本研究旨在（ 1 ）分析國內歷年來艱困公司之特性及其發生財務困難之原委； （ 2 ）探討經理人員於公司瀕臨財務困難之際，是否會企圖操縱盈餘， 以避免遭變更交易 之處分。本研究假說推測，經理人員在工作保全、或減少董事會、管制機構介入，或避免（ 遞延）違約成本之誘因下，將可能在公司發生財務危機時，企圖美化帳面盈餘。 本研究樣本共有二組：財務困難公司與正常公司。前者係指民國 65 年至 83 年間，因財 務困難而改採全額交割方式進行交易之上市公司；後者則為與財務困難公司行業別相同，全 額交割年度資產總額最相近之第一或第二類股的上市公司。 本研究實證結果顯示，財務困難公司發生變更交易的比率，以紡織業為最高，約為 33.3%； 以民國 74 年最為頻繁，約佔 33.3%； 而約 70% 之財務困難公司已具有 15 年以上之歷史 ；超過一半的樣本公司於上市五年內，發生財務困難。此外，在盈餘操縱分析方面，本研究 發現公司因財務狀況惡化，而有變更交易之虞時，經理人員會利用裁決性應收帳款及存貨操 縱盈餘，以掩飾公司財務困境之真相。故本研究之實證結果顯示經理人員會利用操縱盈餘行 為，使盈餘增加以免遭變更交易之厄運。

　　　　　The purpose of this study is to (1) analyze the characteristics of fina- ncially distressed compaines and reasons causing finacial distress;(2)examine whether or not mangers manipulate earnings in the face of financial distress. This paper hypothesizes that managers of the compaines with persistent earning problems have incentives to increase reported earning in attempts to keep their jobs, reduce intervention by the board of directors or regulatory agencies and avoid default of the contracts. Research sample in this study is separated into two groups:distressed companies and nondistressed compaines. The former group contains full-delivery stocks listed in Taiwan Stock Exchange between 1976 and 1994, the latter group consists matched firms listed in Taiwan Stock Exchange, using industry and firm size as matching criteria. The empirical results indicate that textile industry accounts for the highest percentage (33.3%) of distressed compaines, and about one-third of sample distressed firms became full delivery stocks in 1985.Further, around 70% of distressed companies have been founded for more than 15 years. Interestingly, this study finds that more than half of the distressed firms are listed in the Exchange for no more than five years. Overall, the results show that distressed companies have more income increasing actions than non-distressed firms. In particular, it is found that manipulation firms tend to emply accounts receivable and inventory as income increasing mainipulation tools.