盈余管理型态与长期股价报酬之关系
叶金成＊　　张俊仁＊＊

摘要：本研究主要探讨盈余管理型态与长期股价报酬之间的关系。本研究把盈余管理型态分为平稳型及非平稳型，了解台湾上市公司其盈余管理行为型态为何，并针对平稳化及非平稳化公司，分析其长期市场报酬是否有差异，更进一步探讨平稳化的损益能否增加市场对此盈余信息内涵的评估能力，进而反应在公司的股价上。最后比较两者公司规模的差异。研究对象为民国80年初至民国89年底，在台湾证券交易所上市公司，共133家。主要研究结果如下：
1.我国上市公司普遍有盈余管理行为，有51%的公司是采损益平稳化策略，49%的公司采非平稳化的策略。
2.损益平稳化行为对公司长期股价报酬没有显著的影响。
3.盈余及现金流量的信息内涵并不会随者损益平稳程度而增加，其市场对平稳化的公司并不会认为有较佳的信息内涵。
4.平稳化公司与非平稳化公司的规模差异并不显著。

关键词：盈余管理，损益平稳化，长期股价报酬

The Relationships Between The Type of Earnings Management and Long-term Stock Return

Yeh, Chin-chen Chang, Chun-Jen

Abstract：The purpose of this study is to examine the relationships between long-term stock return and the types of earnings management. This study divides the types of earnings management into smoothing and nonsmoothing and investigates what types of earnings management in Taiwan companies. Additionally, the study measures the market's responsiveness to earnings to see whether the market makes better assessments of information contained in relatively smooth earnings. Finally, this study investigates the difference of firm size between smoothing and nosmoothing firms.
The sample consists of all listed firms between 1991 and 1999 in Taiwan Stock Exchange. The sample size is 138 listed firms. The main results of this study are as follows:
1.Most of the listed firms in Taiwan have adopted the behavior of earnings management .
2. There are 51% firms are smoothing and 49% firms are nonsmoothing.
2.The relationships between income smoothing and firm performance is insignificant.
3.The information content of earnings and cash flows not increase with the degree of smoothing. The market not makes better assessments of the information content for firms with smoother earnings.
4.The difference of firm size between smoothing and nonsmoothing firms is insignificant.

Key words：Earnings management, Income smoothing, Long