兩岸公司盈餘管理、內部人持股與公司股價之關聯性研究

The Study of Relationship among Earnings Management, Insider Ownership and Company’s Stock Price: A Case from Cross-Strait’s Companies

本研究主要探討兩岸公司盈餘管理對公司股價的影響性，並加入內部人持股作進一步分析，在研究方法上選擇Panel Data隨機效果進行分析，與過去研究不同之處在於同時考量應計盈餘管理以及實質盈餘管理，並進一步分析其影響股價的差異性。研究發現臺灣公司正向的盈餘管理將給予公司正向的股價推升，且可能存在公司盈餘管理有助於公司內部人減少持股的現象。但中國大陸公司的實證結果則相反。另外不同程度的兩岸實證結果皆呈現公司實質盈餘管理仍與公司股價有高度的關聯性，且在營業活動之現金流量、生產成本以及裁決性費用上也有不同的影響層面。實證結果顯示，兩岸上市公司無論擁有何種程度的應計盈餘管理需求，皆能透過實質盈餘管理來影響股價。

The study aims to search for the relations among earnings management, stock price and insider ownership between Mainland China and Taiwan. Methodologically, we make random coefficient analysis, based on panel data. Compare to the past studies, the difference is involved with considering both accrual earnings management and real earnings management, and understanding their influence on stock price. The study finds Taiwan's companies with positive earnings management will increase their stock price, and probably reduce insider ownership as well. Intrudingly, the empirical result appears opposite result in Mainland China companies. However, the real earnings management has high relations to its stock price across the Taiwan strait, and also has different influence on cash flows from operations, production costs and discretionary expenses. In other words, the cross-strait companies can influence their stock price through real earnings management, no matter what degree of accrual earnings management they had.