本研究以2015年至2020年為樣本期間，探討KY公司是否具有較高的盈餘管理程度，並尋找有哪些特徵或行為的KY公司具有較低或較高的盈餘管理程度，例如:CSR報告書的揭露與否、公司治理評鑑等級高低、公司治理評鑑等級的進步或退步、公司主要營運地區(主要銷售地區及主要非流動資產所在地)對盈餘管理的影響。另外，與之前僅使用異常應計數衡量盈餘管理之研究不同，本研究納入實質盈餘管理進行探討，並採用更豐富的控制變數，以增加研究之穩健性。
本研究之實證結果發現KY公司確實擁有較高的實質盈餘管理程度，而自願揭露及因法規而強制揭露CSR報告書的KY公司具有較低的實質盈餘管理程度，顯示企業社會責任能有效抑制盈餘管理，KY公司的公司治理評鑑結果排名區間進步達兩區間與有效降低應計盈餘管理顯著相關，排名區間退步達兩區間與實質盈餘管理程度提升顯著相關，顯示公司治理評鑑確實能增加資訊透明度，並反應公司治理的好壞，KY公司主要營運地區的主要銷售地區在國內者應計盈餘管理程度較低，而主要營運地區的主要非流動資產所在地在國內者會進行向下應計盈餘管理，顯示主要營運地區的確會影響公司對盈餘管理的選擇。

The thesis uses listing firms in Taiwan from 2015 to 2020 as samples to examine whether foreign firms have higher earnings management degree, and to find out what characteristics and behaviors are influencing factors to a foreign firm that lead to a higher or lower earnings management degree. Different to the previous studies which only used discretional accruals as earnings management measurement, the thesis not only captures accrual earnings management but also real earnings management. Besides to it, the thesis uses more control variables to increase the robustness.
The empirical results show that foreign listing firms in Taiwan have higher real earnings management degree. The foreign firms which have issued CSR reports have lower real earnings management degree whether volunteer or not. The foreign firms which Corporate Governance Evaluation System grade improvements reach two-levels are related to reducing accrual earnings management degree, and which Corporate Governance Evaluation grade declines reach two-levels are related to increasing real earnings management degree. The results show that Corporate Governance Evaluation System can increase information transparency and reflect good or bad of a firm’s corporate governance. The foreign firms which major selling areas are in Taiwan can reduce accrual earnings management degree, and which major non-current assets’ location are in Taiwan will manipulate downward accrual earnings management.

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