淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


系統識別號 U0002-2206202023401800
中文論文名稱 董監事薪酬揭露方式對盈餘管理程度之影響
英文論文名稱 The Effect of the Disclosure Types of Directors and Supervisors' Compensation on Level of Earnings Management
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 108
學期 2
出版年 109
研究生中文姓名 黃永杰
研究生英文姓名 Yung-Chieh Huang
電子信箱 jack850426@gmail.com
學號 607600508
學位類別 碩士
語文別 中文
口試日期 2020-06-04
論文頁數 71頁
口試委員 指導教授-林谷峻
委員-林玉彬
委員-張瑀珊
中文關鍵字 資訊透明度  實質盈餘管理  董監薪酬揭露 
英文關鍵字 Information transparency  Real earnings management  Disclosure of directors and supervisors' compensation 
學科別分類
中文摘要 在金融海嘯後,公司因經濟衰退瀕臨破產危機,但其中虧損公司的高階管理者卻仍坐領高薪之情況屢屢發生,導致各國政府對董監薪酬揭露法規制定更加嚴謹,然而我國現行法規仍無法如國外全面性個別揭露薪酬,使董監事及管理階層為能領取高額薪酬,存在操縱盈餘管理誘因,因此本研究利用金管會所制定法規,將董監薪酬揭露方式分為自願性個別揭露、強制性個別揭露及彙總配合級距揭露,探討不同揭露透明度是否會影響管理階層操縱盈餘管理,並進一步分析自願性個別揭露與強制性個別揭露對盈餘管理程度之影響,及被列為強制性個別揭露原因。由實證結果發現,薪酬揭露資訊透明度愈高,愈能抑制盈餘管理發生,此外,強制性揭露相較於自願性揭露,其盈餘管理程度較高,最後,在強制性揭露下對盈餘管理之影響,公司績效表現比董事會股權結構影響來得大。冀望研究結果能提供給制訂相關法規當局作參考,以規劃完善的薪酬法規制度保障投資人權利。
英文摘要 After the financial tsunami, the company was on the brink of bankruptcy due to economic recession, but the excessive compensation of top managers have happened in loss companies. This has led governments around the world to formulate stricter rules on the disclosure of directors and supervisors’ compensation. However, current laws and regulations in Taiwan are still unable to disclosure the comprehensive of individual compensation such as foreign countries. In order to receive high compensation, directors and supervisors have incentives to manipulate earnings management with the management. Therefore, this study uses the regulations that formulated by the Financial Supervisory Commission to divide the disclosure types of directors and supervisors' compensation into the voluntary disclosure of individual compensation, the mandatory disclosure of individual compensation, and the disclosure of aggregate compensation. The purpose of this study is to investigate whether different disclosure transparency will affect management's motivation to manipulate earnings management. This thesis further explores the impact of voluntary disclosure of individual compensation and mandatory disclosure of individual compensation on earnings management and the reasons for listed as mandatory disclosure of individual compensation. The empirical results show that the higher the transparency of salary disclosure information, the more the earnings management is restrained. In addition, the mandatory disclosure has higher level of earnings management than the voluntary disclosure. Finally, the firm performance has greater impact than the board structure on earnings management under the mandatory disclosure. The result is projected to provide reference to the relevant regulatory authorities for implementation of laws.
