| 摘要: | 中文摘要 由於國內近年來發生了許多的地雷股事件，相關的財務報表操縱問題不斷浮上檯面，管理當局在實際經營績效不彰的情形下，藉著資訊不對稱的優勢，運用盈餘管理的手段，虛飾或美化經營成果及財務報表，然而當公司對該財務報表進行盈餘管理行為，投資人或金融機構卻無法察覺出其中的異樣時，將可能造成未來的投資損失，申請上市櫃公司與籌資公司常可藉由盈餘管理的方式，美化或調整財務報表之數字，藉以取信於投資大眾、相關金融機構及主管機關，以便取得所需之資金或達到上市櫃的目的。 因此本研究將採實證研究的方法以88年至92年新掛牌上市櫃公司與辦理現金增資的公司為樣本，探討管理當局於不同階段下進行盈餘管理程度上是否具有顯著差異，並進一步透過營運構面、財務構面、股利政策與股權結構及其他控制變數來檢視其盈餘管理程度上具有顯著差異的原因。研究中並且將樣本公司依據MMH 模型區分為財務壓力公司與非具財務壓力公司，檢視在不同財務壓力下的公司，其進行不同階段任務時，是否具有不同程度之盈餘管理。進一步分析當國內企業面臨財務壓力下，發行公司的盈餘管理程度是否有顯著差異。 實證結果發現，申請上市櫃之當年度與前一年度以及辦理現金增資當年度與前一年度，在不同財務壓力之公司與不同產業類別上在面對不同財務規劃方式時，有其不同的顯著因子會影響其盈餘管理行為。當然也有能相同解釋的部分：如轉投資強度變數及股東權益報酬率變數、營收成長率變數可以同時解釋二項財務活動當年度盈餘管理行為；另外在公司前一年度的盈餘管理行為實證結果顯示轉投資強度變數、負債比率變數為良好的解釋變數，可以同時解釋其前一年度的盈餘管理行為。投資人、主管機關與承銷機構必須根據不同的籌資方式及財務壓力來選取不同的解釋變數，以便能準確衡量一般發行公司的盈餘管理行為。 Summary Due to the domestic accident stocks incidents happened recently, the relevant operation problems of the financial report jump out to the stage. Under the inefficient management, they use the method of earning management to trump up the result, and also decorate the report by the advantage of information asymmetric. However, when the company does some earning management to the financial report, the investors and banking market often could not find the mistakes or differences. That will be the big loss in the future. The companies, which applied for going public or collected funds often, do the management to beautify the surplus numbers and financial surface. Besides, they could get the trust of the all investors and the relevant monetary institutions to reach the goal of going on the market. This research report is based on the data of the companies which are IPO and SPO as samples, and discuss whether it has the obvious differences or not if the managers deal with the earning management under different levels. In addition, it checks out whether it has different reasons or not for the earning management through the sides of operations, finances, the stock strategies or any other controlling variables. In this report, the samples have been separated for the company with financial pressure or non-financial pressure according to “MMH” model. Therefore, it could check whether the companies have different earning managements or not if they carry out the mission under the different financial pressure. As the result, the companies who are in the current year and the last year for IPO and SPO respectively all have the different factors in making the financial planning for different industries under different financial pressure. And they have the same portions as well. For instance, the strength variable of investing、ROE variable、the rate variable of sales growth , they can explain the financial activities and the behavior of earning management. And in the other hand, the profit management behavior could proof the degree of the strength of investing, and the ratio of liabilities to be the explaining variables. They proof the performance. Investors, Master bureau and the institution of underwriting must choose the different variables in order to measure companies which has already been on the market accurately according to different fund-collections and financial pressure. |
