公司治理評鑑系統對企業盈餘管理行為之影響;The Impact of the Corporate Governance Evaluation System on CorporateEarnings Management Behavior

[[abstract]]企業之盈餘管理行為與公司治理好壞有著密不可分的關係，證交所於民國103年開始實施公司治理評鑑系統，並於104年開始公布評鑑排名，希望企業能夠在公司治理上跟上國際腳步並協助企業健全發展及增進市場信心。本研究探討該評鑑系統之實施是否能降低企業之盈餘管理行為，並研究該評鑑排名之結果與其盈餘管理行為程度之差異以及與公司股價之相關性。本研究以裁決性應計衡量盈餘管理行為。實證結果顯示，在該評鑑系統實施後企業會降低其盈餘管理行為，且公司治理評鑑排名較高之企業其盈餘管理行為較低。此外，公司治理排名較高之公司排名宣告日之股價異常報酬較高。 Corporate earnings management behavior and corporate governance are closely linked. To encourage continuous improvement of corporate governance and enhance market confidence, the Taiwan Stock Exchange began to implement the Corporate Governance Evaluation System in 2014, and announced the evaluation results for the first time in 2015.This study examines whether the implementation of the evaluation system reduce companies’ earnings management behavior by studying the association between the evaluation results and the extent of earnings management. Furthermore, this paper also investigates whether the announcement of the evaluation results have any impact on a company’s share price. The empirical results show that companies reduced their earnings management behavior after the implementation of the evaluation system. Furthermore, after the implementation, firms with better evaluation results show lower levels of earnings management. In addition, firms with better evaluation results show higher abnormal stock returns when the results were released