台灣銀行業經濟成本管理與實質盈餘管理替代性之研究

Substitution between Economic Cost Management and Real Earnings Management: Taiwan Banking Industry

本文以本國銀行為研究對象，目的在探討銀行盈餘管理行為的關聯性。有別於過去文獻，本文發展適合於銀行業的實質盈餘管理模型，以及修改沈中華、陳庭萱（2008）的經濟成本管理模型，以之分析兩種盈餘管理之間的關係。經過各項穩健性測試，包括二階段內生性分析、結構改變差異中之差異法（difference-in-difference method）分析之後，本文實證結果發現，國內銀行會運用實質盈餘管理以及經濟成本達到管理盈餘目的，二種盈餘管理行為之間，存在抵換的替代關係。並且，在金融風暴後，資本適足率越高的銀行，則是越可能採實質盈餘管理或經濟成本管理，亦即政府政策與管制影響銀行業的盈餘管理行為。

The article tries to explore the banks’ earnings management of Taiwanese banking industry. We adjusted the Shen & Chen Model (2008), Real Earnings Management Model to measure earnings management and analyze what is the relationship between the two different earnings management. Through two-stage least squares analysis, difference-in-difference analysis, and robustness test, the main results show the substitution between real transactions management and economic cost management. Further, we find in Post-financial crisis period, domestic banks with high capital adequacy ratio adopt real earnings management or economic cost management.