對投資人與債權人而言，財務報表含有企業經營狀況之重要訊息及企業管理決策。股利的分配型態(現金股利或股票股利)與 財務報表品質的好壞有關。就企業而言，股利分配是企業經營績效的指標，同時也是投資人考慮是否參與投資活動的重要因素之一。企業每年可藉著發放適當的股利，來滿足投資人的期盼。因此企業對於經營狀況須有詳細的規劃、制定健全的股利政策，使企業與股東之間能達到最適當的平衡。
本文實證結果顯示，股利分配型態與裁決性應計數(財務報表品質之替代變數)呈現顯著負相關，表示股利分配型態與裁決性應計數具有關聯性。當裁決性應計數絕對值越大時，企業更傾向於發放股票股利。
本文進一步探討裁決性應計數(財務報表品質之替代變數)是否會影響到企業之價值。實證結果顯示，裁決性應計數與企業價值呈現顯著正相關，表示當管理當局進行盈餘管理之程度愈高，企業價值亦會相對提升。
For both the investors and the creditors, financial statements reveal not only crucial information on the operation of a corporation but also the information on its business management decisions. Dividend distribution of patterns in connection with financial reporting quality, be it in cash or in stock. Dividend, being the indicator of a corporate’s performance, is also a key factor taken into consideration by the investor in weighing up an investment. To meet their investors’ expectations, corporates allocate and distribute a certain portion of their annual earnings to their shareholders . Therefore, the management is obliged to propose a detailed business plan and develop a sound dividend policy, so as to balance the interests of the corporate and its shareholders.
This empirical results show that patterns of dividend distribution and discretionary accruals should count a significant negative correlation on behalf of dividend distribution(the substitution variables of financial statements) of patterns in connection with surplus management. When they award should count more, enterprises are more likely to issue stock dividend, representing a large range of surplus management of enterprise more inclined to issue stock dividend.
Further analysis is also conducted in this paper to investigate the impact of the discretionary accruals on the firm value. Empirical study indicates that there is a significant positive correlation between discretionary accruals and the firm value. It indicates when the management authorities of the higher level of earnings management, firm value will be relatively improved.
