過去的實證研究指出，公司管理者在進行現金增資之前明顯會透過裁決性應計來進行盈餘管理，從公司的角度是希望能夠透過盈餘管理來美化財報，使得現金增資宣告後的股價上升。除了透過裁決性應計來管理盈餘之外，關係人交易亦是一種盈餘管理的手段之一。本研究使用2000-2014年台灣上市公司資料 (排除金融保險業)，欲探討: 第一，在公司進行現金增資之前是否會透過關係人交易來進行盈餘管理；第二，公司治理的品質是否會影響關係人交易的使用程度；第三，使用關係人交易的程度是否會影響公司現金增資宣告的股價異常報酬。
本研究發現，公司在進行現金增資之前異常關係人交易會顯著增加，亦即公司會透過關係人交易來進行盈餘管理，也發現集團企業使用關係人交易的程度明顯高於非集團企業。更重要的是，公司治理的品質將會影響關係人交易的使用程度，換句話說，好的公司治理將會減少異常的關係人交易。此外，本研究發現台灣公司現金增資有顯著負向的宣告效果，此結果與過去文獻相同，實證結果也顯示公司現金增資之前的異常關係人交易愈高，將負向且顯著地影響現金增資宣告後的異常報酬，而這樣的結果顯示市場可能發現公司在進行現金增資之前透過關係人交易的異常盈餘管理行為，進而造成負向的現金增資宣告效果。

It is already well documented within the extant literature that seasoned equity offerings (SEOs) provide incentives for firms to manage earnings by altering discretionary current accruals to accounting accruals before SEOs. The intention of the issuers is to boost the stock price and therefore increase the proceeds from the SEOs. However, related party transactions (RPTs) is also a useful tool for earnings management. In this study I use data of Taiwan listed firms from 2000-2014 and aim to investigate (i) how SEOs affect firms for the use of RPTs; (ii) the relation between board monitoring mechanism (corporate governance) and the use of RPTs; (iii) whether the use of RPTs will affect SEO announcement abnormal returns.
This study contributes to the existing literature by investigating the role of RPTs as an earnings management tool surrounding SEOs. The empirical results provide convincing evidence that SEOs firms do engage in high level of abnormal RPTs to manage earnings upward in the pre-SEO period. More importantly, the empirical results also suggest firms that are better-governed may less involved in the propping-up issues in the pre-SEO period. In addition, the result shows there is a negative stock market reaction to SEO announcement which is aligned with the extant literature. Moreover, there is negative significant relationship between RPTs and SEO announcement abnormal returns, which means the level of abnormal RPTs do influence the SEO announcement returns. This may also suggest that the stock market do detect the propping issues through RPTs before SEOs.

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