不論是2004年12月台灣修正公開發行公司年報應行記載事項準則第10條，強制要求公開發行公司應在年報中採彙總配合級距揭露姓名方式，或個別揭露姓名及酬金方式，提供最近年度支付總經理及副總經理等酬金資料，抑或是於2010年11月增訂證券交易法第14條之6，強制證券交易所上市(櫃)以及興櫃公司應設置薪酬委員會，皆可察覺出財務報表使用者對於企業薪酬計畫與內部監理機制的重視程度日益漸增。故本研究主要在探討與會計績效相連結的薪酬契約，是否會誘發高階經理人從事盈餘管理，而扼殺了設置薪酬計畫之美意，並進一步對該盈餘資訊所包含的價值攸關程度作分析討論。
本研究以2007至2012年之台灣上市(櫃)公司為樣本，研究結果發現高階經理人薪酬績效敏感性與裁決性應計項目呈顯著正相關，表示具有高薪酬績效敏感性時，高階經理人從事盈餘管理的程度愈高，在此情況下，本研究並進一步實證發現，不論以平均累積異常報酬抑或是除權息調整年報酬率作為異常報酬指標時，高薪酬績效敏感性之公司皆有較低之盈餘反應係數，顯示較高的裁決性應計數並未包含額外的股價攸關資訊，進而產生較差的盈餘品質。此外，本研究亦發現，若改用股東權益報酬率作為會計績效衡量基礎，來判斷高階經理人薪酬績效敏感性的高低時，實證分析薪酬績效敏感性、盈餘管理與盈餘品質三者間的關聯性，亦會得到相同之研究結論。

In 2004, the modified "Regulations Governing Information to be Published in Annual Reports of Public Companies"of Taiwan requires public companies to disclose the interval of CEO compensation in annual reports. Further the amended "Securities and Exchange Act" requires that companies whose stock listed in the Taiwan Stock Exchange (TWSE) or Over-the-counter (OTC) markets to set up the compensation committee. The purpose of these newly announced regulations is to improve the efficiency of CEO compensation. The main objective of this study is to investigate whether higher CEO pay-performance sensitivities (PPS) may provide CEO’s stronger incentive to manage earnings, and how the earnings management motivated by PPS affects the value-relevance of accounting information.
I collect the listed firms from 2007 to 2012. The empirical results show that the association between PPS and discretionary accruals is positive significantly. The findings suggests that the higher the correlations between CEO compensation and reported income, the more likely for CEO to manage earnings. Further, I find that companies with high PPS have lower earnings response coefficients than those with low PPS. This result suggests that higher discretionary accruals do not significantly enhance the value relevance of earnings.

王元章與張椿柏，核心代理問題對盈餘管理之影響，會計審計論叢，第2卷第2期(12月)，頁69-113，2012
李建然與陳信吉，會計師任期與審計品質認知-股市投資人的觀點，中山管理評論，第二十卷第三期，頁881-907，2012
林俊廷，高階經理人獎酬計畫、公司治理與盈餘管理，國立東華大學碩士論文，2008
林淑惠與胡星陽，上市公司高階經理人之酬勞結構，經濟論文，第31卷第2期(6月)，頁171-206，2003
林嬋娟、洪櫻芬、薛敏正，財務困難公司之盈餘管理實證研究，管理學報14，15-38頁，1997
柯君衛，台灣上市公司現金增資前盈餘操縱之研究，私立淡江大學會計學研究所碩士論文，1987
洪玉舜，績效衡量指標在高階主管薪酬契約中之相對重要性，臺灣大學會計學研究所學位論文，2005
洪玉舜與王泰昌，績效衡量指標在高階主管現金薪酬契約中之相對重要性，證券市場發展季刊，第17卷第2期(7月)：35-100，2005
張至善，首度上市公司盈餘管理與股價關聯性之研究，國立政治大學企業管理學研究所未出版碩士論文，2001
張哲文，我國新上櫃公司盈餘管理行為之研究，國立台北大學企業管理學系，2001
許永聲與劉政淮，盈餘的資訊品質對盈餘管理行為的影響，管理與系統，第12卷第一期，頁1-22，2005
陳志愷，盈餘反應係數探索性之研究-台灣股票市場之實證分析，國立政治大學會計研究所碩士論文，1992
傅鍾仁、歐進士與張寶光，我國企業經營者薪酬與績效指標之關聯性，管理學報，第19 卷第6 期(12 月)，頁1073-1096，2002
曾玉潔，我國高階主管薪酬決定因素之實證研究，國立中正大學會計學研究所碩士論文，2000
辜秋屏，高階主管酬勞與公司績效之實證研究，國立台灣大學會計學研究所碩士論文，1997
楊朝旭與吳幸蓁，總經理薪酬績效敏感性、績效門檻與盈餘管理關聯性之研究，會計評論，第36期(1月)，頁55-87，2003
楊翔傑，公司特性、公司治理與高管股票薪酬績效關聯性之研究，國立政治大學會計學系碩士論文，2008
葉蓁蓁，裁決性應計項目的評價-績效假說、投機假說與雜訊假說，私立中原大學會計學系碩士論文，2002
劉賢修，應計項目操縱對盈餘反應係數之實證硏究，國立台灣大學會計學系碩士論文，1994
劉韻僖與林玟廷，CEO 權力與薪酬關係之實證研究－代理和資源依賴觀點，中原企管評論，第8 卷第1 期，頁35-60，2010
