本文旨在探討女性參與企業高層管理團隊與企業之盈餘品質之關聯性，以2013年至2016年之中國上市公司為樣本進行研究，觀察中國女性參與企業高層管理團隊(Top Management Team, TMT)是否對盈餘品質有正向提升的作用。以女性董事會成員為核心觀察對象，並加入女性高階經理人觀察其是否會對女性董事與盈餘品質之關係造成調節效果。實證結果顯示女性董事會成員會對盈餘操縱產生抑制的效果，提升盈餘品質，但女性高階經理人並未對女性董事與盈餘品質間的關係產生調節作用。其原因可能係因於中國企業界女性擔任TMT成員尚不夠普及，以至於女性董事與女性高階經理人的互動關係在統計意義尚未達到顯著性的標準。

This study uses information from listed companies in China for a total of four years, 2013 to 2016 to investigate whether earning quality is relevant to the participation of female in Top management team. 
    We use female executive as moderator to observe whether it will affect the result between female directors and earning quality. The results of this study show that female directors are positively and significantly related to the earning quality. This suggests that female directors can inhibit earning management of the company. However, under the circumstance that using female executives as moderator listed above, the relation between female directors and earning quality is reverse. We concern this outcome with unpopular of female serve as Top Management Team members, which eventually results in an insignificant relation between female directors and earning quality.

第壹章	緒論	1
第一節 研究背景與動機	1
第二節 研究問題	3
第三節 研究流程	3
第貳章	文獻回顧與假說建立	5
第一節 高層管理團隊	5
第二節  盈餘品質	10
第三節  女性參與董事會與盈餘品質	17
第參章	研究方法	20
第一節  研究架構	20
第二節  研究模型之設定及變數之定義	21
第三節  研究對象資料	25
第肆章	實證結果與分析	26
第一節  敘述性統計	26
第二節  相關係數分析	29
第三節  迴歸分析	31
第四節  增額測試	33
第伍章	結論與建議	36
第一節  研究結論	36
第二節  研究限制及建議	37
參考文獻	38

圖目錄
圖1-1研究流程圖............................................................................................4 
圖3-1研究架構圖..........................................................................................20

表目錄
表3-1樣本篩選過程表..................................................................................25 
表4-1所有樣本之敘述性統計表..................................................................28 
表4-2各變數間之相關係數表......................................................................30 
表4-3董事會性別比對裁決性應計數絕對值之迴歸分析..........................31 
表4-4女性高層管理團隊成員對裁決性應計數絕對值之迴歸分析..........32 
表4-5董事會性別比對裁決性應計數絕對值之迴歸分析（FE＝1）.......33 
表4-6董事會性別比對裁決性應計數絕對值之迴歸分析（FE＝0）.......34

中文文獻
吳水澎與李奇風，2006，國際四大, 國內十大與國內非十大的審計質量―來自2003年中國上市公司的經驗證據，當代財經，第2期：114-118。
吳志鴻，2009，論性別差異對關懷模式的影響─以醫療照護中的關懷爲例. 哲學與文化, 36(2), 119-135.
李奕萱，2015，董事會性別多樣化與盈餘品質之研究─以中國上市公司為	例，國立高雄大學亞太工商管理學系未出版碩士論文。
沈維民，1997，企業之盈餘管理：以“會計方法選用”和“應計項目認列”為例. 管理評論, 16(1), 11-37.
洪永隆，2010，董事會獨立性、專業性與審計品質對內部控制之影響，中國文化大學會計研究所未出版碩士論文。
張娜，2013，女性董事對企業績效影響的實證研究——來自中國 973家上市公司的證據. 婦女研究論叢, (4), 38-48.
張晏芸，2007，董事會中女性成員與盈餘保守性關聯之研究: 來自中國之證據，政治大學會計研究所未出版碩士論文。
張澤南，溫婉虹 and 周方召，2016，管理者過度自信與真實活動盈餘管理——基於女性高管的研究視角. 湖南大學學報: 社會科學版, 30(6), 85-90.
許永聲與劉政淮，2005，盈餘的資訊品質對盈餘管理行為的影響，管理與系統，第12卷第1期：1-22。
曾萍與鄔綺虹，2012，女性高管參與對企業技術創新的影響─基於創業板企業的實證研究，科學學研究, 30(5), 773-781.
葉銀華、李存修與柯承恩，2002，公司治理與評等系統, 商智文化.






英文文獻
Abarbanell, J. S., and R. Lehavy. 2003. Biased forecasts or biased earnings? The role of earnings management in explaining apparent optimism and inefficiency in analysts’ earnings forecasts. Working paper, University of North Carolina, Chapel Hill. 
Adams, R. B, and D. Ferreira. 2009. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics 94 (2): 291-309.
