本研究以民國85年至90年間上市及上櫃公司中，連續四年發生業績衰退之公司作為樣本，以探討公司發生業績衰退時所採行之會計政策，包括公司盈餘管理行為及其自發性重整行為。本研究以Dechow, Sloan and Sweeney（1995）所提出的Modified Jones Model，透過比較業績衰退公司與正常公司之裁決性應計項目，來探討公司在發生業績衰退前後，是否會利用裁決性應計項目來操縱盈餘。本研究亦對與營業有關的應計項目分別進行檢驗，以找出業績衰退公司管理當局進行盈餘管理時慣用的會計科目。此外，本研究亦試圖找出公司發生業績衰退期間，所採行之反應措施，尤其是會計政策之反應動作，藉由分析會計項目來探尋公司所採行之因應策略及其背後所隱含的意義。由於員工薪資費用佔公司的營運成本比例很大，因此最後亦探討，業績衰退公司是否會利用連續虧損期間，有系統的進行裁員。實證結果如下：
一、相較於正常公司，業績衰退公司確實有利用裁決性應計項目來操縱盈餘。在發生虧損之前，業績衰退公司管理當局利用裁決性應計項目來增加盈餘，以掩飾其有獲利下降之跡象；在發生虧損之後，反而利用裁決性應計項目來降低盈餘，以增加未來提高盈餘之機會。
二、與營業有關之個別應計項目如，應收帳款、預付款項、存貨、應付帳款及預收款項是管理當局常用來操縱損益的會計科目，其中又以應收帳款、存貨及應付帳款最常被使用。
三、業績衰退公司在虧損期間對與重整有關的會計科目的提列金額，比正常公司同年度高出許多，且比其在虧損前提列的多。其中重建關聯費用金額及備抵科目金額占總額絕大比例，檢定結果非常顯著。而評價損失之檢定結果，其趨勢雖不明顯，但業績衰退公司各年所提列之評價損失明顯高於正常公司許多；至於其他項目，其實證結果並不顯著。
四、公司在虧損期間，與重整有關之會計科目的提列金額有平穩化之趨勢，即公司是採多年平均分攤之方式，而非採取洗大澡之策略。
五、業績衰退公司在虧損期間，員工人數有隨時間呈遞減之趨勢，即管理當局以有系統的方式進行裁員，以節省其龐大之人事費用。

This study is to investigate the accounting policies on decline of operating performance of companies, including earnings management and their voluntary restructuring behavior, especially in accounting responses. Research sample in this study is separated into two groups: declined companies and non-declined companies. The former group contains firms that continuously occurred negative earnings for four years between 1996 and 2001; the latter group consists matched companies use industry and firm size as matching criteria.
The empirical results indicate that declined companies indeed use discretionary accruals to manipulate earnings. The declined companies tend to increase earnings before decline of operating performance and decrease earnings after occur negative earnings. In particular, it is found that manipulation firms tend to employ account receivable, repaid expense, inventory, account payable and revenue received in advance as the tools of earnings management.
Additionally, the empirical results also show that declined companies report more amount of accounting items related with restructuring than non-declined companies does during the negative earnings periods. At the same time, the amount that declined companies reported during the negative earnings periods has a tendency of smoothing. Finally, declined companies would lay off the employees to reduce the personnel expense during the negative earnings periods.

一、中文部分
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李廣浩，2003，產業轉折環境下企業變革策略之研究–以光通訊產業為例，台灣大學國際企業學研究所未出版之碩士論文。
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唐瑞麟，1998，我國財務困難公司重整成功影響因素之實證研究，成功大學會計研未出版之碩士論文。
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陳羿妏，2002，業績衰退上櫃公司之盈餘管理研究，成功大學會計學研究所未出版之碩士論文。
陳輝吉，財務危機手冊：面對25個企業致命的錯誤，臉譜文化出版，台北，P177，2000。
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黃培怡，2000，上市公司損益平穩化與Big Bath 之探討，中國文化大學會計研究所未出版之碩士論文。
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劉自強，1995，資本結構與財務績效不良反應關係之研究-以台灣上市公司為例，元智工學院管研所未出版碩士論文。

二、日文部分

中條佑介，業績低迷公司的會計政策，會計雜誌，155卷：39-54，1999。

三、英文部分

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