本研究主要探討盈餘管理之程度是否會影響公司股價未來崩盤風險，並以實質盈餘管理（Real Earning Management）及裁決性應計項目絕對值 (Absolute Value of Discretionary Accruals) 做為盈餘管理之代理變數。本研究發現，在控制財務變數和公司治理變數後，進行盈餘管理會顯著增加股價未來崩盤風險。進一步探討公司若由四大會計師事務所提供審計簽證之服務，是否會降低股價崩盤之發生：藉由實質盈餘管理與裁決性應計項目絕對值兩變數分別與由四大會計師事務所提供審計簽證之服務之虛擬變數作交乘，實證結果發現，四大會計師事務所的審計服務雖能降低股價崩盤之風險，但結果並不顯著。最後，我們亦發現財務結構、公司規模和公司治理構面的變數均與股價未來崩盤風險有關；明確來說，股東持股比率與股價未來崩盤風險呈顯著負相關。

The study discusses whether the degrees of earnings management affect future stock price crash risk and uses real earnings management and absolute value of discretionary accruals as proxy variables for earnings management. The study finds that earnings management does notably increase future stock price crash risk after controlling the variables of finance and corporate governance. Further discussion on whether the company’ audit visa service provided by the Big Four accounting firms will reduce the occurrence of the stock price crash: real earnings management and absolute value of discretionary accruals are separately crossing the dummy variable which company’ audit visas service provided by the Big Four accounting firms. From the empirical results, although the audit visa services of the Big Four accounting firms can reduce stock price crash risk, the results are not statistically significant. Finally, we also found that the financial structure, company size and corporate governance facet variables are related to the future stock price risk; To be more specific, the shareholding ratio of shareholders is significantly negatively correlated with the risk of future stock price crash

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