本研究針對兩種盈餘管理工具(裁決性應計項目及裁決性業外損益)於現金增資(Seasoned equity offerings, SEO)事件下之使用情形進行探討。將SEO前期、當期、後期進行比較，並取對照組進行檢定，實證結果顯示企業於SEO前期與SEO當期有明顯的使用裁決性應計項目與裁決性業外損益進行盈餘管理以提升盈餘。聯立方程式實證結果顯示企業於SEO事件下，裁決性應計項目與裁決性業外損益被管理當局共同選擇且同時使用於盈餘管理行為，二者間存有顯著的內生關係(互補關連性)，企業於SEO事件下同時使用裁決性應計項目與裁決性業外損益進行盈餘管理，以達到預期之盈餘目標。

This study investigates the earnings management (EM) around seasoned equity offerings (SEO) by examining discretionary accruals and discretionary non-operating income. The paired t-test results show that both discretionary accruals and discretionary non-operating income are significantly higher during SEO and the previous periods. The result of simultaneous equations model indicate a positive association between discretionary accruals and discretionary non-operating income, revealing that managers of SEO firms tend to simultaneously utilize these two EM instruments in a complementary practice.

目錄
第壹章 緒論..............................................................................................1
第一節 研究背景與動機..........................................................................................1
第二節 研究目的......................................................................................................3
第三節 論文架構與研究流程..................................................................................4
第貳章 文獻探討......................................................................................7
第一節 現金增資盈餘管理行為之相關文獻..........................................................7
第二節 其他盈餘管理行為之相關文獻..................................................................8
第參章 研究設計....................................................................................11
第一節 觀念性架構................................................................................................11
第二節 研究假說....................................................................................................13
第三節 研究變數與模型........................................................................................14
一、依(獨立)變數...............................................................................................15
二、控制變數......................................................................................................17
第四節 研究範圍....................................................................................................22
一、研究期間......................................................................................................22
二、研究對象......................................................................................................22
三、樣本選取標準..............................................................................................23
第五節 資料分析方法............................................................................................24
第六節 資料來源....................................................................................................26
第肆章 研究結果....................................................................................27
第一節 敘述統計量與相關係數............................................................................27
一、盈餘管理工具之敘述統計資料..................................................................27
二、聯立方程式各項變數之敘述統計資料......................................................30
三、聯立方程式各項變數之相關係數..............................................................32
第二節 成對樣本T檢定之實證結果與分析.........................................................34
第三節 聯立方程式之實證結果與分析................................................................38
第四節 敏感度分析................................................................................................43
一、以同期間同產業未現金增資之公司進行非裁決應計項目之估計..........43
二、以Modified Jones model (1995)估計裁決性應計項目..............................44
II
三、處分資產損益與異常處分資產損益之比較..............................................46
四、將聯立方程式個別以單一複迴歸模型進行估計......................................47
第伍章 研究結論、研究限制及後續建議............................................52
第一節 研究結論....................................................................................................52
第二節 研究限制及後續研究建議........................................................................53
參考文獻..................................................................................................54
一、中文文獻(依姓氏筆劃排序)...........................................................................54
二、英文文獻(按字母排序)...................................................................................54

圖目錄
圖1-3-1 研究流程圖	6
圖3-1-1 觀念架構圖	11
圖3-1-2 觀念架構圖	11

表目錄
表3-3-1 共同控制變數彙總表	19
表3-3-2 與裁決性應計項目有關之控制變數彙總表	20
表3-3-3 與裁決性業外損益有關之控制變數彙總表	22
表3-4-1 樣本選擇	23
表3-4-2 各年度及各產業中之樣本分配	24
表4-1-1 裁決性應計項目(DAC)於現金增資事件窗期下之敘述統計分析	27
表4-1-2 裁決性業外損益(ASIN)於現金增資事件窗期下之敘述統計分析	29
表4-1-3  2000年至2004年樣本觀察值於事件窗期下各變數敘述統計分析	31
表4-1-4 聯立方程式變數之PEARSON與SPEARMAN相關係數	33
表4-2-1 盈餘管理工具於SEO事件下之成對樣本T檢定	35
表4-2-2 裁決性業外損益、處分資產損益與異常處分投資損益之成對樣本T檢定	37
表4-3-1 SEO前期聯立方程式之迴歸結果	40
表4-3-2 SEO當期聯立方程式之迴歸結果	41
表4-3-3 SEO後期聯立方程式之迴歸結果	42
表4-4-1 以未進行SEO公司進行估計後之裁決性應計項目(DAC)之敘述統計	43
表4-4-2以未進行SEO公司進行估計後之裁決性應計項目(DAC)之成對T檢定	44
表4-4-3 以MODIFIED JONES MODEL (1995)估計裁決性應計項目(DAC)之敘述統計	45
表4-4-4 以MODIFIED JONES MODEL (1995)估計裁決性應計項目之成對樣本T檢定	45
表4-4-5 處分資產損益與異常處分資產損益之敘述統計分析	46
表4-4-6 處分資產損益與異常處分資產損益之成對樣本T檢定	47
表4-4-7 SEO前期複迴歸之估計結果	49
表4-4-8 SEO當期複迴歸之估計結果	50
表4-4-9 SEO後期複迴歸之估計結果	51

一、中文文獻(依姓氏筆劃排序)
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高祥恒，2002，裁決性應計項目、衍生性金融商品與損益平穩化，國立成功大學會計學研究所未出版之碩士論文。

張文瀞，2005，處分投資、盈餘平穩化與市場評價，當代會計，第六卷 第二期：29-62。

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Jaggi, B., and P. Lee., 2002, Earnings management response to debt covenant violations and debt restructuring, Journal of Accounting, Auditing & Finance 17, 4 (Fall): 295-324.

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Palepu, K., 1985, Diversification strategy, profit performance and the entropy measure, Strategic Management Journal 6 (July-September): 239-255

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