臺灣上市櫃與公開發行公司盈餘管理行為之比較

Comparing the Behaviors of the Earnings Management Between Listed and Unlisted Public Firms in Taiwan

李啟華(Chihua Li)；曾怡潔(Yijie Tseng)

上市櫃公司 ； 公開發行公司 ； 裁決性應計數 ； 實質盈餘管理 ； Listed firms ； Unlisted public firms ； Discretionary accruals ； Real earnings management

會計審計論叢

7卷1期（2017 / 06 / 01）

43 - 73

繁體中文

本研究探討資本市場機制對財務報導行為的影響，比較臺灣上市櫃公司與公開發行公司之盈餘管理可能性，及盈餘管理工具的選擇。研究結果指出，相較於公開發行公司，上市櫃公司從事盈餘管理之可能性較低。上市櫃公司較傾向使用實質盈餘管理工具，而公開發行公司較偏好裁決性應計數。

This study investigates the effect of the capital market mechanism on firms' financial reporting behaviors. The investigation entails comparing the likelihood of engaging in earnings management and the choice of earnings management tools used between listed firms and unlisted public firms in Taiwan. The results indicate that in contrast to unlisted public firms, listed firms have a lower likelihood of engaging in earnings management. Furthermore, listed firms are more likely to use real earnings management to manipulate earnings, whereas unlisted public firms prefer discretionary accruals.

