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題名：經理人薪酬、盈餘管理與信用評等關聯性之研究
作者：宋美妹
校院名稱：國立彰化師範大學
系所名稱：財務金融技術學系
指導教授：吳明政
謝企榮
學位類別：博士
出版日期：2021
主題關鍵詞：信用評等；盈餘管理；經理人薪酬；credit rating；earnings management；executive compensation
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本文將以 2010 年至 2018 年台灣上市櫃公司為對象，首先探討高階經
理人分紅之發放包括:現金、股票以及認股權形式對於公司信用評等之影
響；接著探討公司進行盈餘管理對於其信用評等之關聯性。研究結果發現
當公司進行較多薪酬分紅之分派時，無論是現金、股票或是認股權，皆使
得公司當期之信用評等提升，其原因得以歸咎於通常公司願意發放較高之
薪酬，乃因當期之績效表現及獲利情況良好，在公司內部體質佳之狀態下
所獲之信用評等亦越佳；就公司進行盈餘管理這部分而言，以裁決性應計
項目作為代理變數之下，推論當信評機構發現公司從事盈餘管理時，會給
予較差之評等等級，因盈餘管理之進行會造成投資人無法辨識企業真實之
盈餘狀況而被誤導，存在刻意掩蓋實情之疑慮。
This study uses the listed and the Gre-Tai companies in Taiwan within the period of 2010 – 2018. This study first investigates the relationship between executive compensations and credit rating. Second, this study explores whether earnings management has impacts on credit rating. The results show that companies’ credit ratings would enhanced by paying more compensations (cash, stock, and option). Moreover, this paper uses discretionary accruals as the proxy of earnings management. The finding is that companies engage in earnings management would downgrade the credit ratings.
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