探討外部融資需求對盈餘管理影響性_以台灣上市公司為例

Abstract

財務報表一向是企業與外部單位溝通最直接的工具，而管理當局可藉由一般公認會計原則所賦予的應計基礎下之彈性，在特定範圍內進行會計資訊之操緃，以達投資人預期之盈餘水準。近年來，由於會計舞弊案件層出不窮，財務報導之可靠性開始備受質疑。本文主要針對高成長公司的盈餘管理活動進行探討，當此類型公司有外部融資需求(EFN，External Financing Needs)，企業必須傳達公司營運狀況良好或未來有利的消息予投資人，以順利發行權益證券或債務證券來籌得所需資金，或者以較低的資金成本向金融機構貸款，企業在外部融資需求因素作用下是否有更大的誘因進行盈餘管理活動？另一方面，本研究探討國內高科技產業，產業的高度競爭環境，獲利波動性劇烈，為維持競爭優勢，各廠商每年投入巨額的資本支出，以擴廠提高產能或研發高新技術，做為未來的競爭優勢。管理當局是否揹負更大的壓力出具一被外界認可的經營成果。

本研究利用Modified Jones Model估計裁決性應計數，以複迴歸分析法針對國內上市公司外部融資需求，主要以科技產業(本研究定義為電子業)、公司治理因素的互動項與盈餘管理行為的關聯性進行探討。實證結果發現：(1)電子業管理當局若有外部融資需求和盈餘管理無呈現顯著正相關性，後續將電子業分為八大子產業，分別針對模型進行檢測。發現光電產業管理當局若有外部融資需求用以支應公司高成長期發展所需的資金，管理當局會運用裁決性應計項目提高盈餘，以達美化財務報表的目的，藉此提供市場參與者有利公司前景的資訊，以利向大眾募集資金或降低資金取得成本。(2)光電產業管理當局有外部融資需求與董監事持股比率互動項和盈餘管理程度並無顯著呈正相關性。(3)光電產業管理當局有外部融資需求情況下，董監事質押比率與盈餘管理呈正相關。

This research explores the activities of earning management which happen in high-growth corporations, as these companies have External Financing Needs, corporations need release the good operating situation, or the favorable information to the investors. The result reveals that companies can issue securities or bonds smoothly to raise the capital in need, or obtain a lower capital cost from the financial institute. Moreover, this paper focuses on the discussion of the highly competitive environment of Hi-Tech industry and its dramatic fluctuation in profit, and how companies pour a huge expenditure on the expanding of capacity or developing the newest technology as their own competitive advantage.

This research employs the Modified Jones Model to estimate the Discretionary Accruals (DA). The Multi-regression approach is employed to analyze the relevance among the EFN of the company issuing stocks in the financial market, interaction factor of corporation governance and the behavior of earning management. The results are shown: (1) If the managers in Optoelectronics industry are supported capital by EFN in High growth period, they will apply DAs to lift earnings so that the purpose of embellishing financial statements is satisfied. Furthermore, corporations can facilitate the capital raise and lower capital cost obtainment by providing market participants the visional corporation information. (2) If managers in Optoelectronics industry have EFN and directors holding are not significantly positively related to earning management. (3) If managers in Optoelectronics industry have EFN, the pledged shares of directors are positively related to earning management.