本研究主要針對1998年至2009年間，處於新興國家之中的台灣企業，其股權結構與會計保守性之間的關係。本文分別以現金流量權、控制權與股權偏離程度作為股權結構的替代變數，並且各別對Beaver and Ryan(2000)的市場基礎型、Givoly and Hayn(2000)的應計基礎型及Basu(1997)的盈餘對好壞消息不對稱反應三種衡量方法進行迴歸分析，衡量股權結構對會計保守性的影響。實證結果與預期假說一致，當控制股東現金流量權越大，控制股東持股越多與小股東之間的利益衝突較小，剝削小股東的動機降低，不需要隱藏私有利得，此外，控制股東會較重視聲譽也比較在乎長期公司價值而非短期的股票利益，因此較有意願採用保守會計。相反的，當控制股東控制權或股權偏離程度越大，控制股東會以個人利益為優先，剝削小股東的動機增加，並且可能會採用NPV小於零的投資計畫，為了隱匿私有利得並且避免NPV為負的投資計畫提前曝光，較不願意採用保守會計。The main purpose of this research is to study the relationship between the ownership structure and accounting conservatism in emerging market of Taiwanese firms, from 1998 to 2009. Following the regression model by Beaver and Ryan (2000), Givoly and Hayn (2000) and Basu (1997), we measure the impact of accounting conservatism and cash flow right, voting rights and divergence of the voting rights from cash flow rights. The evidence is consistent with the prediction, and we deduce that the firms tend to adopt more conservative accounting when the conflicts between controlling owners and minority shareholders are mitigated through greater cash flow rights owned by controlling owners. On the other hand, the firms tend to adopt less conservative accounting when the conflicts between controlling owners and minority shareholders arise from greater voting rights and divergence of the voting rights from cash flow rights.
