公司特質對應計與實質盈餘管理選擇的影響

The Effect of Firm Characteristics on the Tradeoff between Real and Accrual-Based Earnings Management

本研究以異常營運活動現金流量、異常生產成本及異常裁決性費用，作為實質盈餘管理之衡量指標，研究目的為檢驗實質與應計數盈餘管理之間的互補或替代效果，是否受到公司特質的影響。本研究分析之公司特質包括：外部審計品質、公司訴訟風險、資訊透明度高低及會計彈性受限程度等項目。實證結果顯示：外部審計品質及資訊揭露程度等不同公司特質，對實質與應計數實質盈餘管理之選擇無顯著、規律之影響；但舉債程度及訴訟風險則造成實質與應計數盈餘管理之間的互補效果，亦即舉債程度及訴訟風險較高之公司，偏好同時使用實質及應計數盈餘管理。此外，當會計處理彈性受到限制時，公司傾向以實質盈餘管理替代應計數盈餘管理。

This study uses abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenses as measures of real earnings management to examine the complementary and substitute relationship between real- and accrual-based earnings management under different firm characteristics. This study includes as firm characteristics the influence of the audit quality, firm litigation risk, the level of information transparency and accounting flexibility of the listed (and OTC) companies. Our empirical results show that there is no significant, systematic relationship between real- and accrual-based earnings management under the effect of audit quality and the level of information transparency. However, firms use both real- and accrual-based earnings manipulation under high levels of debt and litigation risk. Moreover, firms with lower accounting flexibility have a greater incentive to substitute real-based earnings management for accrual-based earnings management.