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。 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.
關聯:
「2006當代會計暨管理論壇」大會手冊論文集=Proceedings of the 2006 Forum on Contemporary Accounting & Management，22頁
