本文提到供應商受其主要客戶盈餘管理行為而誘發出的投資，並針對其投資效率進行研究。為測試供應商的投資效率，本研究將投資拆解成三個部分，並將受到引誘而增加之投資與未來產生之現金流量作為衡量依據，結果發現，供應商受引誘的投資與未來現金流量呈現負相關，此結果支持我們提出公司的盈餘管理行為會影響其供應商投資效率之推論。另外，結果亦指出供應商與客戶合作時間的長或短並不會影響其受引誘投資不效率的情況。

This study examines the efficiency of suppliers’ investments which is induced by their main customers’ earning management behavior. Decomposing the suppliers’ current investments into three parts, I use the relationship between investment been induced and future cash flows as the measures of suppliers’ investment efficiency. The result finds that suppliers’ induced investment is negatively associated with the future cash flows. The finding supports our prediction that firms’ earnings management behavior affects their suppliers’ investment efficiency. Moreover, the results show that the duration of the supplier-customer relationship would not affect the inefficiency of induced investment.

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