本研究針對執行資產分割或權益分割決策的樣本公司進行研究，主要探討這兩類公司在盈餘管理行為上是否會受到資訊不對稱或資金壓力的影響。本研究使用1990-2007年間有執行過資產分割或權益分割的美國公司作為觀察樣本，將兩類公司分別與同產業一般公司進行比較盈餘管理的行為，最後再把這兩類公司互相比較。結果證實資產分割公司與權益分割確實有盈餘管理的行為，其中權益分割的樣本公司在較高的資訊不對稱與資金壓力下，顯示有較高的可能去調低裁決性應計項目。

This paper examines the difference in earnings management behavior between corporate spinoffs and equity carve-outs. We argue that these two kinds of firms with higher levels of information asymmetry and cash constraints will be more likely to engage in earnings management. The sample used in our research consists of all firms from the U.S. that engaged in spin offs or equity carve-outs between 1990 and 2007, and we also match them with control firms in the same industry. The empirical results indicate that corporate spinoffs and equity carve-outs are more likely to result in earnings manipulation as compared to the control firm, especially in the case of the equity carve-outs firms, the behavior of which is significantly influenced by information asymmetry and cash constraints.

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