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.