台灣IC設計產業盈餘管理與經營績效、公司治理之研究

Abstract

台灣IC設計產業市佔率僅次美國位居全球第二，研發能力備受國際矚目，享有高獲利及市場評價；然由於電子產品主流變化快速且創新競爭激烈，使其成長前景及獲利能力亦波動劇烈。本研究以民國92年至96年台灣上市櫃IC設計公司為研究樣本，利用Modified Jones Model估計裁決性應計數，以複迴歸分析法針對成長性、獲利性、公司治理、上市櫃時間長短、現金增資及員工分紅費用化等因子和盈餘管理行為之關聯性進行探討。實證結果發現：(1)由於市場評價反映對未來的預期，IC設計業長久以來因成長前景看好而享有較高的股價淨值比，因而股價淨值比並不顯著影響盈餘管理行為，(2)獲利與盈餘管理程度顯著成正比；然當獲利極度不佳甚至虧損時，為避免管制成本，反而不會有調高盈餘的行為，(3)IC設計業董監多為研發技術背景出身，持股主要係為貫徹其經營理念及領導研發團隊、產品走向，並不會與個人利益過度結合，故董監持股及質押比並不影響盈餘管理行為，(4)上市櫃時間短之IC設計公司正處於資金需求大的高度成長階段，為使募資更加順利，有顯著美化報表的行為，(5)員工分紅費用化實施後因經營成本提高，在無其他新的可供調高盈餘的應計項目且營業費用大幅增加的情形下，盈餘管理程度顯著下降。

Only second to the United States, the R&D capability of Taiwan’s IC design industry has been well reckoned in global market. It has long been a profitable industry thus greatly valued by Taiwan equity market, however, due to rapid change of mainstream products and fierce competition, growth potential and profitability of IC design house are also volatile. To confirm the effects of growth, profitability, corporate governance, IPO, seasoned offering, and expensing employee bonus on earnings management, we use Modified Jones Model to estimate discretionary accruals and multiple regression for analyzing the relationship. Taking Taiwan’s listed IC design houses as our samples, the sample period starts from 2003 to 2007. Empirical findings: (1)IC design industry has been enjoying higher price-to-book ratio because of its future growth potential, P/B ratio does not have major influence on earnings management. (2)The more superior profitability the larger earnings management. However, when company books loss, less earnings management to avoid regulation cost. (3)Shareholdings and pledge by directors and supervisors does not affect earnings management. Their R&D backgrounds lead the product strategy and technology roadmap, causing less issue on conflict of interest. (4)Being in the status of high growth and large funding demand, companies IPO for shorter years are more engaged in earnings management in order to attract investors. (5) Expensing employee bonus causes higher operating cost thus results in less earnings management for no other new accruals can be use to increase profit.