摘要
本文以內部人自利的動機為前提，探討內部人交易前後，透過裁決性應計項目和營業外損益進行盈餘管理之行為。實證結果顯示，內部人賣出交易之前，裁決性應計項目和營業外損益的使用情形均高於內部人賣出交易之後。此外，比較買入組與賣出組在內部人交易之後的盈餘管理程度，發現買入組盈餘管理情形高於賣出組。上述兩項結果皆支持「內部人基於自利動機進行盈餘管理」之假說。本文進一步將裁決性應計項目和營業外損益視為內生變數，以聯立方程式模型探討這兩種盈餘管理工具被同時使用時的相互影響情況，發現在內部人異常交易的情況下，裁決性應計項目和營業外損益兩者間具有互補關係。

Abstract:
On the premise of insider self-interest, this research examines the hypothesis that insiders manage the earnings by discretionary accruals (DA) and asset sales (AS) around insider trading. Our empirical results indicate that the average DA and AS in pre-selling period are both statistically larger than those in post-selling period.  Moreover, in post-trading period, the average DA and AS for the insider-buying sample are both larger than those for the insider-selling sample.  Both evidences lend support to our hypothesis.  We further apply Simultaneous Equations Model to examine the endogenous relationship between DA and AS.  We find a positive association between DA and AS in the case of abnormal insider trading, suggesting a complementary relationship between these two instruments on the purpose of earnings management for insider trading.

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	4
第三節  論文架構	5
第貳章  文獻探討	7
第一節  內部人交易	7
第二節  盈餘管理工具	8
第參章  研究設計	10
第一節  觀念性架構	10
第二節  研究假說	11
第三節  樣本選取	14
第四節  模型估計及檢定方法	16
第五節  變數定義與實證模型	19
第肆章  實證結果分析	25
第一節  敘述性統計與相關係數	25
第二節  單變量檢定結果之實證分析	27
第三節  聯立方程組模型之實證結果分析	33
第四節  實證結果彙整	44
第五節  敏感性分析	47
第伍章  結論與建議	54
第一節  研究結論	54
第二節  研究限制與後續研究之建議	55
參考文獻	57
 
圖目錄
圖1-3-1  研究流程圖	6
圖3-1-1  觀念性架構圖	10

 
表目錄
表 3-3-1 民國86年至民國90年間買入組樣本分佈	15
表 3-3-2 民國86年至民國90年間賣出組樣本分佈	15
表3-4-1 聯立方程組模型之認定準則	17
表4-1-1 全部樣本觀察值之各變數敘述統計分析（N=3,509）	25
表4-1-2 買入組樣本觀察值之各變數敘述統計分析（N=2,406）	26
表4-1-3賣出組樣本觀察值之各變數敘述統計分析（N=1,103）	26
表4-1-4 全部樣本觀察值之Pearson（Spearman）a相關係數	28
表4-1-5 買入組和賣出組樣本觀察值之Pearsona相關係數	29
表4-2-1 裁決性應計項目（DA）各季之單變量檢定	30
表4-2-2 營業外損益（AS）各季之單變量檢定	30
表4-2-3 DA、AS在內部人買賣前後之敘述性統計及差異檢定	31
表4-2-4 DA、AS在內部人交易之前和交易之後之敘述性統計及差異檢定	32
表4-3-1 聯立方程組模型實證分析結果-異常買入交易之前	35
表4-3-2 聯立方程組模型實證分析結果-異常買入交易之後	36
表4-3-3 聯立方程組模型實證分析結果-異常賣出交易之前	37
表4-3-4 聯立方程組模型實證分析結果-異常賣出交易之後	38
表4-3-5 聯立方程組模型實證分析結果-正常買入交易之前	40
表4-3-6 聯立方程組模型實證分析結果-正常買入交易之後	41
表4-3-7 聯立方程組模型實證分析結果-正常賣出交易之前	42
表4-3-8 聯立方程組模型實證分析結果-正常賣出交易之後	43
表4-4-1 假說實證分析結果	44
表4-4-2 假說及聯立方程組模型實證分析結果	46
表4-5-1 各種估計裁決性應計項目（DA），其在內部人買賣前後之敘述性統計及差異檢定	47
表4-5-2 各種估計裁決性應計項目（DA）在內部人交易之前和交易之後的敘述性統計及差異檢定	48
表4-5-3 異常買入交易前後之迴歸分析	50
表4-5-4 異常賣出交易前後之迴歸分析	51
表4-5-5 正常買入交易前後之迴歸分析	52
表4-5-6 正常賣出交易前後之迴歸分析	53

