探討台灣半導體產業自由現金流量與盈餘管理的關聯性

Abstract

財務報表一直是企業與外部人士溝通的工具，報表使用者藉以了解管理當局的經營績效與公司成長性，而做投資決策或是簽訂重要合約， Jensen（1986,1989）的研究指出低成長機會但高自由現金流量的公司，其經理人較可能進行對公司不利的投資活動或浪費在無效率的組織上。公司之經理人常經由會計數據的扭曲報導，來掩飾這些有損公司價值的行為。 本論文採用Modified Jones Model 估計裁決性應計數，以複迴歸分析法針對台灣半導體產業探討自由現金流量與盈餘管理的關聯性，並漸次加入營收成長率、負債比率與董監持股比率等互動項，進行分析。實證結果發現台灣半導體產業(1)為求得穩定且持續發展及應付競爭激烈的環境，自由現金流量越高，較有動機保留現金以維持競爭優勢及應付市場劇烈的波動，盈餘管理程度越高。(2)公司經理人為獲致高報酬有誘因去美化財務報表，進而採行有損公司價值之投資行為或無效率的支出。當自由現金流量與營收成長率同時越高，管理當局越有動機利用裁決興應計項目向上操縱損益。(3)當同時董監持股比率與公司融資需求越高，董事及監察人為取得較低的資金成本，可能會利用自身對公司的影響性與控制力，要求管理當局美化財務報表，以協助其套現或是舉債，盈餘管理程度越高。

Financial statements has been a corporate communications tool with external investors or general public users broadly. The company performance and growth are shown on financial statements , which can be the important guidance for the external investors or general public users making financial decisions or dealing with extremely important contracts. According to the Jensen’ research（1986,1989）, in higher free cash flow but slow or flat growth company, the managers are more likely to engage in investment activities that cause wasting in inefficient organization. For example, the accounting data is often distorted or hidden by the managers for concealing these acts. These acts might prejudicial value of company. To estimate the Discretionary Accruals (DA) , this research uses the Modified Jones Model. Multi-regression approach is to investigate the relationship between free cash flow and earnings management in Taiwan's semiconductor industry, and add revenue growth rate, debt ratio and corporate ownership gradually for analysis. The results are indicated : (1) To maintain the stable development sustainably and against the competitors, the higher free cash flow will result in the higher level of earnings management. (2) In order to get more returns, managers have incentives to make up financial statements and involve non-value-maximizing activities. The higher level of earnings management results from simultaneous higher free cash flow and revenue growth rate. (3) When the debt ratio and percentage of the shares of the board of directors are both getting higher , the board of directors or supervisors may ask managers to dress the financial statements . These will lead a company to higher level of earnings management .