過去研究大多探討經理人會以操弄研究發展投入做為盈餘管理的一種手段，卻較少探討因研發投入所引發的盈餘管理行為。近年來高科技產業的研究發展投入儼然成為維持競爭優勢不可或缺的支出。因此，本文以台灣上市櫃高科技產業為對象，探討因研究發展投入造成盈餘下降，所引發的盈餘管理行為。首先探討研究發展投入與裁決性應計項目的關連性，進而深入探討何種個別裁決性應計項目為經理人喜愛操弄的工具。另外從投資人角度觀察其衡量公司績效是以當期盈餘、現金流量，還是以研究發展投入衡量標準。實證結果顯示，研究發展投入確實會引發經理人有盈餘管理行為，而各年所採用的個別裁決性應計項目則有顯著不同，其中以裁決性存貨之使用情況最為明顯。另外發現投資人主要關心的是公司的盈餘，這表示我國投資人主要是以損益表之盈餘資訊作為衡量公司績效的依據，與美國投資人以資產負債表之現金流量資訊為依據有差別。 Most of the previous studies focus on investigating managers who manipulate R&D as a Device of managing earnings. Rarely do they focus on the various behaviors of earnings management derived from investing in R&D. Recently years, the investment in R&D in the high tech industry has become a undeniable expense to maintain one’s competitive advantage. First, this study examine the association between R&D Expenditures and the discretionary accrual, and also focus on the association between R&D Expenditures and individual discretionary accrual items. Second, this study investigate which factors is investors care the most to evaluate company’s performance. Empirical results showed that the managers’ earnings management behavior relates significantly to R&D. The managers exactly use discretionary accruals to manage earnings, and the discretionary inventories are used more than other discretionary items. Also, this study found that a company''s earnings is what investors care the most. This implies that investors in Taiwan mainly use the earnings information about income statement to determine a company performance in the business, which is different from American investors who determine a company''s performance based on cash flows information about balance sheet.
