基於財務報導的主要目的，在幫助投資人及債權人使用有用的資訊，去評估投資所面臨的預期風險和報酬，本研究首先探討應計項目可靠性程度與盈餘持續性之間的關聯性，次為公司內部治理制度-持有公司股份的整體董事會是否會干涉公司會計政策進而影響盈餘品質。過去研究指出，我國股權結構為「家族或個人」，本研究因而假設當控制股東與公司利益趨於一致時，會產生極大化公司價值的誘因效果；而當控制股東持股比例上升至所擁有的控制權大於盈餘分配權，則會發生侵犯小股東利益的侵佔效果；相較於上述論點，另一個假設為控制股東會以好的出發點去進行營運管控，也就是效率契約

研究以盈餘持續性方程式 Xt+1=αt+βXt+ε為檢驗基礎，實證結果指出，可靠性較低的應計項目會比可靠性較高的應計項目有較低的持續性係數。而進一步結果發現隨著管理階層持股比例與盈餘持續性之間為非線性關係，大致上為大規模且高營業現金流量企業類別會有效率契約(efficient contracting)存在，而大規模且低營業現金流量企業類別以及小規模(包含高、低營業現金流量企業)類別會有誘因效果(incentive effects)以及侵占效果(entrenchment effects)存在。

The purpose of financial reporting is to help investors and creditors to evaluate risks and returns of their investment decision. This study examines the relation between earnings persistence of accrual components and the reliability of accrual components and if managerial share ownership affects the earnings quality through accounting policies. Since prior research pointed out that the share ownership of listed companies in Taiwan is family or personal. Incentive effects and entrenchment effects and efficient contracting effects are tested in Taiwan.

We test the earnings persistence using of Xt+1=αt+βXt+ε. Empirical result indicates the lower reliability accruals component has the lower persistence coefficient. Furthermore, the results point out that when managerial share ownership rise, the relation between share ownership and earnings persistence is nonlinear. For large firms with high operating cash flows this study finds evidence consistent with efficient contracting, whereas for large firms with low operating and small firms, this study finds evidence consistent with incentive alignment and entrenchment effects.

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