本篇論文目的在於檢驗盈餘管理對資訊不對稱之影響，並且探討此影響在不同資訊不對稱程度的公司間是否有所差異。盈餘管理的本質分為二種：自利行為與溝通私有資訊，對於盈餘管理對資訊不對稱產生之影響為正面或負面之討論，在過去文獻裡存在爭議性的矛盾。本研究採用分量迴歸模型，試圖提出一種綜合說法以解釋過去文獻結論不一致的現象，相較傳統的線性迴歸模型專注在各變數機率分配的平均值，分量迴歸模型的優點在於分析變數之間的動態關係，可提供各解釋因子在不同資訊不對稱程度下其影響的變動情況。
本文之樣本包含1988到2014年間，4,981家非金融保險產業之美國公司。實證結果顯示，對於隨著公司資訊不對稱程度的不同，盈餘管理對於資訊不對稱的影響亦有所不同。對於擁有較高不對稱資訊的公司，財務報表之資訊品質較低，盈餘管理成為擁有較多私有訊息的管理階層用來謀取自身利益的機會主義策略，因此會導致資訊不對稱程度加重；反之，對於擁有較少不對稱資訊的公司，較高的財務報表資訊品質使盈餘管理成為一種傳遞訊息的工具，故可進一步降低資訊不對稱程度。

The aim of this study is to examine the effects of earnings management on information asymmetry and further discuss whether the influences are non-uniform between different degrees of information asymmetry. There are two perspectives explaining earnings management in literatures: managerial opportunism and information communication. Prior studies report seemingly conflicting evidences on whether earnings management enhances or reduces information asymmetry. This study adopts the quantile regression model, trying to provide an explanation for the inconsistencies in findings of prior research. The advantage of QR method is providing an alternative approach to evaluate the relative explanatory power of independent variables in various conditions.
Our sample contains 4,981 U.S. nonfinancial firms from 1988 to 2014. The empirical results show that the effect of earnings management on information asymmetry changes depending on the quantile level of information asymmetry. Regarding firms with high information asymmetry, the information quality of their financial reporting is perceived low and earnings management is viewed as a managerial opportunism strategy gaining managers’ own benefits since they have more private information, which in turn aggravates the level of firms’ information asymmetry. Conversely, as for low information asymmetry firms, market investors consider their information financial reporting quality high and earnings management are expected to be an instrument to convey information, which reduce firms’ extent of information asymmetry accordingly.

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