The Relationship of Corporate Governance, Stock Returns and Earnings Management

[[abstract]]本研究係以1998年1 月至2008年12月在台灣證券交易所掛牌上市公司作為研究樣本，共計208家公司，The Modified Jones Model估計裁決性應計項目，並觀察公司治理對管理階層在運用裁決性應計項目決策上之影響。同時以Panel Data模型對整體樣本公司作分析，探討不同產業的公司治理對盈餘管理是否有顯著差異以及損益平穩對股票累積異常報酬之影響。實證結果發現：董事會規模與裁決性應計項目呈顯著負相關，顯示董事會規模愈大利用裁決性應計項目進行盈餘管理的幅度愈小；經理人持股比率與債務風險呈現顯著正相關，顯示理人持股比率與債務風險比率越高的公司其利用裁決性應計項目進行盈餘管理的幅度愈大；董事會獨立性與大股東持股比率則無顯著；損益平穩與股票累積異常報酬有顯著正向關係。[[abstract]]This study focuses on a issue about earnings management and uses 208 listed companies from January 1998 to December 2008 on the Taiwan Stock Exchange as a research sample. The Modified Jones Model estimates discretionary accruals on corporate governance to analyze how discretionary accruals influence a decision making and the Panel Data Model is used to analyze the overall sample. The study of corporate governance on different industries have significant differences in earnings management and income smoothing of the cumulative abnormal return stock. The empirical results show: The relationship between board size and discretionary accruals is a significant negative correlation, indicating the larger the board size using discretionary accruals to the smaller magnitude of earnings The relationship between management; manager shareholding ratio and the leverage is significantly positively correlated, showing manager shareholding ratio and leverage of the higher risk of their use of company projects accruals earnings management is negatively correlated with; The relationship between board Independence and primary shareholder is no significant; The relationship between income smoothing and the cumulative abnormal stock returns is significantly positive