論文目次 目錄
第壹章 緒論1
第一節 研究背景與研究動機1
第二節 研究目的3
第三節 研究流程4
第貳章 文獻探討5
第一節 董監事薪酬揭露方式6
第二節 董監事薪酬揭露方式與盈餘管理之關聯性14
第三節 盈餘管理22
第四節 假說建立25
第參章 研究方法29
第一節 樣本選取與資料來源29
第二節 研究模型32
第三節 變數定義與衡量37
第肆章 實證結果與分析43
第一節 敘述性統計43
第二節 相關係數分析47
第三節 迴歸結果分析53
第伍章 結論與建議62
第一節 研究結論62
第二節 研究貢獻63
第三節 研究限制與建議64
參考文獻65

圖目錄
圖1-1 研究流程圖5
圖2-1 各揭露方式透明度比較圖19
圖2-2 研究架構圖25

表目錄
表2-1 董事酬金彙總揭露表7
表2-2 董事酬金級距揭露表8
表2-3 董事酬金個別揭露表9
表2-4 董監薪酬揭露法規彙總表(依年度區分)12
表2-5 董監薪酬揭露法規彙總表(依當年度盈虧區分)13
表3-1 樣本篩選表30
表3-2 產業分配表31
表3-3 追蹤資料檢定表34
表3-4 變數定義表42
表4-1 敘述性統計量44
表4-2 單變量分析46
表4-3 相關係數表(H1)49
表4-4 相關係數表(H2)50
表4-5 相關係數表(H3a)51
表4-6 相關係數表(H3b)52
表4-7 追蹤資料模型選用檢定53
表4-8 彙總配合級距揭露與個別揭露對盈餘管理程度之迴歸結果56
表4-9 自願性個別揭露與強制性個別揭露對盈餘管理程度之迴歸結果58
表4-10在強制性個別揭露下,營運績效對盈餘管理程度之迴歸結果60
表4-11在強制性個別揭露下,董事會結構對盈餘管理程度之迴歸結果61
參考文獻 中文文獻
王玫玲(2011)。高階經理人酬勞決定與監督之研究(未出版之碩士論文)。私立東吳大學,台北市。
王元章、張椿柏(2012)。核心代理問題對盈餘管理之影響。會計審計論叢,2(2),69-113。
李啟華、郭翠菱(2014)。獎酬契約與盈餘管理。輔仁管理評論,21(3),23-47。
林昭伶、林宇涓(2018)。從不同薪酬來源之動機衝突探討董監事薪酬與盈餘品質之關係。輔仁管理評論,25(3),69-105。
林鳳儀、蘇信安(2011)。自願性資訊揭露與強制性資訊揭露之盈餘管理。管理學報,28(4),345-359。
高蘭芬、邱正仁(2002)。董監事股權質押對會計盈餘與股票報酬相關性之影響。臺大管理論叢,13(1),127-162。
陳安琳、高蘭芬、陳怡凱、陳烷鈺(2013)。董監事股權質押與公司治理之研究。中山管理評論,21(2),299-337。
陳俊合(2010)。未費用化薪酬與超額薪酬對高階管理當局薪酬揭露之影響。會計評論,50,89-113。
陳雪如、林琦珍、柯佳玲(2009)。自願性資訊揭露對財務報導舞弊偵測之研究。會計與公司治理,6(2),1-29。
楊絜愷(2016)。董事酬金揭露方式與應計數品質(未出版之碩士論文)。私立東海大學,台中市。
廖益均(2014)。董事及高管薪酬揭露概況—如何透過級距資料獲得額外訊息。貨幣觀測與信用評等,108,35-43。
鄭琪融(2008)。董監酬勞與資訊揭露透明度關聯性之研究(未出版之碩士論文)。國立政治大學,台北市。
謝淑旦、李合龍、李寶桂(2010)。資訊揭露評等對企業價值之影響。遠東學報,27(2),213-227。
鍾志杰(2007)。董監酬勞與會計資訊品質—從盈餘管理與資訊揭露的角度探討(未出版之碩士論文)。私立中原大學,桃園市。
魏喬怡(2014年12月24日)。防堵肥貓 董監酬勞揭露標準趨嚴。中時電子報。 取自https://www.chinatimes.com/newspapers/20141224000145-260205?chdtv

英文文獻
Andjelkovic, A., Boyle, G., & McNoe, W. (2002). Public disclosure of executive compensation: Do shareholders need to know? Pacific-Basin Finance Journal, 10(1), 97-117.
Baker, G., Gibbons, R., & Murphy, K. J. (1994). Subjective performance measures in optimal incentive contracts. The Quarterly Journal of Economics, 109(4), 1125-1156.
Baker, T., Collins, D., & Reitenga, A. (2003). Stock option compensation and earnings management incentives. Journal of Accounting, Auditing & Finance, 18(4), 557-582.
Banker, R. D., & Datar, S. M. (1989). Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research, 27(1), 21-39.
Barry, C. B., & Brown, S. J. (1986). Limited information as a source of risk. The Journal of Portfolio Management, 12(2), 66-72.
Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R.(1998). The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research, 15(1), 1-24.
Bertrand, M., & Morse, A. (2011). Information disclosure, cognitive biases, and payday borrowing. The Journal of Finance, 66(6), 1865-1893.
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253.
