公司治理對盈餘管理與公司績效關係之影響
學年 97
學期 1
出版（發表）日期 2009-01-01
作品名稱 公司治理對盈餘管理與公司績效關係之影響
作品名稱（其他語言） The Impact of Corporate Governance on the Relation between Earnings Management and Firm Performance
著者 湯惠雯
單位 淡江大學保險學系
描述 計畫編號：NSC98-2410-H032-020 研究期間：200908~201007 研究經費：487,000
委託單位 行政院國家科學委員會
摘要 本研究擬以內生轉換迴歸模型(endogenous switching regressions model, ESRM) 檢視公司治理品質對盈餘管理與公司績效關係之影響。本模型可同時考 量不同的公司治理變數，並由模型內生轉換為一個公司治理指標，作為區分公司 治理品質的門檻值，以檢視不同公司治理狀況下，盈餘管理與公司績效之關係是 否會受到影響。由於本研究的門檻指標係由模型內生估計而得，故可避免以主觀 方式預設門檻值的問題，並可因應各期間公司治理狀況的改變，調整所屬的公司 治理區域。 雖然吾人無法窺知各樣本公司被歸屬於那個區域，然而，本研究可以利用內 生轉換迴歸模型的研究結果，求得樣本公司處於公司治理良好或不良區域的發生 機率，據以研判樣本所屬的區域後再將樣本分類。本研究將在第二年計畫中，採 用三階段最小平方法(Three-stage Least Squares, 3SLS)分別検視這兩群樣本的公 司治理、盈餘管理與公司績效三者間之內生性問題，以釐清不同公司治理狀況 下，公司治理、盈餘管理與公司績效三者間之關聯性。本研究亦將比較內生轉換 迴歸模型與三階段最小平方法的結果。 本研究預期，歸屬在公司治理不良區域的企業會存在較嚴重的代理問題及資 訊不對稱現象，使得管理者較容易藉由會計裁決權窗飾其盈餘，以致於當盈餘無 法持續時，公司的經營績效及股價報酬會產生反轉的現象，因而盈餘管理與公司 績效應呈負向關係。然而，若屬於公司治理良好區域的企業，因具有優良的公司 治理機制，故能監督公司的經營，降低代理成本，並減少投機性的盈餘管理，故 盈餘管理與公司績效的關係應較不明顯。 In this study, an endogenous switching regression model (ESRM) is employed to explore whether the quality of corporate governance has an impact on the relation between earnings management and firm performance. This approach allows one to take account of different corporate governance variables, which are switched to a corporate governance index as a criterion to categorize the samples. As the criterion is determined endogenously, a priori and subjective parameter can be avoided. Besides, ESRM considers the situation that a firm may transit between strong- and weak-corporate governance regimes when the state of corporate governance changes during a long sample period. Although the regime to which each firm has been assigned is unobservable, the probability of being in the strong- or weak-governance regime for each firm can be calculated from the results of ESRM. This study will utilize the model specification to implement further research. In the second year of the project, a three-stage least squares (3SLS) model is employed to investigate endogenous relation among corporate governance, earnings management, and corporate performance. Thus, the relation among the variables by considering corporate governance status can be examined. The comparison between the findings of ESRM and 3SLS will also be addressed. This study asserts that firms are classified into weak-governance regime may suffer severer agency problem and information asymmetry than those in strong-governance regime. Therefore, corporate managers in the regime are more likely to window-dressing earnings through accounting discretion, which will result in the reversal of operating performance and stock returns since the manipulated earnings are unsustainable. Consequently, a negative and significant relation between earnings management and firm performance should be observed. On the other hand, firms in strong-governance regime are under superior governance. Thus, agency costs and opportunistic earnings management should be alleviated, which leads to insignificant relation between earnings management and firm performance.
關鍵字 公司治理; 盈餘管理; 公司績效; 內生轉換迴歸模型; 三階段最小平方法; Corporate Governance; Earnings Management; Firm Performance; Endogenous Switching Regression Model; Three-Stage Least Squares
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