公司盈餘管理的文化

Corporate Culture of Earnings Management

盈餘管理一直是公司治理關心的議題，然而過去的研究著重盈餘管理的持續性，對於盈餘管理是否是公司文化的一環，至今乏人著墨。本研究以初次公開發行公司當年度盈餘管理行為，探討公司上市後盈餘管理的現象，是否為公司文化的一環？實證結果發現上市當年度的盈餘管理，會持續影響公司上市後的盈餘管理，說明公司盈餘管理是公司文化的一環。然而盈餘管理的幅度，將隨著時間的經過，逐漸與市場盈餘管理幅度趨於一致。本研究進一步考量公司治理與公司特性的影響，結果顯示公司盈餘管理一直是公司文化的一環。此外結果也顯示公司治理能有效降低公司盈餘管理程度，此結果與Klein（2002）and Xie, Davidson and Dadalt（2003）的發現一致。

Earnings management has been an issue of concern in corporate governance. However, previous studies focused on the persistence of earnings management, and whether earnings management is a part of corporate culture has been rarely discussed. By using the earnings management behaviors of companies in IPO year as the subject, this study explored whether earnings management after the listing of a company is a part of corporate culture. According to the empirical results, earnings management in a year of IPO persistently affects earnings management after the listing of the company, suggesting that earnings management is a part of corporate culture. However, the extent of earnings management gradually becomes consistent with the extent of the market earnings management over time. Furthermore, this study considered the impact of corporate governance and corporate characteristics, finding that corporate earnings management has been a part of corporate culture. The findings also suggest that corporate governance can effectively reduce the degree of corporate earnings management, which is consistent with findings of Klein (2002) and Xie, Davidson, and Dadalt (2003).