1. 林欣美, Hsin-Mei,郭麗華, Beryl L.,蘇迺惠, Nai-Hui(2008)。國際化程度、董事會結構、精練法人監督對盈餘管理之影響：以台灣資訊電子業爲例。臺大管理論叢，19(1)，157-186。
   連結：
2. 張瑞當, Ruey-Dang,方俊儒, Chun-Ju,曾玉琦, Yee-Chy(2007)。核心代理問題與盈餘管理：董事會結構與外部監督機制之探討。管理學報，24(1)，17-39。
   連結：
3. 戚務君, Wuchun,陳宜伶, Yiling(2008)。資本市場對盈餘品質的影響：來自臺灣的證據。管理評論，27(2)，53-69。
   連結：
4. 許永聲, Yun-Sheng,陳信吉, Hsin-Chi,陳琬菁, Wan-Ching(2013)。董事會特性與盈餘管理之選擇行為。會計評論，57，39-72。
   連結：
5. Aboody, D.,Kasznik, R.(2000).CEO stock option awards and the timing of corporate voluntary disclosures.Journal of Accounting and Economics,29(1),73-100.
6. Baker, T.,Collins, D.,Reitenga, A.(2003).Stock option compensation and earnings management incentives.Journal of Accounting, Auditing and Finance,18(4),557-582.
7. Ball, R.,Kothari, S. P.,Robin, A.(2000).The effect of international institutional factors on properties of accouting earnings.Journal of Accounting and Economics,29(1),1-51.
8. Ball, R.,Shivakumar, L.(2006).The role of accruals in asymmerically timely gain and loss recognition.Journal of Accounting Research,44(2),207-242.
9. Ball, R.,Shivakumar, L.(2005).Earnings qulity in UK private firms: Comparative loss recognition timeliness.Journal of Accounting and Economics,39(1),83-128.
10. Balsam, S.(1998).Discretionary accounting choices and CEO compensation.Contemporary Accounting Research,15(3),229-252.
11. Barton, J.,Simko, P. J.(2002).The balance sheet as an earnings management constraint.The Accounting Review,77(Supplement),1-27.
12. Bartov, E.,Givoly, D.,Hayn, C.(2002).The rewards to meeting or beating earnings expectation.Journal of Accounting and Economics,33(2),173-204.
13. Beatty, A. L.,Harris, D. G.(1998).The effects of taxes, agency costs and information asymmetry on earnings management: A comparison of public and private firms.Review of Accounting Studies,4(3-4),299-326.
14. Beatty, A. L.,Ke, B.,Petroni, K. R.(2002).Earnings management to avoid earnings declines across publicly and privately held banks.The Accounting Review,77(3),547-570.
15. Bereskin, F. L., P.-H. Hsu, and W. Rotenberg. 2016. The real effects of real earnings management: Evidence from innovation. Working paper, University of Delaware (USA), University of Hong Kong (China), and University of Toronto (Canada).
16. Burgstahler, D. C.,Dichev, I.(1997).Earnings management to avoid earnings decreases and losses.Journal of Accounting and Economics,24(1),99-126.
17. Burgstahler, D. C.,Hail, L.,Leuz, C.(2006).The importance of reporting incentives: Earngins management in Euopean pirvate and public firms.The Accounting Review,81(5),983-1016.
18. Bushee, B. J.(1998).The influence of institutional investors on myopic R&D investment behavior.The Accounting Review,73(3),305-333.
19. Chi, W.,Dhaliwal, D.,Li, O. Z.,Lin, T.-H.(2013).Voluntary reporting incentives and reporting quality: Evidence from a reporting regime change for private firms in Taiwan.Contemporary Accounting Research,30(4),1462-1489.
20. Chung, R.,Firth, M.,Kim, J.-B.(2002).Institutional monitoring and opportunistic earnings management.Journal of Corporate Finance,8(1),29-48.
21. Cohen, D. A.,Dey, A.,Lys, T. Z.(2008).Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods.The Accounting Review,83(3),757-787.
22. Cohen, D. A.,Mashruwala, R.,Zach, T.(2010).The use of advertising activities to meet earnings benchmarks: Evidence from monthly data.Review of Accounting Studies,15(4),808-832.
23. 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.
24. DeFond, M. L.,Jiambalvo, J.(1994).Debt covenant violation and manipulation of accruals.Journal of Accounting and Economics,17(1-2),145-176.
25. Degeorge, F.,Patel, J.,Zeckhauser, R.(1999).Earnings management to exceed thresholds.The Journal of Business,72(1),1-33.
26. Fischer, P. E.,Stocken, P. C.(2004).Effect of investor speculation on earnings management.Journal of Accounting Research,42(5),843-870.
27. Gaver, J. J.,Gaver, K. M.,Austin, J. R.(1995).Additional evidence on bonus plans and income management.Journal of Accounting and Economics,19(1),3-28.
28. Givoly, D.,Hayn, C. K.,Katz, S. P.(2010).Does public ownership of equity improve earnings quality?.The Accounting Review,85(1),195-225.
29. Graham, J. R.,Harvey, C. R.,Rajgopal, S.(2005).The economic implications of corporate financial reporting.Journal of Accounting and Economics,40(1-3),3-73.
30. Gunny, K. A.(2010).The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks.Contemporary Accounting Research,27(3),855-888.
31. Haw, I.-M.,Hu, B.,Hwang, L.-S.,Wu, W.(2004).Ultimate ownership, income mangement, and legal and extra-legal institutions.Journal of Accounting Research,42(2),423-462.
32. 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.
33. Jones, R. A.,Wu, Y. W.(2010).Executive compensation, earnings management and shareholder litigation.Review Quantitative Finance and Accounting,35(1),1-20.
34. Kim, J.-B.,Yi, C. H.(2006).Ownership structure, business group affiliation, lisgting status, and earnings management: Evidence from Korea.Contemporary Accounting Research,23(2),427-464.
35. Kothari, S. P.,Leone, A. J.,Wasley, C. E.(2005).Performance matched discretionary accrual measures.Journal of Accounting and Economics,39(1),163-197.
36. Lai, L.,Tam, H.(2016).Corporate governance, ownership structure and managing earnings to meet critical thresholds among Chinese listed firms.Review of Quantitative Finance and Accounting
37. Leuz, C.,Nanda, D.,Wysocki, P. D.(2003).Earnings management and investor protection: An international comparison.Journal of Financial Economics,69(3),505-527.
38. Liu, Y.,Ning, Y.,Davidson, W. N., III(2010).Earnings management surrounding new debt issues.The Financial Review,45(3),659-681.
39. Roychowdhury, S.(2006).Earnings management through real activities manipulation.Journal of Accounting and Economics,42(3),335-370.
40. Teoh, S. H.,Welch, I.,Wong, T. J.(1998).Earnings management and the long-run market performance of initial public offerings.The Journal of Finance,53(6),1935-1974.
41. Teoh, S. H.,Wong, T. J.,Rao, G. R.(1998).Are accruals during initial public offerings opportunistic?.Review of Accounting Studies,3(1-2),175-208.
42. Velury, U.,Jenkins, D. S.(2006).Institutional ownership and the quality of earnings.Journal of Business Research,59(9),1043-1051.
43. Yu, F.(2008).Analyst coverage and earnings management.Journal of Financial Economics,88(2),245-271.
44. Zang, A. Y.(2012).Evidence on the trade-off between real activities manipulation and accrual-based earnings management.The Accounting Review,87(2),675-703.
45. 宋光國, Kuang-Kuo(2008)。Accounting program, Fu Jen Catholic University。
46. 政府資料開放平臺， 2014 ，公開發行公司股票發行概況統計表，網址：http://data.gov.tw/node/6649。(Government Data Open Platform. 2014. Statistics table of public firms’ share issuance. Available online at: http://data.gov.tw/node/6649.)
47. 財團法人中華民國會計研究發展基金審計準則委員會，2009，審計準則公報第四十七號－財務報表查核之規劃，臺北：財團法人中華民國會計研究發展基金會。(Auditing Standing Committee of Accounting Research and Development Foundation. 2009. Auditing Standard No. 47 － Planning an Audit of Financial Statements. Taipei: Accounting Research and Development Foundation.)

1. 曾家璿,官月緞,史雅男(2022)。關鍵查核事項揭露與審計品質及審計報告時效性之關聯。中山管理評論，30(4)，705-754。
2. 程心瑤,林億欣,李馨蘋(2019)。企業生命週期與實質盈餘管理的關聯性。會計與公司治理，14(2)，1-27。