| 摘要Abstract | 本文檢視管理者於現金增資（seasoned equity offerings, SEO） 期間利用裁決性應計項目及業外損益進行盈餘管理之整合性使用決 策。實證結果顯示，相對於 SEO 後期，管理者明顯會在 SEO 前期和 當期兩段期間同時利用裁決性應計項目與業外損益從事盈餘管理。而 相較於同期間未進行 SEO 之同業，SEO 公司裁決性應計項目之使用 程度仍明顯較高，但業外損益之使用程度則反而較低。本文進一步以 聯立方程式模型驗證裁決性應計項目與業外損益使用程度的內生關 係，並加入 Mill’s 反比例以調整業外損益所造成的樣本選擇性偏誤， 結果發現兩種工具之間在 SEO 前期與當期具有顯著的正向內生關 係。亦即，管理者將裁決性應計項目與業外損益視為方向性盈餘管理 工具的組合，在使用上作出整合性的搭配決策，於 SEO 前期和當期以 「互補」的方式同時運用這兩種工具以提升盈餘。This study investigates the joint decision of multiple earnings-management tools (discretionary accruals and asset sales) around seasoned equity offerings (SEO). The evidence indicates higher discretionary accruals and asset sales in SEO period and in previous period. The evidence also indicates higher discretionary accruals than that of controlled sample around SEO. In addition, to investigate the endogenous relationship between discretionary accruals and asset sales, this study develops a set of simultaneous equations and adds the inverse Mill’s ratio as a regressor to correct the self-selection bias of using asset sales. The results indicate a complementary correlation between discretionary accruals and asset sales in SEO period and in previous period. This finding supports the view that managers consider both tools jointly and adjust them as complements to meet their directional earnings management objective around SEO. |