總經理異動、財務主管異動與盈餘管理──兼論審計委員會的影響

CEO Turnover, CFO Turnover and Earnings Management- And the Influence of Audit Committees

總經理與財務主管共同對公司財務報表品質負有主要責任，而總經理異動與財務主管異動皆為公司重大事件，本研究目的旨在探討總經理異動與財務主管異動對盈餘管理的影響。此外，我國主管機關預計在2022年上市（櫃）公司將以設置審計委員會取代監察人，本研究進一步分析設置審計委員會是否會抑制管理階層進行盈餘管理的誘因。實證結果獲得以下發現：首先，相較於總經理未異動的公司，總經理異動的公司，盈餘管理幅度較大。其次，本研究亦發現相較於財務主管未異動的公司，財務主管異動的公司，盈餘管理幅度較大。然而，本研究並未發現公司同一年度若同時發生總經理與財務主管異動，會進一步造成盈餘管理的情形更加嚴重。最後，本研究發現在設置審計委員會的公司，總經理異動、財務主管異動與盈餘管理之間正向關聯性會變為不明顯。反之，在設置監察人的公司，總經理異動、財務主管異動與盈餘管理幅度仍然呈現正向關係。

Chief executive officer (CEO hereafter) and chief financial officer (CFO hereafter) have the main responsibility for the quality of financial statement. CEO turnover and CFO turnover are important events of companies. The purpose of this study is to explore the effect of CEO turnover and CFO turnover on earnings management. In addition, Taiwan's authorities will require listed companies to complete the establishment of audit committee replacing supervisors in 2022. This study further analyzes whether the establishment of audit committees can constrain management's incentives to manipulate earnings. The empirical results obtain the following findings. First, compared the companies without CEO turnover, the companies with CEO turnover have the higher extent of earnings management. Second, this study also finds that compared the companies without CFO turnover, the companies with CFO turnover have the higher extent of earnings management. However, this study do not find that extent of earnings management will be further serious when CEO turnover and CFO turnover happen in the same year. Finally, this study finds that the positive relationship between CEO turnover (or CFO turnover) and earnings management becomes less significant in the companies with audit committees. On the contrary, CEO turnover (or CFO turnover) and earnings management still show a positive relationship in the companies with supervisors.