Adams, R. B., Gray, S., and Nowland, J. 2010. Is there a business case for female directors? Evidence from the market reaction to all new director appointments.
Badertscher, B. A. 2011. Overvaluation and the choice of alternative 	earnings management mechanisms. The Accounting Review 86(5): 1491-1518.
Barton, J., and Simko, P. J. 2002. The balance sheet as an earnings management constraint. The Accounting Review 77(s-1): 1-27.
Barua, A., Davidson, L. F., Rama, D. V., & Thiruvadi, S. (2010). CFO gender and accruals quality. Accounting Horizons, 24(1), 25-39.
Bear, S., Rahman, N., Post, C., 2010. The impact of board diversity and gender composition on corporate social responsibility and firm reputation. J. Bus. Ethics 97: 207–221.
Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earning management. Contemporary Accounting Research 15 (1): 1-24.
Bertrand, M., and Schoar, A. 2003. Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics 118: 1169-1208.
Betz, M., O'Connell, L., and Shepard, J. M. (1989). Gender differences in proclivity for unethical behavior. Journal of Business Ethics, 8(5), 321−324.
Bilimoria, D., and Salipante, P. F. (2008). Championing the discussion of tough issues: How women corporate directors contribute to board deliberations. Women on corporate boards of directors: International research and practice, 123-139.
Branco, M.C., Rodrigues, L.L., 2008. Factors influencing social responsibility disclosure by Portuguese companies. J. Bus. Ethics 83: 685-701.
Burke, R., and Vinnicombe, S. 2008. Women on corporate boards of directors: international issues and opportunities. Women on Corporate Boards of Directors: International Research and Practice: 1-14.
Bushee, B. J. 1998. Institutional investors, long-term investment, and earnings management.
Butz, C. E., and Lewis, P. V. (1996). Correlation of gender-related values of independence and relationship and leadership orientation. Journal of Business Ethics, 15(11), 1141−1149.
Cahan, S., 1992. "The Effect of Antitrust Investigations on Discretionary Accruals: A Refined Test of the Political Cost Hypothesis," The 	Accounting Review 67: 77-95.
Campbell, K., and Mínguez-Vera, A. 2008. Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics 83(3): 435-451.
Carpenter, M. A., Geletkanycz, M. A., and Sanders, W. G. 2004. Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management 30(6): 749-778.
Carpenter, M. A., Pollock, T. G., and Leary, M. 2003. Governance, the experience of principals and agents, and global strategic intent: Testing a model of reasoned risk-taking. Strategic Management Journal 24: 803-820. 
Carpenter, M. A., Sanders, W. G., and Gregersen, H. B. 2001. Bundling human capital with organizational context: The impact of international assignment experience on multinational firm performance and CEO pay. Academy of Management Journal 44: 493–512.
Carter, N., Williams, M. and Reynolds, P. 1997. ``Discontinuance among firms in retail: the influence of initial resources, strategy and gender'. Journal of Business Venturing 12(2): 125-145. 
Chaganti, R., and Sambharya, R. 1987. Strategic orientation and characteristics of upper management. Strategic Management Journal 8(4): 393-401.
Chen, C. Y., Lin, C. J., and Lin, Y. C. 2008. Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality? Contemporary Accounting Research 25 (2): 415-445.
Chi, J. D., and Gupta, M. 2009. Overvaluation and earnings management. Journal of Banking & Finance 33(9): 1652-1663.
Clarke, C. J. 2005. The XX factor in the boardroom: Why women make better directors. Directors Monthly (August): 12–14. 
Cohen, D. A., A. Dey, and T. Lys. 2008. Real and accrual based earnings management in the pre and post Sarbanes Oxley periods. The Accounting Review 83 (3): 757- 787. 
Cohen, D. A., and P. Zarowin. 2008. Accrual-based and real earnings management activities around seasoned equity offerings. Working Paper. New York University, U.S.A 
Cohen, D., and Zarowin, P. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50(1): 2-19. 
Cohen, D., Mashruwala, R., and Zach, T. 2010. The use of advertising activities to meet earnings benchmarks: Evidence from monthly data. Review of Accounting Studies 15(4): 808-832.
DeAngelo, H., DeAngelo, L., and Skinner, D. J. 1994. Accounting choice in troubled companies. Journal of Accounting and Economics 17(1): 113-143.
DeAngelo, L. E. 1986. Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The Accounting Review 61(3): 400-420.
Dechow, P. M., and Sloan, R. G. 1991. Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics 14(1): 51-89.
Dechow, P. M., R. Sloan, and A. Sweeney. 1995. Detecting earning management. The Accounting Review 70(2): 193-225.
Dechow, P., and D. Skinner. 2000. Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting Horizons 14 (2): 235-250.
