本研究探討不同公司治理機制下，內部股權與盈餘管理間的關係，以及考量盈餘門檻對這個關係的影響。使用台灣上市公司為研究對象，研究結果發現，在沒有控制股東且聘雇無重大股權的專業經理人的公司，內部股權與可裁決應計間的關係是負的，支持利益收斂假說。相對地，在有控制股東的公司，內部股權與可裁決應計間的關係是正的，支持侵占假說，而且發現盈餘管理是控制股東用來降低盈餘品質以侵占少數股東利益的方法之一；然而透過聘雇專業經理人可降低此侵占效果。內部股權與盈餘管理關係反轉的主要原因是控制股東的存在。最後，我們檢測盈餘管理超過門檻的現象對內部股權與可裁決應計項目兩者關係的影響，發現盈餘管理超過門檻的公司有較大的盈餘管理動機及能力，盈餘管理超過門檻的現象強化內部股權與可裁決應計項目間的關聯。本研究的發現提醒正在評估財務報表的投資者以及監督上市公司報導資訊的政府當局，當公司內部股權特別高或特別低或公司有盈餘管理超過門檻的現象，這類公司的盈餘品質可能是較差的。

This study examines the relationship between insider ownership and earnings management under different mechanisms of corporate governance and considers the effect of earnings thresholds on that relationship. Our findings suggest that in situations where firms have no controlling shareholders and in cases where they employ professional managers, the relationship between insider ownership and discretionary accrual is negative, supporting the convergence of interest hypothesis. Relatively, in the case of firms with controlling shareholders, the relationship between insider ownership and discretionary accruals is positive, supporting the entrenchment hypothesis and documenting that earnings management is one method where controlling shareholders decrease earnings quality in order to expropriate the interest of minority shareholders. However, this entrenchment effect will be weakened by employing professional managers without significant ownership. The main cause for the reversal of the relationship between insider ownership and earnings management is the existence of controlling shareholders. Finally, we tested the impact of the phenomenon of managing earnings to exceed earnings thresholds on the relationship between insider ownership and discretionary accruals, and found that BBUA (benchmark beaters using accruals) firms have more incentive and a greater capacity for managing earnings, which strengthens the associations between insider ownership and earnings management. The findings of this study can remind investors evaluating the financial statements of firms and authorities monitoring the reported information of listed firms that the earnings quality may not be good when the level of insider ownership is especially high or low or when firms exhibit the phenomenon of managing earnings to exceed earnings thresholds.

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