本研究旨在探討會計師之事務所規模與會計師的產業專精對於盈餘品質之影響，本研究採用產業橫斷面Modified Jones Model 所估計之裁決性應計數來衡量盈餘品質。現金增資時的盈餘管理行為一直很受關注，因為公司在現金增資後常有績效不佳的情況。本研究發現由四大事務所簽證之公司於現金增資時盈餘管理小於非四大事務所簽證之公司，而由產業專家會計師所簽證之公司亦有較小的盈餘管理。

　　在額外測試中發現當客戶有增加所得的盈餘管理動機時，代表高審計品質的四大與產業專家會計師事務所的客戶所報導的裁量性應計數顯著低於非四大與非產業專家之會計師事務所，表示四大與產業專家較能抑制客戶利用裁量性應計數進行增加所得的盈餘管理；反之，當客戶有減少所得的盈餘管理動機時，四大與產業專家會計師事務所容許客戶利用裁量性應計數進行減少所得的盈餘管理。

　　We investigate the relationship between audit quality as measured by audit firm size and industry specialization, and earnings management as measured by discretionary current accruals, for companies making seasoned equity offerings (SEOs). Earnings management in the SEO process is of concern because of the underperformance of seasoned equity offering firms. We find evidence that Big 5 auditors are associated with lower earnings management during the SEO. Industry specialist auditors are associated with lower earnings management during the SEO.
　
　　According to our research, we find that when the management has the motive to increase reported earnings, the reported discretionary accruals of the management audited by the big 4 and industrial expert CPA firms are much lower than those audited by the non-big 4 and non- industrial expert CPA firms. It means that the audit quality of the big 5 and industrial expert CPA firms is much better, and they can restrain their customer using the discretionary accruals to increase their earnings. On the other hand, when the management has the motive to decrease reported earnings, they tolerate their customer using the discretionary accruals to decrease their earnings.

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