本研究以台灣經濟新報資料庫(TEJ)之風險評等來衡量企業信用風險(TCRI)，探討企業信用風險與盈餘管理動機之關聯性。本文樣本以台灣經濟新報資料庫2003年至2007年之產業(不含金融、保險業)，共有信評與財務年資料5,001筆，並以Kothari計算之裁決性應計數作為盈餘管理之代理變數。再加入股權結構變數為干擾變數，再探討股權結構與信用風險、盈餘管理三者間之關係。
本研究以敘述性統計與迴歸分析等統計方法，以了解企業信用風險對盈餘管理之關聯性及股權結構對兩者間之影響。本文實證結果發現，信用風險與盈餘管理呈正相關，當企業信用風險愈高時，其盈餘管理現象愈嚴重。另外，本文股權結構分為董監事持股比率、經理人持股比率、偏離指數，信用風險與董監事持股之交乘項對盈餘管理呈現負相關；信用風險與經理人持股之交乘項對盈餘管理呈現正相關；信用風險與偏離指數之交乘項對盈餘管理呈現正相關，顯示當企業信用風險高時，董監事持股比率愈
高愈有抑制盈餘管理之動機；當企業信用風險高時，經理人持股比率愈高愈有操縱盈餘之動機；當企業信用風險高時，偏離指數愈高盈餘管理情事愈嚴重。
In this study, the Taiwan Economic Journal (TEJ) database risk rating to
measure the corporate credit risk (TCRI), investigate between TCRI and the earnings management motivation and relevance. This sample of Taiwan Economic Journal database from 2003 to 2007 the industry (excluding financial and insurance industry), there are credit ratings and financial information on 5,001 date, and to calculate the value of Kothari should count as a proxy for earnings management. Then add a variable to interfere with shareholding structure, re-examine the shareholding structure, credit risk, earnings management and the relationship among the three.
In this study, descriptive statistics and regression analysis and other statistical methods, to learn and understand the credit risk for earnings management and shareholding structure of the effect between the two. This evidence was found that credit risk was positive correlation with earnings management, while the higher corporate credit risk, its more serious phenomenon of earnings management.
In addition, the shareholding structure of this study are shareholding ratio of directors and supervisors, ratio of managers holding and deviation index, credit risk and directors and supervisors ratio of synergism show that negative correlation with earnings management; credit risk and managers holding ratio of synergism show that positive correlation with earnings management; credit risk and deviation index of synergism show that positive correlation with earnings management.
