實質盈餘管理與會計資訊價值攸關性之關係－－機構投資者中介角色之檢測

Real Earnings Management and The Value - Relevance of Accounting Numbers- The Moderating Role of Institutional Ownership

會計文獻顯示公司策略性實質盈餘管理行為存在兩種動機：投機性操弄盈餘報導與最適規模的調整，兩種不同動機對會計資訊的價值攸關性有不同的影響。本研究以機構投資者持股比率作為中介變數，區辨實質盈餘管理的不同動機，採用Ohlson 股價評價模式檢測公司的策略性實質盈餘管理行為對於盈餘與權益帳面價值相對價值攸關性的影響。預期機構投資者對公司的會計報導決策具有監督功能，將降低公司從事投機性實質盈餘報導的可能性，進而減緩（提高）實質盈餘管理對公司盈餘品質之負面（正面）影響。實證結果顯示：當公司實質盈餘管理越大時，盈餘變數的相對價值攸關性會降低，且因盈餘及權益帳面價值之間存在相互替代的關係，此時，權益帳面價值變數的相對價值攸關性則提高，此結果支持實質盈餘管理之投機性假說。在加入機構投資者持股比率變數後，發現當機構投資者持股比率高時，顯著減緩實質盈餘管理對於盈餘價值攸關性之負面影響，同時提升盈餘及權益帳面價值的相對價值攸關性。本研究進行若干敏感性測試發現實證結果具備相當穩定性。

Prior studies suggest that there are two coexistent yet unlike to be mutually exclusive motives for managers’ real earnings management: opportunistic earnings reporting hypothesis versus informative size-adjusting hypothesis. The former hypothesis suggests that strategic real activities manipulation deteriorates the earnings informativeness, in turn, decreases the value-relevance of earnings. Yet, the latter hypothesis argues that firms may seek to signal their future operating performance by way of real activities adjustment then increases the value-relevance of earnings. This study conjectures that the monitoring role of institutional investor can enhance the informative components of managerial real earnings management, then, improve the informativeness of accounting numbers. We thus use institutional investor’s ownership as a mediating variable, then, examine the effect of real earnings management on the value-relevance of accounting numbers. The empirical results support the opportunistic earnings reporting hypothesis and reveal that the real earnings management is negatively (positively) associated with the value relevance of earnings (equity book value). Incorporating the role of institutional investors into consideration, it is found that higher institutional investor’s ownership enhances both the value-relevance of earnings and the equity book value for firms with large magnitude of real earnings management. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.