參考文獻
一、中文文獻（依筆劃排序）
洪小芬，2005，盈餘及盈餘管理特性對分析師預測之影響，淡江大學會計研究所未出版碩士論文。
羅庚辛、蔡文賢、許明峰與簡瑞廷，2005，國內上市公司內部人交易與經營績效及影響交易因素關係之研究，會計評論，第41期：33-51。
二、英文文獻（依字母排序）
Baber, W. R., P. M. Fairfield, and J. A. Haggard, 1991, The effect of concern about reported income on discretionary spending decisions: The case of research and development, The Accounting Review 66(4), 818-829.
Baber, W. R., S-H. Kang, and K. R. Kumar, 1998, Accounting earnings and executive compensation: The role of earnings persistence, Journal of Accounting & Economics 25(2), 169-193.
Balsam, S., 1998, Discretionary accounting choices and CEO compensation, Contemporary Accounting Research 15(3), 229-252.
Barth, M. E., J. A. Elliott, and M. W. Finn, 1999, Market rewards associated with patterns of increasing earnings, Journal of Accounting Research 37(2), 387-413.
Barton, J., 2001, Does the use of financial derivatives affect earnings management decisions?, The Accounting Review 76(1), 1-26.
Bartov, E., 1993, The timing of asset sales and earnings manipulation, The Accounting Review 68(4), 840-855.
Bartov, E., and P. Mohanram, 2004, Private information, earnings manipulations, and executive stock-option exercises, The Accounting Review 79(4), 889-920.
Beneish, M.D., and M. E. Vargus, 2002, Insider trading, earnings quality, and accrual mispricing, The Accounting Review 77(4), 755-792.
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 R. Sloan, 1991, Executive incentives and the horizon problem: An empirical investigation, Journal of Accounting and  Economics 14, 51-89. 
Dechow, P. M., R. G. Sloan, and A. P. Sweeney, 1995, Detecting earnings management , The Accounting Review 70(2), 193-225.
DeFond, M. L., and C. W. Park, 1997, Smoothing income in anticipation of future earnings, Journal of Accounting & Economics 23(2), 115-139
Fudenberg, K., J. Tirole, 1995, A theory of income and dividend smoothing based on incumbency rents, Journal of Political Economy 103(1), 75-93.
Gaver, J. J., K. M. Gaver, and J. R. Austin, 1995, Additional evidence on bonus plans and income management. Journal of Accounting and Economics 19(1), 3-28.
Givoly D., and D. Palmon, 1985, Insider trading and the exploitation of insider information: Some empirical evidence, The Jounal of Business 58(1), 69-87.
Healy, P. M, 1985, The impact of bonus schemes on the selection of accounting principles, Journal of Accounting and  Economic 7(1), 85-107.
Herrmann, D., T. Inoue, and W. B. Thomas, 2003, The sale of assets to manage earnings in Japan, Journal of Accounting Research 41(1), 89-108.
Inoue, T., and W. Thomas, 1996, The choice of accounting policy in Japan, Journal of International Financial Management and Accounting 7(1), 1-23.
Jones, J.J , 1991, Earnings management during import relief investigation, Journal of Accounting Research 29(2), 193-228.
Kothari, S. P., A. J. Leone, and C. E. Wasley, 2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics 39(1), 163-
Lustgarten, S., and V. Mande, 1995, Financial analysts' earnings forecasts and insider trading, Journal of Accounting and Public Policy 14(3), 233-261.
Mian, S. L., 1996, Evidence on corporate hedging policy, Journal of Financial and Quantitative 31(3), 419-439.
Noe, C. F., 1999, Voluntary disclosure and insider transactions, Journal of Accounting and Economics 27(3), 305-326.
Park, M. S., and T. Park, 2004, Insider sales and earnings management, Journal of Accounting and Public Policy 23(5), 381-411.
Seyhun, H. N., 1986, Insiders’ profits, costs of trading, and market efficiency, Journal of Financial Economics 16(2), 189-212.
Seyhun, H. N., 1998, Investment intelligence from insider trading, Cambridge, MA: MIT Press.
Smith, C. W., and R. M. Stulz, 1985, The determinants of firms’ hedging policies, Journal of Financial and Quantitative Analysis 20(4), 391-405.
Watts, R. L., and J. L. Zimmerman, 1986, Positive accounting theory. Englewood Cliffs, HJ: Prentice Hall.