過去的研究都以財務特性觀察企業發生財務危機的原因，但企業為掩蓋其發生危機之真相，會以操弄盈餘的方式，扭曲企業的財務報告，故失真的會計數字能否作為研究的基礎，值得深思。本研究旨在藉由因果路徑分析，探究財務危機企業之公司治理、盈餘管理及財務特性，三者間是否存有路徑效果。本研究以我國1998至2006年之59家財務危機公司為樣本。首先利用多元迴歸分析，觀察危機公司之公司治理與盈餘管理，公司治理與財務特性，兩兩間之關連性。再以路徑分析觀察盈餘管理為中介變數之公司治理與財務特性間的中介(間接)效果。研究結果顯示，盈餘管理在公司治理與財務特性間確實有中介作用，呈現負向之影響，且公司治理強度對盈餘管理直接效果為正，表示財務危機公司之治理強度愈強，盈餘管理程度也愈高，報導之財務特性亦愈佳，但實質上是管理者操縱後的結果，表示我國之公司治理機制對財務危機公司而言仍未具有除弊效果，此結果亦顯示未來在觀察財務危機公司的財務特性時，應先從探究其公司治理機制的良窳著手。 The prior researches focus to observe the financial characteristics (FC) to justify financial distress of firm. However, their accounting numbers are distorted due to earnings management. using these accounting information as the basis of study, its result is unreliable. This study is trying to find the key factors of the corporation suffering financial distress by analyzing if the path effects exist among the corporate governance (CG), earning management (EM) and financial characteristics. This study sampled 59 corporations with financial distress since 1998 to 2006. Fist of all, We examines the associations, between CG and EM, and CG and FC. Second, We use path analysis to measure the mediate (indirect) effects of EM between CG and FC. The result shows that EM does have mediate effect not only to CG but also FC and being. negative effect. Furthermore, CG have positive direct effects to EM, more the strength of CG, then more the level of EM and the reporting FC to get better. However, in fact, it is due to the manipulation by the executives. That is, it proved that for the corporate which were suffered form financial distress, the corporate governance mechanism can not prevent the loophole of the law or fraud. We suggest that, to find out the origin of each corporation financial distress, we should examine the corporate governance mechanism of individual corporation at first instead of checking the financial characteristics.