Dechow, P., Ge, W., and Schrand, C. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics 50(2): 344-401.
DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violations and manipulation of accruals. Journal of Accounting and Economics 23 (2): 115-139.
Eisenhardt, K., Kahwajy, J.L. and Bourgeois, L.J. III 1997. ``Conflict and strategic choice: how top teams disagree'. California Management Review 39: 42-63. 
Erickson, M., and S-w. Wang. 1999, “Earnings Management by Acquiring Firms in Stock for Stock Mergers”, Journal of Accounting & Economics 27: 149-176.
Fields, T. D., Lys, T. Z., and Vincent, L. 2001. Empirical research on accounting choice. Journal of Accounting and Economics 31(1): 255-307.
Finegold, D., Benson, G. S., and Hecht, D. 2007. Corporate boards and company performance: Review of research in light of recent reforms. Corporate Governance: an International Review 15(5): 865-878.
Finkelstein, S., and Hambrick, D. C. 1990. Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly 35: 484-503.
Francis, J., R. LaFond, P. M. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39 (2): 295–327.
Fudenberg, D., and Tirole, J. 1995. A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy 103(1): 75-93.
Gilligan, C. (1982). In a different voice: Psychological theory and women's development. Cambridge(MA): Harvard University Press.
Graham, J. R., Harvey, C. R., and Rajgopal, S. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics40(1): 3-73.
Groom, B. 2009. Alexander calls for boardroom diversity. Financial Times, May 17.
Gul, F. A., Hutchinson, M., and Lai, K. M. 2013. Gender-diverse boards and properties of analyst earnings forecasts. Accounting Horizons 27(3): 511-538. 
Gunny, K. 2005. What are the consequences of real earnings management?. Working paper, University of California, Haas School of Business, Berkeley, CA.
Haleblian, J., and Finkelstein, S. 1993. Top-management team size, CEO dominance, and firm performance: The moderating roles of environmental turbulence and discretion. Academy of Management Journal 36: 844–863. 
Hambrick, D. and D'Aveni, R. 1992, “Top team deterioration as part of the downward spiral of large corporate bankruptcies”, Management Science 38(10): 1445-1465.
Hambrick, D. C., and Mason, P. A. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9: 193-206.
Hambrick, D. C., Cho, T. S., and Chen, M. 1996. The influence of top management team heterogeneity on firms’ competitive moves. Administrative Science Quarterly 41: 659-684.
Hambrick, D., Nadler, D. and Tushman, M. 1998. Navigating Change: How CEOs, Top Teams, and Boards Steer Transformation, Harvard Business School Press, Boston, MA. 
Healy, P. M., and Wahlen, J. M. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13(4): 365-383.
Healy, P.1985. 'The Effects of Bonus Schemes on Accounting Decisions. ', Journal of Accounting and Economics 7: 85-107. 
Hillman, A. J., and Dalziel, T. 2003. Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review 28(3): 383-396.
Hinz, R. P., McCarthy, D. D., & Turner, J. A. (1997). Are women conservative investors? Gender differences in participant-directed pension investments. Positioning pensions for the twenty-first century, 91, 103.
Hunt, A., S. E. Moyer, and T. Shevlin. 1996. Managing interacting accounting measures to meet multiple objectives:A study of LIFO firms. Journal of Accounting and Economics 21(3): 339-374. 
Huse, M., and A. Solberg. 2006. Gender related boardroom dynamics: How women make and can make contributions on corporate boards. Women in Management Review 21(2): 113-30. 
Huse, M., Rindova, V.P., 2001. Stakeholders' expectations of board roles: the case of subsidiary boards. J. Manag. Gov. 5, 153–178. 
Jackson, S. 1992. Consequences of group composition for the interpersonal dynamics of strategic issue processing. In P. Shrivastava, A. Huff, & J. Dutton (Eds.), Advances in strategic management: 345–382. Greenwich, CT: JAI Press. 
Jones, D. 2003, 'Few women hold top executive jobs, even when CEOs are female', USA Today, 27 January, pp. 1-2B. 
Jones, J. J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29(2): 193–228. 
Jones, K., G. Krishnan, and K. Melendrez. 2008. Do models of discretionary accruals detect actual cases of fraudulent and restated earnings? An empirical analysis. Contemporary Accounting Research 25 (2): 499–531.
Joy, L. 2008. Women board directors in the United States: An eleven year retrospective. In S. Vinni- combe, V. Singh, R. J. Burke, D. Bilimoria, and M. Huse (Eds.), Women on corporate boards of directors (pp. 15–23). Northampton, MA: Edward Elgar. 
Kanter, R.M. 1977, Men and Women of the Corporation, Basic Books, New York, NY. 
Kesner, I. F. 1988. Directors' characteristics and committee membership: An investigation of type, occupation, tenure, and gender. Academy of Management Journal 31(1): 66-84. 
