| 摘要: | 本研究目的在於探討內部人股權交易對後續盈餘管理行為之影響，研究中以2005至2010年上市公司為研究對象。實證結果顯示，當內部人於前期有重大股權買入時，會傾向往上調整盈餘數字；而當期有重大股權買入時，亦會傾向往上調整盈餘數字。此結果支持，內部人會採用盈餘管理方式，以於股權交易中獲利。
The purpose of this study is to examine the relationship of insider trading with earnings management. To address this issue, I use a sample of companies traded in the period from 2005 to 2010. My findings show that insiders’ purchase volume in the previous and current periods are both significantly associated with upward earnings adjustments and that insiders’ sale volume in the pervious and current periods are both related to downward earnings revisions. Such findings lend support to the argument that, to create personal wealth, insiders may adjust accounting figures in and after the period they make substantial stock transactions. |
