關鍵查核事項警示功能之探討：以實質盈餘管理為例

The Warning Effect of Key Audit Matters: Real Earnings Management

本研究以實質盈餘管理為議題，分析台灣報導頻率最高之三項KAM（應收帳款、存貨與收入），是否具有對使用者傳達當期實質盈餘管理之警示訊息，以及是否影響受查企業管理當局次期實質盈餘管理之程度。根據我國2016至2019年上市櫃公司之資料，於控制公司治理、會計師與受查企業相關特性後，實證結果發現，應收帳款與存貨之關鍵查核事項，均與受查企業當期實質盈餘管理程度具有正向關係，可傳達當期實質盈餘管理警示之訊息。且對管理當局次期超量生產成本之實質盈餘管理，亦具有顯著之抑減效果。本文進一步之額外分析發現，除存貨KAM對具有高度盈餘管理動機之企業，其當期實質盈餘管理之警示顯著高於其他企業外，其餘KAM之警示效果並未有所不同。此外，本研究也發現，如果對KAM採用整體衡量（如未區分KAM種類），將未能發現個別KAM所具有之警示效果，研究支持對KAM採整體衡量可能出現衡量偏差，對研究結論將產生干擾。

This study tests the warming effect of three key audit matters (accounts receivable, inventory, and revenue) on investors and managers, whether they transmit any warning effect information for current period real earnings management to the user, and the degree to which they affect earnings management of audited companies in subsequent periods. According to data of publicly listed companies in Taiwan between 2016 and 2019, empirical results show that after controlling corporate governance and relevant characteristics of auditors and companies, both receivable and inventory key audit matters have a positive correlation with the audited companies' current period real earnings management, and can indeed transmit warning effect information for current period earnings management. Moreover, they have a significantly limiting effect on subsequent period real earnings management of abnormal over-production costs. With additional analysis, this article further shows that the warning effect doesn't have significant difference between the companies with and without high motivation levels of earnings management, except for that the inventory KAM's warming effect of high motivation companies is stronger. In addition, this study shows that if KAM uses composite measures (such as summarizes different items) then the warning effect of individual KAM cannot be determined. This study supports the possibility that composite KAM can result in measurement bias and a distortion of research conclusions.