蔡柳卿，依會計盈餘時效性設計高階主管薪酬契約：董事會扮演的角色，會計評論第44期，2007
蔡柳卿與楊朝旭，會計盈餘之監督與評價角色關聯性之研究：台灣實證結果，風險管理學報，第8卷第2期，頁119-154，2004
賴梨雯，應計數品質、盈餘品質與股票報酬之關連性研究，私立輔仁大學會計學系碩士在職專班碩士論文，2006
簡金城、王明隆與黃信諭，新上市公司盈餘品質對股票價格之影響，亞太管理評論，第五卷第四期，頁403-422，2000
Antle, R.,and A. Smith, An Empirical Investigation of the Relative Performance Evaluation of Corporate Executives, Journal of Accounting Research 24(1)：p.1-39, 1986
Ali, A., and P. Zarowin, The role of earnings levels in annual earnings-returns studies, Journal of Accounting Research 30 (2):286-296, 1992
Abarbanell, J. S., W. N. Lanen, and R. E. Verrecchia, Analysts’ forecasts as proxies for investor belief in empirical research, Journal of Accounting and Economics 20: 31-60 ,1995
Augustine D., Raghavan J.I, and Alex .T, The Shielding of CEO Compensation from the Effects of Strategic Expenditures, Contemporary Accounting Research, 2002
Ahmed E., Earning management and board activity: an additional evidence, Review of Accounting & Finance, 42~58, 2007
Abowd, John M., Does performance-based managerial compensation affect corporate performance?, Industrial and Labor Relations Review (1990): 52S-73S,1990
Berle, A. A. and Means, G. C., The Modern Corporation And Private Proverty, New York: Macmilian , 1932
Ball, R., and P. Brown, An empirical evaluation of accounting income numbers, Journal of Accounting Research 6 (Autumn): 159-178, 1968
Beaver, W. H., The information content of annual earnings announcements, Journal of accounting research, 67-92, 1968
Beaver, W., P., Kettler, and M. Scholes., The association between market determined and accounting determined risk measures. The Accounting Review 45 (4): 654-682, 1970
Bernstein, L. and J. Siegel, The concept of earnings quality, Financial Analysts Journal, 72-75, 1979
Bemstein, L. and J. G. Sìegel, TheQuality of Eamings Concept - A Survey, Financial Analysts Joumal, 38(2), pp.60-68, 1982
Baber W., P.fairfield and J.Haggard, The Effect of Concern about Reported Income on Discretionary Spending Decisions: The Case of Research and Development, The accounting Review, 66:818-829, 1991
Byrd, John W., and Kent A. Hickman, Do outside directors monitor managers?: Evidence from tender offer bids, Journal of Financial Economics 32.2: 195-221, 1992
Bartov, E., The timing of asset sales and earnings manipulation, The Accounting review 66:840-855, 1993
Baker, G., M. Gibbs, and B. Holmstrom, The wage policy of a firm, Quarterly Journal of Economics 109(November):921-955, 1994
Bricker, R., Previts G., Robinson T. and Young S., Financial analyst assessment of company earnings quality, Journal of Accounting, Auditing, and Finance, 541-553 ,1995
Bricker, R., G. Previts，T. Robinson, and S Young, Financial Analyst Assessment of Company Eamings Quality, Jouma1 of Accounting, Auditing & Finance 10(3), pp.541-554 ,1995
Basu, S., The conservatism principle and the asymmetric timeliness of earnings., Journal of Accounting and Economics 24 (1): 3-37, 1997
