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Review of Accounting and Auditing Studies 會計審計論叢,第 5 卷第 1 期,2015 年 6 月
Ashbaugh et al. 2003; Carey and Simnett 2006; Reichelt and Wang 2010; Ahmed et al. 2013)同時採用裁決性應計項目與剛好達到特定盈餘目標之機率代理財報資
訊品質,Carey and Simnett (2006)與 Ahmed et al. (2013)也發現兩種盈餘管理觀
點存在不一致的實證結果;而 Frankel et al. (2002)與 Ashbaugh et al. (2003)針對
企業不同的盈餘目標也存在不一致的結論,與裁決性應計項目相關實證結果未
能完全結合。因此,我們進一步比較兩種盈餘管理觀點之特性。首先,小額利
益損失家數比分析只觀察到特定情境(盈餘略低於特定盈餘目標)下企業是否普
遍進行盈餘管理來達到盈餘目標。更重要的是,這類盈餘管理行為是投資人能
夠輕易觀察的現象,而企業可能為了彰顯其財報品質,反而刻意避免報導之盈
餘數字正好落在盈餘目標附近。過去許多研究也發現良好之治理機制能有效降
低此類盈餘管理行為(Leuz et al. 2003; Carey and Simnett 2006)。另一方面,裁決
性應計項目則可觀察到整體樣本間進行裁決判斷之情況。而使用裁決性應計項
目進行盈餘管理較難以直接觀察,加以 IFRSs 專業判斷程度之提高,致使企業
採用裁決性應計項目合理化其盈餘管理之空間加大,故採此方法之盈餘管理反
而會增加(Ahmed et al. 2013)。最後,不同盈餘管理行為之動機本就不同,因此
有不同之發現亦屬合理。明確的說,小額損益分析之盈餘管理,其動機可能僅
為避免報導負盈餘,所以盈餘管理目標只規劃至避免盈餘為負數即可。然而,
如果是初次公開發行情境下之盈餘管理,則企業盈餘管理目標將不只為避免負
盈餘,而可能是於企業本來就為正盈餘之條件下,進一步追求盈餘數字之美化,
以募集更多的資金。總體而言,企業在整體考量進行盈餘管理的成本、風險及
所帶來之效益後,不同盈餘管理目標、手法間可能會有不同的發現。故本研究
實證結果雖未能產生一致性結論,但並非表示實證結果是不合理的。
本研究對學術界之啟示為,在探討企業盈餘管理行為之影響時,不但要考
量衡量之方法(小額利益損失家數比或是裁決性應計項目?),也須考量樣本之
特性(樣本企業是否存在高度盈餘管理誘因)。對投資人與管制機構之啟示為,
導入 IFRSs 與治理機制對我國企業財務報表整體品質之影響,可能在不同的觀
點下會獲得不同的實證結果。而具備高低盈餘管理動機企業財報品質之影響,
二者間可能也存在重大差異。
顏信輝、王炫斌-我國企業盈餘管理程度變化之探討 113
本研究實證結果與先前國內治理機制文獻之研究發現(張瑞當與方俊儒
2006;林欣美等 2008)不同,由於先前研究主要針對特定治理機制進行討論,
例如,資訊評鑑系統與董事會結構,其實證模型以具備特定因素之實驗組樣本
與未具備特定因素之控制組樣本間進行比較;而本研究則探討我國企業盈餘管
理行為之長期變化趨勢,故兩者在研究目的、實證模型與實證結果之意涵皆具
有顯著不同。此外,樣本期間、樣本對象及盈餘管理代理變數定義也有不同設
定。
陸、研究結論
盈餘管理是財務報導重要品質之一,直接影響利害關係人對財務報導之信
任程度與社會資源分配之效率性。然而,過去盈餘管理文獻大多針對特定因素
(公報、特性等)進行探討,而未見以長期間觀察我國整體企業之盈餘管理行為
之研究,可能產生見樹不見林之憾。此外,近來年我國資本市場有許多重大且
持續性之改革,直接攸關企業盈餘管理之行為。例如,導入更強調公允價值與
專業判斷之原則基礎精神之國際財務報導準則,或主管機關推動企業公司治理
機制之完善等。因此,本研究以 1999 年做為變革之分界點,利用前後共 20 年
之窗期觀察我國整體企業盈餘管理行為之長期變化。
本研究以小額利益損失家數比進行實證時發現變革後期企業為了達到盈餘
目標而進行盈餘管理行為較變革前期有顯著降低,但變革後並未存在顯著之變
動趨勢;實證結果也發現企業之裁決性應計項目絕對值,在變革後之期間較變
革前之期間顯著增加,進一步區分為正/負裁決性應計項目分析發現,主要來自
於正裁決性應計項目組,表示於變革後之期間,企業利用裁決性應計項目拉高
盈餘程度明顯高於變革前之期間;趨勢分析也顯示隨著時間經過與變革程度越
高時,企業採裁決性應計項目進行盈餘管理之程度更加明顯,此代表於財會準
則逐步趨同 IFRSs 後,我國企業向上調高盈餘之盈餘管理程度增加,而且隨著
時間經過,此趨勢更加明顯,故間接顯示公司治理機制之推動,似乎對抑制企
業盈餘管理行為並未產生具體之成效;本研究也選出二種存在高度盈餘管理動
機之事件(IPO 與 SEO),發現具此兩種特性之企業,的確較不具此特性之企業
更會調高其帳列盈餘數字,且在變革後之期間此種程度較變革前之期間更為嚴
重。整體而言,若以裁決性應計項目衡量企業盈餘管理行為,實證結果無論從
整體平均效果、時間趨勢分析及高度盈餘管理動機組觀察,皆支持企業於變革
後期存在更明顯的盈餘管理行為;而若以小額損益衡量盈餘管理行為,則獲得
不一致的結果。
本研究具有下列研究限制並提出相關之後續研究建議:一、本研究採用裁
決性應計項目與小額利益損失家數比作為盈餘管理之代理變數,若這些變數未
能確實捕捉到企業盈餘管理行為或受到其他因素的干擾,可能會影響到本研究
114 會計審計論叢,第5卷第1期,2015年6月
之推論。後續研究者可採實驗、問卷等研究方法進行實證並進行比較,以從不
同角度觀察此研究議題。二、本研究屬於長窗期關聯性研究,相關實證結果僅
能說明企業盈餘管理行為,於 1999 年前後兩段窗期間是否具有顯著變化,而對
於二者之因果關係則無法直接做出結論。例如,該變化直接肇因於會計準則趨
同 IFRSs 之效果或歸因於公司治理機制改變之比例有多大,本研究並無法直接
回答。其他相關潛在因素,如投資人保護程度、法律規範、主管機關之監督機
制、證券市場發展…等變化,亦可能造成企業盈餘管理行為之改變。後續研究
者可採因果關係推論更強之研究設計,以更清楚地探究此等問題。三、本研究
僅以盈餘管理衡量財務報導資訊品質,後續研究者可由不同角度(如,財報價值
攸關性、市場流動性、資金成本與分析師預測精準度…等)探討變革前、後期間
對我國企業財報品質之影響。
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