盈余管理型態與長期股價報酬之關系
葉金成＊ 張俊仁＊＊
摘要：本研究主要探討盈余管理型態與長期股價報酬之間的關系。本研究把盈余管理型態分為平穩型及非平穩型，了解臺灣上市公司其盈余管理行為型態為何，并針對平穩化及非平穩化公司，分析其長期市場報酬是否有差異，更進一步探討平穩化的損益能否增加市場對此盈余信息內涵的評估能力，進而反應在公司的股價上。最后比較兩者公司規模的差異。研究對象為民國80年初至民國89年底，在臺灣證券交易所上市公司，共133家。主要研究結果如下：
1.我國上市公司普遍有盈余管理行為，有51%的公司是采損益平穩化策略，49%的公司采非平穩化的策略。
2.損益平穩化行為對公司長期股價報酬沒有顯著的影響。
3.盈余及現金流量的信息內涵并不會隨者損益平穩程度而增加，其市場對平穩化的公司并不會認為有較佳的信息內涵。
4.平穩化公司與非平穩化公司的規模差異并不顯著。
關鍵詞：盈余管理，損益平穩化，長期股價報酬
The Relationships Between The Type of Earnings Management and Long-term Stock Return
Yeh, Chin-chen Chang, Chun-Jen
Abstract：The purpose of this study is to examine the relationships between long-term stock return and the types of earnings management. This study divides the types of earnings management into smoothing and nonsmoothing and investigates what types of earnings management in Taiwan companies. Additionally, the study measures the market's responsiveness to earnings to see whether the market makes better assessments of information contained in relatively smooth earnings. Finally, this study investigates the difference of firm size between smoothing and nosmoothing firms.
The sample consists of all listed firms between 1991 and 1999 in Taiwan Stock Exchange. The sample size is 138 listed firms. The main results of this study are as follows:
1.Most of the listed firms in Taiwan have adopted the behavior of earnings management .
2. There are 51% firms are smoothing and 49% firms are nonsmoothing.
2.The relationships between income smoothing and firm performance is insignificant.
3.The information content of earnings and cash flows not increase with the degree of smoothing. The market not makes better assessments of the information content for firms with smoother earnings.
4.The difference of firm size between smoothing and nonsmoothing firms is insignificant.
Key words：Earnings management, Income smoothing, Long
