股權結構、盈餘管理與公司價值：衍生性金融商品與異常應計項目的角色

Ownership Structure, Earnings Management and Firm Value: The Role of Derivatives and Abnormal Accruals

本研究旨在探討盈餘管理方法的使用程度（衍生性金融商品／裁決性應計項目）對於公司價值的影響，並進一步探討上市公司的股權結構是否會影響盈餘管理方法的選擇。本文實證發現，公司使用衍生性金融商品從事盈餘管理的比例與公司價值呈正相關。再者，控制股東股權結構會影響公司選擇盈餘管理的方法，當公司治理結構較為弱式時，會使用較高程度的裁決性應計項目從事盈餘管理。

This study examines the effect of the relative use of earnings managementmethods (i.e., derivatives / discretionary accruals) on firm value. Further, we studyhow the ownership structure of public corporations is associated with the relative useof derivatives to discretionary accruals. We find that there is a positive associationbetween the relative use of derivatives to discretionary accruals and firm value. Inaddition, the controlling shareholder’s ownership structure will affect the choice ofearnings management devices. When the corporate governance mechanism is weaker,firms are likely to use more discretionary accruals than derivatives as their earningsmanagement method.