企業盈餘穩健性與資訊揭露評鑑制度關聯性之研究──以台灣上市公司為例

Effects of the Information Disclosure and Evaluation System on Accounting Conservatism: Evidence from Taiwan’s Stock Market

本文在運用 Basu (1997)的盈餘時效性不對稱模型，並參照戚務君、廖益均、林嬋娟(2008)之研究，以探討我國企業盈餘穩健性與資訊揭露評鑑制度關聯性之研究。研究結果顯示，(1)我國企業之會計盈餘已經具備了穩健原則的特性；(2)研究樣本中不論是否包含金融業，當企業資訊揭露評鑑結果愈好，企業盈餘穩健性程度較低。換言之，資訊揭露與盈餘穩健呈替代關係；(3)最後，本研究亦分析穩健程度與公司特性的關聯性，發現衡量債權人與股東潛在利益衝突的代理變數中，營運不確定性及股利支付水準與盈餘穩健程度的變化具顯著關聯性，但負債比率的解釋力並不顯著，此結果與戚務君、廖益均、林嬋娟(2008)之研究結果相符。

In the use of Basu (1997) asymmetric timeliness of earnings model and reference works Wuchun Chi et al. (2008) study to investigate the stability of enterprise’s earnings and information disclosure system of evaluation study on the relationship in Taiwan. The results show that (1) In Taiwan enterprises accounting earnings have been shown the characteristic of conservatism; (2) regardless of including the financial sector, when the better the company revealed results of evaluation of information, the less robust corporate earnings. In other words, information disclosure and earnings were strong substitutes each other; (3) finally, the study also analyzed the stability of association with the company's properties. As to the effect of bondholder-shareholder conflict, this study finds that, accounting conservatism plays a role in mitigating bondholder-shareholder conflicts even in a country with code law and guanxi-based networks, such as Taiwan and service Wuchun Chi et al. (2008) the consistent results.