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.