盈餘管理、公司治理與企業績效之關連性研究－以台灣上市電子資訊廠商為例

Abstract

現代企業為了獲得規模經濟的優勢和發展科技，大多發展成大型組織並透過上市募集資金，但經營權和所有權分離的經營模式導致有財務報導不實與重大的財務弊案發生，造成投資人對財務報表的可靠性產生質疑，並危及金融體質。因而使公司治理議題獲得各方的重視。由過去文獻可知大多研究議題都是探討公司治理和企業績效的關係，或是各種盈餘管理的動機，但對解析公司治理、盈餘管理和企業績效之間的關連性，卻較少著墨。 因此本研究以1995~2006年間台灣電子資訊產業為研究對象，所採用的數據資料皆取自台灣經濟新報資料庫，以採取Panel Data複迴歸模式的作法。透過公司治理結構下的股權結構、董監事會結構和債信評等、盈餘管理行為和四種不同的企業績效間的關係，發展為五個命題：1.公司治理結構是否影響企業績效 2.公司治理結構是否影響盈餘管理行為 3.盈餘管理行為是否影響企業績效 4.企業績效是否影響公司治理結構 5.企業績效是否影響盈餘管理行為，並且藉此探討上述三者間的相互影響效果。 結果顯示，公司治理品質資訊的確可以為公司評價的重要資訊，也就是說，個別公司可藉由改善公司治理實務品質，增進公司績效。此是驅使公司願意採行較高水準治理機制的關鍵，也是政策上推動公司治理改革的重要依據。而公司績效的提升，可以減少盈餘管理的動機，並降低弊案的發生。

The present day of firms in order to obtain the advantages of scale economy and develop technology, most of them develop to large-scale to raise fund by entering the market but control and ownership separate cause untrue financial reports and serious financial frauds. Investors don’t believe financial reports anymore. These serious financial frauds endanger financial constitution. Although numerous literatures have shed light on managers’ incentives on earnings management and the effects of corporate governance on firm performance, little attention has been devoted to disentangle the relation among corporate governance, earnings management and firm performance. The numerical data in the Taiwan Technology industry from 1995 to 2006 which are listed on TSE was all collected from Taiwan Economic Journal (TEJ) and use Panel Data regression model to analyze data. By the association between ownership structure and board of directors structure under corporate governance structure, earnings management behavior and four different firm performances developed five theses：1. If corporate governance structure affect firm performances? 2. If corporate governance structure affect earnings management behavior? 3. If earnings management behavior affect firm performances? 4. If firm performances affect corporate governance structure? 5. If firm performances affect earnings management behavior? The results reveal the quality of corporate governance indeed important information to value firm. Each Firm by improving quality of corporate governance to increase firm performances. Increasing of firm performances can decrease the motivations of earnings management behavior and financial frauds.