管理者有各種動機在現金增資(Seasoned equity offerings, SEO)前透過盈餘管理來操弄損益，以達到企業所期望之盈餘目標。本研究針對兩種盈餘管理工具(裁決性應計項目、裁決性業外損益)於SEO事件下之使用情形進行探討。成對樣本T檢定實證結果顯示企業於SEO前期與SEO當期有顯著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。 A number of extant studies have examined managers have motivations to manage earnings upward before seasoned equity offerings (SEO) in order to reach the earnings of managers expected. This study use discretionary accruals and discretionary non-operating income to explore the conditions of SEO. Empirical results indicate that pair t-test result showed corporate use discretionary accruals and discretionary non-operating income to improve earnings on SEO earlier and this stage is significantly positively. The result of simultaneous equations model showed that managers use discretionary accruals and discretionary non-operating income simultaneously in earnings management around offering period. The tools of earnings management have significantly endogenous (complementary) relationship and managers use them to reach the expected earnings.
台灣財務金融學會年會暨財務金融保險不動產學術研討會論文集=Proceedings of 2006 Annual Conference of TFA on Finance, Insurance, and Real Estate，28頁