Kim, B, M. Pevzner, and L. Lei. 2010. Debt covenant slacks and real earnings management. George Mason University Working Paper.
Klenke, K. 2003. Gender influences in decision-making processes in top management teams. Management Decision 41(10): 1024-1034.
Kothari, S. P., Leone, A. J., and Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
Krishnan, G. V., and Parsons, L. M. 2008. Getting to the bottom line: an exploration of gender and earnings quality. Journal of Business Ethics 78: 65-76.
Low, D. C., Roberts, H., and Whiting, R. H. 2015. Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal 35: 381-401.
Mason, E. S., & Mudrack, P. E. (1996). Gender and ethical orientation: A test of gender and occupational socialization theories. Journal of Business Ethics, 15(6), 599−605.
McInerney-Lacombe, N., D. Billimoria, and P. Salipante. 2008. Championing the discussion of tough issues: How women corporate directors contribute to board deliberations. In S. Vinni- combe, V. Singh, R. J. Burke, D. Billimoria, and M. Huse (Eds.), Women on corporate boards of directors (pp. 123–39). Northampton, MA: Edward Elgar. 
Michel, J. G., and Hambrick, D. C. 1992. Diversification posture and top management team characteristics. Academy of Management Journal 35(1): 9-37.
Norburn, D. 1989. The chief executive: A breed apart. Strategic Management Journal 10: 1-15.
Papadakis, V. M., and Barwise, P. 2002. How much do 	CEOs and top managers matter in strategic decision-making? British Journal of Management 13: 83-95.
Perry, S., and Grinaker, R. 1994. Earnings expectations and discretionary research and develop. Accounting Horizons 8(4): 43.
Peterson, R. S., Smith, D. B., Martorana, P. V., and Owens, P. D. 2003. The impact of chief executive officer personality on top management team dynamics: One mechanism by which leadership affects organizational performance. Journal of Applied Psychology 88: 795-808.
Powell, G. 1990. 'One more time: do male and female managers differ?', Academy of Management Executive 43(3): 68-75. 
Powell, M., and Ansic, D. 1997. Gender differences in risk behaviour in financial decision-making: An experimental analysis. Journal of Economic Psychology 18(6): 605-628.
Riley Jr, W. B., and Chow, K. V. (1992). Asset allocation and individual risk aversion. Financial Analysts Journal, 48(6), 32-37.
Rose, C. 2007. Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review 15(2): 404-413. 
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42(3): 335-370.
Schipper, K. 1989. Commentary on earnings management. Accounting Horizons 3(4): 91-102.
Shawver, T. J., Bancroft, P. C., and Senneti, J. 2006. Can the ‘clan effect’ reduce the gender sensitivity to fraud? The case of the IPO environment. Journal of Forensic Accounting 7: 185-208. 
Singh, V., and Vinnicombe, S. 2004. Why so few women directors in top UK boardrooms? Evidence and theoretical explanations. Corporate Governance: An International Review 12(4): 479-488.
Srinidhi, B., and Gul, F. A. 2007. The differential effects of auditors' non-audit and audit fees on accrual quality.
Srinidhi, B., Gul, F. A., and Tsui, J. 2011. Female directors and earnings quality. Contemporary Accounting Research 28(5): 1610-1644.
Stephenson, C. 2004. Leveraging diversity to maximum advantage: The business case for appointing more women to boards. Ivey Business Journal 69(1):4-9. 
Sunden, A. E., and Surette, B. J. (1998). Gender differences in the allocation of assets in retirement savings plans. The American Economic Review, 88(2), 207-211.
Sweeney, A. P. 1994. Debt-covenant violations and managers' accounting responses. Journal of Accounting and Economics 17(3): 281-308.
Teoh S.H., T. J. Wong, and G.R. Rao, 1998, “Are Accruals during Initial Public Offerings Opportunistic? Review of Accounting Studies 3: 175-208 
Terjesen, S., R. Sealy, and V. Singh. 2009. Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review 17 (3): 320–37. 
Wang, S., and D'Souza, J. 2006. Earnings management: The effect of accounting flexibility on R&D investment choices.
Watts R. L. and Zimmerman, J. L. 1986. “Positive Accounting Theory.” Englewood Cliffs, NJ, Prentice-Hall. 
Williams, R.J., 2003. Women on corporate boards of directors and their influence on corporate philanthropy. J. Bus. Ethics 42: 1-10. 
Zahra, S. A., R. L. Priem, and A. A. Rasheed. 2005. The Antecedents and Consequences of Top Management Fraud. Journal of Management，31 (6): 803-828 
Zang, A. Y. 2012. Evidence on the trade-off between real activities manipulation and 	accrual-based earnings management. The Accounting Review 87(2): 675-703.