臺灣博碩士論文加值系統

過去企業弊案頻傳、財務危機之爆發，在在都顯現出公司治理之不足，由國際的潮流看來，公司治理確為國內企業應加強補足之部分。相較於國外，研究董事會如何有效發揮監督職能的經濟理論，我國對此相關議題的研究，無論在於研究範圍還是研究深度，都無法與國外相提並論，因此有必要加緊對此相關議題的研究發展腳步。本研究藉由討論董事會成員特質與盈餘管理間之關聯性，加強公司治理機制之設計。
本研究以裁量性應計數(Discretionary accruals)之絕對值，作為衡量盈餘管理的替代變數。在公司治理機制中，董事會扮演一個相當重要的角色，因此，本研究納入許多董事會成員特質，包含董事長是否兼任企業總經理、獨立董事席次比例、董事會成員進修狀況、董事會持股比例及董事會規模等特質，來探討其與管理當局之盈餘管理之關聯性。
本研究實證結果發現如下。在董事會獨立性驗證方面：1.當董事長兼任總經理時，公司之盈餘管理影響程度較小，表示董事長兼任總經理時並不會損及董事會之獨立性，反而有助於盈餘管理之抑制。2.在獨立董事席次方面，佔董事會之比例愈高時，並不會產生抑制盈餘管理的效果，此一結果亦顯示，若僅增加獨立董事之席次，並未能增加董事會之監督管理能力。在董事會能力驗證方面，董事會任期中進修教育在實證結果獲得支持，顯示隨著進修時數的增加，管理當局之盈餘管理程度受到抑制，有助於企業公司治理之實施。在董事會股權及組織結構方面，皆與盈餘管理間為非線性關係，是反Ｕ型及Ｕ型曲線關係。而透過進一步測試得知：1.當董事會持股比率高於25%時，管理當局之盈餘管理程度明顯受到抑制，且隨著持股的增加，盈餘管理程度愈小，反應利益一致理論。2.董事會規模方面，當董事會人數介於七至九人時，管理當局之盈餘管理行為明顯受到抑制。顯示董事會規模應有一定程度之控制，不可過於精簡或過於膨脹，七至九人之董事會規模為最佳的董事會規模。在敏感性測試部分，亦未出現推翻本研究實證結論之結果出現，顯示本研究實證結論具有相當程度之穩定性及現象解釋力。

There were quite a number of accounting scandals and financial distress emerged in Taiwan stock markets that demonstrated insufficient corporate governance mechanism. However, corporate managers ought to enhance their corporate governance. In corporate governance mechanism, the board of directors always plays extremely an important role in the enterprise operation. Therefore, this study examines corporate governance mechanism through discussion for the characteristics of board of directors on earnings management.
This study employs the absolute value of discretionary accruals to measure firm’s extent of earnings management. Furthermore, this study employs some characteristics on board of directors, including chairman’s independence, member of independent directors, continued study, ownership, board size, to examine relationship between earnings management and corporate governance mechanism.
Findings of this study are illustrated as follows. First, positive effects on earnings management emerge when directors attend the continuous education program during their tenure and/or board chairman served enterprise’s CEO or general manager concurrently. Secondly, no distinct relationship is found between earnings management and members of independent directors. Finally, this study finds that board size and board’s ownership yield a nonlinear effect on the absolute value of discretionary accruals. Moreover, empirical result supports that board size between seven and nine members is the best scale. In general, the empirical evidence suggests that appropriately structure boards are carrying out their financial reporting, administration and supervision duties more effectively.

摘要…………………………………………………………………………………i
表目錄……………………………………………………………………………ΙΙΙ
第壹章 緒論………………………………………………………………………1
第一節 研究目的與動機…………………………………………………………1
第二節 研究問題…………………………………………………………………4
第三節 研究範圍與研究限制……………………………………………………6
第四節 論文架構…………………………………………………………………7
第貳章 文獻探討…………………………………………………………………8
第一節 公司治理…………………………………………………………………8
第二節 代理理論…………………………………………………………………10
第三節 盈餘管理…………………………………………………………………12
第四節 盈餘管理的衡量…………………………………………………………14
第五節 董事會特質………………………………………………………………20
第參章 研究方法…………………………………………………………………27
第一節 研究假說…………………………………………………………………27
第二節 變數衡量…………………………………………………………………30
第三節 多變量迴歸模型…………………………………………………………42
第四節 樣本的篩選過程及資料來源……………………………………………47
第肆章 實證結果與分析…………………………………………………………51
第一節 敘述統計與單變量分析…………………………………………………51
第二節 董事會成員特質與盈餘管理關聯性多變量迴歸結果…………………67
第三節 敏感性測試………………………………………………………………78
第伍章 結論與建議………………………………………………………………83
第一節 研究結論…………………………………………………………………83
第二節 研究建議與政策建議……………………………………………………88
參考文獻……………………………………………………………………………90
附錄一 證券交易法修法歷程…………………………………………………… 97
附錄二 證券交易法第14條及20條…………………………………………… 98
附錄三 董事持股成數規定………………………………………………………100
附錄四 董監事進修規定…………………………………………………………101
附錄五 臺灣五十指數及臺灣中型一百指數成份股……………………………103

表 目 錄
表1-1 上市公司董事及監察人持股比例統計表………………………………3
表3-1 裁量性應計數估計之基本資料…………………………………………36
表3-2 樣本分配表………………………………………………………………50
表4-1 樣本公司產業別董事長兼任總經理情形………………………………53
表4-2 樣本公司產業別獨立董事設置情形……………………………………54
表4-3 樣本公司產業別董事持股情況…………………………………………55
表4-4 樣本公司產業別董事進修情形…………………………………………56
表4-5 樣本公司產業別董事會規模情形………………………………………57
表4-6 敘述性統計………………………………………………………………60
表4-7 相關係數矩陣表－一般線性迴歸模型之變數…………………………61
表4-8 相關係數矩陣表－截斷式迴歸模型之變數……………………………62
表4-9-1單變量分析(1)…………………………………………………………65
表4-9-2單變量分析(2)…………………………………………………………66
表4-10 董事會成員特質與盈餘管理之關聯性
一般線性迴歸（一）結果………………………………………………69
表4-11 董事會成員特質與盈餘管理之關聯
一般線性迴歸（二）結果………………………………………………71
表4-12 董事會成員持股及規模與盈餘管理之關聯性
截斷式迴歸結果…………………………………………………………73
表4-13 董事會持股高於25%與盈餘管理關聯性之多變量迴歸結果…………75
表4-14 董事會規模介於7-9人與盈餘管理關聯性之多變量迴歸結果………77
表4-15 董事會成員特質與盈餘管理關聯
多變量迴歸結果…………………………………………………………79
表4-16 裁量性應計數絕對值與董事會成員特質之截斷性迴歸結果…………80
表4-17 裁量性應計數絕對值與董事會持股超過25%多變量迴歸結果……… 81
表4-18 裁量性應計數絕對值與董事會規模介於7-9人多變量迴歸結果……82

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