Brick, I. E., Palmon, O., & Wald, J. K. (2006). CEO compensation, director compensation, and firm performance: Evidence of cronyism? Journal of Corporate Finance, 12(3), 403-423.
Brown, S., & Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of Accounting Studies, 12(2), 443-477.
Chen, C. J., & Jaggi, B. (2000). Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public policy, 19(4), 285-310.
Chen, C. W., Wei, K., & Chen, Z. (2003). Disclosure, corporate governance, and the cost of equity capital: evidence from Asia's emerging markets (Master's thesis, Hong Kong University). Retrieved from http://www.eiod.org/uploads/Publications/Pdf/disclosure_kevin.pdf
Chi, W., Lisic, L. L., & Pevzner, M. (2011). Is enhanced audit quality associated with greater real earnings management? Accounting horizons, 25(2), 315-335.
Chiou, J. R., Hsiung, T. C., & Kao, L. F. (2002). A study on the relationship between financial distress and collateralized shares. Taiwan Accounting Review, 3(1), 79-111.
Chizema, A. (2008). Institutions and voluntary compliance: The disclosure of individual executive pay in Germany. Corporate Governance: An International Review, 16(4), 359-374.
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1), 81-112.
Cohen, D. A., Dey, A., & Lys, T. Z. (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., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2-19.
Conyon, M. J. (2001). The disclosure of UK boardroom pay: The March 2001 DTI proposals. Corporate Governance: An International Review, 9(4), 276-285.
Core, J. E. (2001). A review of the empirical disclosure literature: discussion. Journal of Accounting and Economics, 31(1), 441-456.
DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The Accounting Review, 61(3), 400.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting review, 70(2), 193-225.
DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17(1), 145-176.
Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings management to exceed thresholds. The Journal of Business, 72(1), 1-33.
Dhaliwal, D. S., Salamon, G. L., & Smith, E. D. (1982). The effect of owner versus management control on the choice of accounting methods. Journal of Accounting and Economics, 4(1), 41-53.
Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359.
Fama, E. F., & Laffer, A. B. (1971). Information and capital markets. Journal of Business, 44(3), 289-298.
Fried, V. H., Bruton, G. D., & Hisrich, R. D. (1998). Strategy and the board of directors in venture capital-backed firms. Journal of Business Venturing, 13(6), 493-503.
Greene, W. H. (2003). Econometric analysis. New Jersey: Prentice-Hall.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the econometric society, 46(6), 1251-1271.
Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics, 20(2), 125-153.
Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7(1), 85-107.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405-440.
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.
Himmelberg, C. P., Hubbard, R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3), 353-384.
Hunton, J. E., Libby, R., & Mazza, C. L. (2006). Financial reporting transparency and earnings management. The Accounting Review, 81(1), 135-157.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1), 5-50.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400.
Lang, M., & Lundholm, R. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246-271.
Lee, T. S., & Yeh, Y. H. (2004). Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance: An International Review, 12(3), 378-388.
Liu, Y. C., Hsu, A. C., & Li, Y. Y. (2015). The Effects of the Information Disclosure and Transparency Rankings System on Earnings Management. Journal of Interdisciplinary Mathematics, 18(1), 53-87.
Milkovich, G. T., Newman, J. M., & Cole, N. D. (2005). Compensation. New York, NY: MacGraw-Hill.
Richardson, V. J. (2000). Information asymmetry and earnings management: Some evidence. Review of Quantitative Finance and Accounting, 15(4), 325-347.
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370.
Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.
Sheu, H. J., Chung, H., & Liu, C. L. (2010). Comprehensive disclosure of compensation and firm value: The case of policy reforms in an emerging market. Journal of Business Finance & Accounting, 37(9), 1115-1144.
Shuto, A. (2007). Executive compensation and earnings management: Empirical evidence from Japan. Journal of International Accounting, Auditing and Taxation, 16(1), 1-26.
Ward, M. (1998). Director Remuneration: a gap in the disclosure rules. Corporate Governance: An International Review, 6(1), 48-51.
Yeh, Y. M. C., Chen, H. W., & Wu, M. C. (2014). Can information transparency improve earnings quality attributes? Evidence from an enhanced disclosure regime in Taiwan. Emerging Markets Finance and Trade, 50(4), 237-253.
Zang, A. Y. (2011). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675-703.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2025-07-15公開。
  • 同意授權瀏覽/列印電子全文服務,於2025-07-15起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2486 或 來信