本文以2001年至2011年中國上市公司為實證樣本，探討國、民營企業之盈餘穩健性是否有所差異，並進一步探討在國、民營企業下，違約風險與盈餘穩健性之關聯性是否存在差異。另外，將探討實質控制為國資委之國營企業與其他國營企業之盈餘穩健性的差異，並探討受國資委控制之國營企業、其他國營企業，其違約風險與盈餘穩健性之關聯性是否存在差異。實證結果發現，當民營企業相對於國營企業較難募集資金時，民營企業其盈餘必需較國營企業更為穩健性。而國資委受政府干預程度高於其他國營企業，其盈餘穩健性將低於其他國營企業。此外，管理者為避免發生財務危機，而進行盈餘管理，但為了避免財務危機所導致之契約違約風險，並降低公司債務成本，管理者應降低盈餘管理，其公司盈餘穩健性將增加。然而，國營企業違約風險與盈餘穩健性之正相關較民營企業為高。此外，國資委監督下之國營企業在違約風險與營盈餘穩健性之正相關係較其他國營企業為高。

We investigate whether there exists difference of accounting conservatism between the state-owned and private enterprises, and further examine whether there's difference in the relatedness of the default risk and the accounting conservatism between the state-owned and private enterprises. In addition, we investigate the difference of the accounting conservatism between the state-owned enterprise supervised by SASAC and other state-owned enterprises, and if there's difference in the relatedness of the default risk and the accounting conservatism between the two enterprises. The data employed in this paper is publicly traded company in Chinese and retrieved from the CSMAR database. The sample period spans from 2001 to 2011 for a total of 16,455 observations. The empirical results show that the private enterprises need more accounting conservatism while it's harder for private enterprises to raise capital than state-owned enterprises. Also, if SASAC is highly intervened by government, its accounting conservatism would be lower than other state-owned enterprises. Therefore, the managers would proceed the earnings management and lower the company's debt cost to avoid financial crisis which lead to contract default risk. Moreover, managers should lower earnings management to increase accounting conservatism. However, the default risk is more positively related with the accounting conservatism in state-owned enterprises than private enterprises. Finally, the default risk is more positively related with the accounting conservatism in the state-owned enterprises supervised by SASAC than other state-owned enterprises.