應用分量迴歸於營運績效及財務危機與盈餘管理關係之探討–以上市企業為例_

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題名：	應用分量迴歸於營運績效及財務危機與盈餘管理關係之探討–以上市企業為例
作者：	沈宗德
作者(外文)：	Shen, Zone-De
校院名稱：	國立臺北大學
系所名稱：	企業管理學系
指導教授：	古永嘉博士陳達新博士
學位類別：	博士
出版日期：	2017
主題關鍵詞：	盈餘管理；分量迴歸；營運績效；財務危機；Quantile regression；Earnings management；Performance；Discretionary Accruals
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:0 點閱:16

財務報導與會計指標是企業與投資人溝通的主要工具，更是獎酬計畫與債務契約衡
量的重要參考。因此管理階層基於個人或公司利益常會對財務報導進行盈餘操弄。本研
究主要在探討營運績效與財務危機對盈餘管理之不同操弄程度的影響關係。過去盈餘管
理的研究大多聚焦於盈餘管理發生的時點、誘因以及操作手法，統計分析方法大多採用
最小平方法(Ordinary least squares)進行分析。但最小平方法因其統計特性，較難以描述
完整的樣本分配。本研究應用分量迴歸(Quantile regression)將盈餘管理程度分成多個水
準，觀察營運績效與財務危機對不同盈餘管理程度之影響，並與以往研究之結果進行比
較，期望能更深入探討盈餘管理之學術及管理意涵。本研究以2005至2016年之所有國內
上市企業為研究樣本，共取得14,405筆資料進行實證分析，研究變數包括盈餘管理、營
運績效、財務危機、金融海嘯虛擬變數及相關控制變數。
實證結果顯示，最小平方法所得之結果與過去研究文獻相符，營運績效對盈餘管理
呈現顯著負向影響；財務危機對盈餘管理呈現顯著正向影響。分量迴歸之研究發現，營
運績效對盈餘管理具顯著負向影響，且會隨盈餘管理程度的提升而增加；財務危機與負
債比率則是當盈餘管理程度分別達到50%及75%程度以上時，才會有顯著正向影響，且
與最小平方法所得之結果有較大差異。此外，本研究發現2007至2008金融海嘯期間，盈
餘管理程度達到75%以上時，管理階層可將財務困境歸因於整體經濟環境的惡化，反而
會減少對盈餘管理的操弄。

以文找文

Financial reporting and accounting index are the main communication tools between enterprises and investors as well as the important references for the measurement of bonus plan and debt contract. Therefore, based on individual or corporate benefits, the management echelon often manipulates the earnings of financial reporting. This research mainly discussed the effect of operational performance and financial crisis on the manipulation degree of earnings management. In the past, the research on earnings management mostly focused on the time point, incentive and operation way of earnings management and statistical analysis method mainly adopted ordinary least squares to conduct analysis. But the ordinary least square has its statistical feature and it is difficult to describe the complete sample distribution. This research applied quantile regression to divide earnings management into several levels to observe the effect of operational performance and financial crisis on different earnings management levels and meanwhile compared with the previous research results, expecting that the academic and managerial implication of earnings management can be explored deeply. This research took all the listed companies from 2005 to 2016 in Taiwan as the research samples and a total of 14,405 materials were obtained to carry out empirical analysis. The research variables include earnings management, operational performance, financial crisis, dummy variable of financial tsunami and related control variable.
The empirical results show that the results obtained by ordinary least square are in line with the previous research literature： operational performance has the significantly negative effect on earnings management and financial crisis has the significantly positive effect on earnings management. The quantile regression research found that operational performance has the significantly negative effect on earnings management, and it will be increased when earnings management level is enhanced; financial crisis and debt ratio have the significantly positive effect only when their earnings management level reaches above 50% and 75% respectively and it has the big difference with the result obtained by ordinary least square.
Besides, this research also found that the management echelon can attribute financial distress to the deterioration of the overall economic environment to reduce the manipulation of earnings management when the earnings management level reaches above 75% during the period of financial tsunami (2007~2008).

以文找文

一、中文部分
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陳瑞璽、顧明仁(2017)。盈餘管理、投資人交易與股票報酬。證券市場發展季刊，29(1)，105-148。 new window

陳慶隆、翁佩瑜、范宏書(2016)。機構投資者、盈餘平穩化與會計資訊價值攸關性。管理評論，35(3)，1-29。 new window

曾乾豪、王怡心、王雅青、薛敏正(2015)，內部控制缺失與財務報表品質間之關連性-來自新上市公司的證據。管理與系統，22(3)，303-337。 new window

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