本研究主要探討核心代理問題是否會增加管理階層的盈餘管理行為，並進一步分析審計委員會的監督效果，文中以股份控制權與盈餘分配權的偏離程度來衡量核心代理問題。研究對象為2007年至2016年台灣上市上櫃公司，實證結果顯示，股份盈餘偏離差與裁決性應計數間呈現顯著正相關，表示公司核心代理問題愈嚴重，管理階層的盈餘管理幅度愈高。此外，無論審計委員會的設立及特性，如審計委員會規模、成員財務或會計專長、開會頻率與成員出席狀況，皆沒有顯著影響核心代理問題產生之盈餘管理行為，表示審計委員會對於此議題較沒有明顯的抑制效果。

This study explores the association between the core agency problem and earnings management of listed companies in the Taiwan capital market during the period from 2007 to 2016. The empirical result shows that the deviation of voting right and cash flow right is positively associated with discretionary accruals. That is, firms with a more severe core agency problem are more likely to manage earnings. Furthermore, this study also examines the moderating effect of an audit committee. The result shows that both an audit committee and its characteristics have no significant correlation with the earnings management behavior caused by the core agency problem. It means an audit committee cannot suppress the expropriation behavior of controlling shareholders.

參考文獻
柯承恩、陳耀宗與吳姍穎。(2010)。董監事治理與盈餘管理之關連性研究。會計學報，2(2)，25-59。
張椿柏、王育偉與林小雯。(2015)。代理問題與盈餘管理：董事會監督機制之探討。財金論文叢刊，22，15-37。
張瑞當、方俊儒與曾玉琦。(2007)。核心代理問題與盈餘管理：董事會結構與外部監督機制之探討。管理學報，24(1)，17-39。
曹壽民、翁慈青與黃仲賢。(2008)。應計項目與非財務指標異常現象之探討。管理學報，25(1)，85-107。
葉銀華與林志豪。(2014)。上市櫃公司要設置審計委員會？審計委員會與盈餘管理之研究。輔仁管理評論，21(3)，1-21。
Abbott, L. J., Parker, S., & Peters, G. F. (2004). Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory, 23(1), 69-87.
Bao, S. R., & Lewellyn, K. B. (2017). Ownership structure and earnings management in emerging markets—An institutionalized agency perspective. International Business Review, 26(5), 828-838.
Bartov, E., Gul, F. A., & Tsui, J. S. (2000). Discretionary-accruals models and audit qualifications. Journal of accounting and economics, 30(3), 421-452.
Baxter, P., & Cotter, J. (2009). Audit committees and earnings quality. Accounting & Finance, 49(2), 267-290.
Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contemporary accounting research, 15(1), 1-24.
Bedard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice & Theory, 23(2), 13-35.
Bradbury, M., Mak, Y. T., & Tan, S. M. (2006). Board characteristics, audit committee characteristics and abnormal accruals. Pacific accounting review, 18(2), 47-68.
Bradshaw, M. T., Richardson, S. A., & Sloan, R. G. (2001). Do analysts and auditors use information in accruals?. Journal of Accounting research, 39(1), 45-74.
Chi, C. W., Hung, K., Cheng, H. W., & Lieu, P. T. (2015). Family firms and earnings management in Taiwan: Influence of corporate governance. International Review of Economics & Finance, 36, 88-98.
Choi, J. H., Jeon, K. A., & Park, J. I. (2004). The role of audit committees in decreasing earnings management: Korean evidence. International Journal of Accounting, Auditing and Performance Evaluation, 1(1), 37-60.
Chtourou, S. M., Bedard, J., & Courteau, L. (2001). Corporate governance and earnings management. Working paper. University Laval Canada.
Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual-based earnings management in the pre-and post-Sarbanes-Oxley periods. The accounting review, 83(3), 757-787.
Collins, D. W., & Hribar, P. (2000). Earnings-based and accrual-based market anomalies: one effect or two?. Journal of Accounting and Economics, 29(1), 101-123.
Das, S., & Zhang, H. (2003). Rounding-up in reported EPS, behavioral thresholds, and earnings management. Journal of Accounting and Economics, 35(1), 31-50.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 70(2), 193-225.
DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of accounting and economics, 17(1), 145-176.
Dhaliwal, D. A. N., Naiker, V. I. C., & Navissi, F. (2010). The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting Research, 27(3), 787-827.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
Fan, J. P., & Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of accounting and economics, 33(3), 401-425.
Francis, J. R., Maydew, E. L., & Sparks, H. C. (1999). The role of Big 6 auditors in the credible reporting of accruals. Auditing: a Journal of Practice & theory, 18(2), 17-34.
Francis, J., Schipper, K., & Vincent, L. (2005). Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of accounting and economics, 39(2), 329-360.
Frankel, R. M., Johnson, M. F., & Nelson, K. K. (2002). The relation between auditors' fees for nonaudit services and earnings management. The accounting review, 77(4s), 71-105.
Ghosh, A., Marra, A., & Moon, D. (2010). Corporate boards, audit committees, and earnings management: pre‐and post‐SOX evidence. Journal of Business Finance & Accounting, 37(9‐10), 1145-1176.
Haw, I. M., Hu, B., Hwang, L. S., & Wu, W. (2004). Ultimate ownership, income management, and legal and extra‐legal institutions. Journal of accounting research, 42(2), 423-462.
Islam, M. Z., Islam, M. N., Bhattacharjee, S., & Islam, A. Z. (2010). Agency problem and the role of audit committee: Implications for corporate sector in Bangladesh. International journal of Economics and Finance, 2(3), 177.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 29(2), 193-228.
Kim, H. J., & Yoon, S. S. (2008). The impact of corporate governance on earnings management in Korea. Malaysian Accounting Review, 7(1), 43-59.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of accounting and economics, 33(3), 375-400.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The journal of finance, 54(2), 471-517.
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of financial economics, 69(3), 505-527.
Lin, J. W., & Hwang, M. I. (2010). Audit quality, corporate governance, and earnings management: A meta‐analysis. International Journal of Auditing, 14(1), 57-77.
Lin, J. W., Li, J. F., & Yang, J. S. (2006). The effect of audit committee performance on earnings quality. Managerial Auditing Journal, 21(9), 921-933.
Marra, A., Mazzola, P., & Prencipe, A. (2011). Board monitoring and earnings management pre-and post-IFRS. The International Journal of Accounting, 46(2), 205-230.
Menon, K., & Williams, D. D. (2004). Former audit partners and abnormal accruals. The Accounting Review, 79(4), 1095-1118.
Piot, C., & Janin, R. (2007). External auditors, audit committees and earnings management in France. European accounting review, 16(2), 429-454.
Press, E. G., & Weintrop, J. B. (1990). Accounting-based constraints in public and private debt agreements: Their association with leverage and impact on accounting choice. Journal of accounting and economics, 12(1-3), 65-95.
Rajan, R. G., & Zingales, L. (1998). Which capitalism? Lessons form the east Asian crisis. Journal of Applied Corporate Finance, 11(3), 40-48.
Ratnawati, V., Abdul-Hamid, M. A., & Popoola, O. M. J. (2016). The Influence of Agency Conflict Types I and II on Earnings Management. International Journal of Economics and Financial Issues, 6(4S), 126-131.
Reynolds, J. K., & Francis, J. R. (2000). Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of accounting and economics, 30(3), 375-400.
Saleh, N. M., Iskandar, T. M., & Rahmat, M. M. (2007). Audit committee characteristics and earnings management: evidence from Malaysia. Asian Review of Accounting, 15(2), 147-163.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Sloan, R. G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71(3), 289-315.
Van Der Zahn, J. W. M., & Tower, G. (2004). Audit committee features and earnings management: further evidence from Singapore. International Journal of Business Governance and Ethics, 1(2-3), 233-258.
Woidtke, T., & Yeh, Y. H. (2013). Corporate Governance and the Informativeness of Accounting Earnings: The Role of the Audit Committee. Pacific-Basin Finance Journal, 23, 1-24.
Xie, B., Davidson, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of corporate finance, 9(3), 295-316.
Yang, J. S., & Krishnan, J. (2005). Audit committees and quarterly earnings management. International Journal of Auditing, 9(3), 201-219.