本研究旨在探討實質盈餘管理與淨值門檻之關係。依有價證券得為融資融券標準之法令規定，自1998年起證券主管得以公告暫停上市（櫃）公司股票的融資、融券交易，其衡量基準是以每股淨值低於票面（十元）。因此管理當局可能受到相關法令門檻規定之影響，進而促使管理當局進行盈餘管理以達成特定目標。故本研究主要是探討管理當局在避免跌破十元之淨值門檻，相較於零元之盈餘門檻，是否更傾向採用實質盈餘管理，以及管理當局在避免第一次跌破十元之淨值門檻，相較於非第一次之跌破，是否更傾向採用實質盈餘管理。本研究選用1998年至2012年之間上市（櫃）公司為研究對象，參考Heckman (1979)與Cohen and Zarowin(2010)的二階段模型(two-stage model)，及參考Roychowdhury(2006)與Cohen et al. (2008)之作法估計實質盈餘管理綜合指標。本研究檢測管理當局在避免跌破十元淨值門檻，進行實質盈餘管理之狀況，以及管理當局在避免第一次跌破十元淨值門檻，進行實質盈餘管理之狀況。實證結果顯示，管理當局為了避免跌破十元之淨值門檻，相較於零元之盈餘門檻，更傾向採用實質盈餘管理。換言之，跌破十元淨值門檻之成本可能高於跌破零元之盈餘門檻，使得管理當局較願意使用成本較高的實質盈餘管理來達成淨值門檻。不過，本研究並未發現管理當局為了避免第一次跌破十元之淨值門檻，相較於非第一次之跌破，更傾向採用實質盈餘管理。 This study examines the association between real earnings management and thresholds of equity per share. According to Standards Governing Eligibility of Securities for Margin Purchase and Short Sale, the securities regulatory can suspend equity financing and margin trading of listed companies. Therefore, if companies’ equity per share below the par value stock (NT$10), management has incentive to manipulate earnings. This study aims to investigate whether the management uses more real earnings management to avoid the equity per share below the threshold of ten dollars than to avoid the earnings per share below the zero threshold. In addition, this study also investigate whether management uses more real earnings management in their first time to avoid the equity per share below the threshold.This study uses the sample of companies listed on the Taiwan Stock and Gretai Securities Market from 1998 to 2012. Using two-stage model suggested by Heckman (1979) and Cohen and Zarowin (2010), and real earnings management model suggested by Roychowdhury (2006) and Cohen et al. (2008).This study investigates the magnitudes of real earnings management that management uses to avoid the equity per share below the threshold of ten dollars and the first time fell below the threshold of ten dollars.The results show that management uses more real earnings management to avoid the equity per share below the threshold of ten dollars than earnings per share below zero threshold. However, this study does not find that management uses more real earnings management to avoid the first time fell below the threshold of ten dollars.
