本研究主要以台灣上市上櫃公司中有家族控制者為研究對象，研究期間自1997年至2012年，並依據家族企業之特質，了解家族企業從事盈餘管理程度是否與一般企業有異；本文更進一步探討家族企業在應計項目、實質與分類變動等三種盈餘管理方法間的選擇行為。實證結果發現，在全部樣本中，家族企業在應計項目與實質盈餘管理的操弄幅度較一般企業為低，而家族企業在分類變動盈餘管理的操弄幅度較一般企業為高。在家族企業對三種盈餘管理方式之選擇方面，本研究以全部樣本測試之實證結果發現分類變動盈餘管理與家族企業從事實質盈餘管理呈顯著負向關係，與家族企業從事應計項目盈餘管理呈負向關係，但不顯著。另外，本研究聚焦於家族企業樣本之實證結果發現分類變動盈餘管理與應計項目及實質盈餘管理呈顯著負向關係，表示家族企業基於情感依附、聲譽及風險規避等因素，會提高分類變動盈餘管理並同時降低應計項目及實質盈餘管理，以期降低盈餘管理對公司永續經營及真實價值之潛在不利影響。 This research, focusing on the TSE-listed and OTC-listed companies with family-controlled governance from 1997 to 2012, explores whether family–controlled firms behave differently from other non family-controlled firms corporations in earnings management. It analyzes how the characteristics of family corporations impact the choice behavior among the three earnings management methods: accrual-based, real activities, and classification shifting. The empirical result shows that the earnings management in family-controlled firms is higher than other companies in terms of accrual-based and real activities earnings management, but lower in terms of classification shifting. In respect of choice among the three earnings management methods, the research shows that classification shifting has a significantly negative correlation with family-controlled firms conducting real activities earnings management and it has an insignificantly negative correlation with family-controlled firms conducting accrual-based earnings management. Besides, focusing family-controlled firms the empirical result shows that classification shifting earnings management has significantly negative correlations with both accrual-based and real activities earnings management. This means that family corporations, due to emotion attachment, reputation and risk aversion, increases classification shifting earnings management and decrease accrual-based and real activities earrings management to reduce the potential negative impacts of earnings management on sustainable operation and intrinsic value.
