sponsoring Organizations of the Treadway Commission (COSO). 2004. Enterprise Risk Management- Integrated Framework Executive Summary.
39. Watts, R .L.,Zimmerman, J. L.(1978).Towards a positive theory of the determination of accounting standards.The Accounting Review,3(1),112-134.
40. Watts, R. L.,Zimmerman, J. L.(1986).Positive Accounting Theory.Englewood Cliffs, NJ:Prentice Hall.
41. Xie, B.,Davidson, W. N.,DaDalt, P.(2003).Earnings management and corporate governance: the role of the board and the audit committee.Journal of Corporate Finance,9(3),295-316.

1. 黃惠君、翁子涵(2015)。實質盈餘管理與會計師產業專業及審計公費之關聯性：公司管理階層對審計品質之認知。當代會計，16(2)，211-249。
2. 謝存瑞、陳俞如(2015)。海外投資區位選擇、家族企業與盈餘品質。中山管理評論，23(4)，1085-1124。
3. 顏信輝,鄭楚媛,陳慧玲(2022)。關鍵查核事項警示功能之探討：以實質盈餘管理為例。會計審計論叢，12(1)，35-73。
4. 詹凌菁、彭火樹、郭翠菱、吳安妮(2016)。臺灣會計領域研究之回顧與展望。管理學報，33(1)，139-187。
5. 張淑清、呂欣樺(2015)。研發支出與管理團隊特性對公司績效之影響。會計學報，6(1)，1-34。
6. 張雅淇,王雅琦(2023)。董事會特質、企業風險管理與券商分析師盈餘預測準確度之關聯性。中山管理評論，31(3)，481-543。