Balsam, S., Discretionary accounting choices and CEO compensation, Contemporary Accounting Research 15 (Fall): 229-252, 1998
Becker, C., M. DeFond, J. Jiambalvo, and K. R. Subramanyam, The effect of audit quality on earnings management, Contemporary Accounting Research 15 (1): 1-24, 1998
Baber, W., S. Kang, and K. Kumar, Accounting earnings and executive compensation: the role of earnings persistence, Journal of Accounting and Economics 25 (May): 169– 193, 1998
Balkin, D. B., G. D. Markman, and L. S. Gomez-Mejia, Is CEO pay in high-technology firms related to innovation?, Academy of Management Journal 43 (December): 1118-1129, 2000
Baker T., C. Denton and R. Austin, Stock Option Compensation and Earnings Management Incentives, Journal of Accounting, Auditing and Finance；Vol.18 Issue 4,p.557-582, 2003
Bao, B-H, and D-H Bao, Income smoothing, earnings quality and Firm valuation, Journal of Business Finance and Accounting 31(9)＆(10)：1525-1557, 2004
Bushman, R., E. Engel, and A. Smith., An analysis of the relation between the stewardship and valuation roles earnings, Journal of Accounting Research 44(March):53-83, 2006
Bushman, R., E. Engel, and A. Smith, An analysis of the relation between the stewardship and valuation roles of earnings, Journal of Accounting Research 44 (March): 53-83, 2006
Coase, Ronald H. The nature of the firm, Economica 4.16: 386-405, 1937
Collins, D.W., and S.P. Kothari, An analysis of the intertemporal and cross-sectional determinants of earnings response coefficients, Journal of Accounting and Ecnomics 11:143-181, 1989
Choi, S. and G. Salamon, External reporting and capital asset prices. In C.F. Lee (Ed.), Advances in quantitative analysis of finance and accounting, 3(Part A): 85–110, 1989
Choi, S. and L. Gerald, External reporting and capital asset prices, Advances in Quantitative Analysis of Finance and Accounting 3A(Fall):85-110, 1994
Core, J. E., R. W. Holthausen, and D. F. Larcker, Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics 51(March): 371-406, 1999
Craighead, J.A., M.L.Magnan and L.Thorne, The Impact of Mandated Disclosure on Performance-Based CEO Compensation, Contemporary Accounting Research, 21(2):369-398, 2004
Dhaliwal, D. S., The effect of the firm’s capital structure on the choice of accounting Methods, The Accounting Review 55(1): 78-84, 1980
Dhaliwal, Dan S., Gerald L. Salamon, and E. Dan Smith, The effect of owner versus management control on the choice of accounting methods, Journal of accounting and economics 4.1: 41-53, 1982
DeAngelo, L.E., Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders, The Accounting Review : 400-420 ,1986
Davidson, S. D., C. Stickney, and R. Weil., Accounting: The language of business, 7th edition. Tomas Horton and Daughter, 1987
Dechow, P., and R. Sloan, Executive incentives and horizon problem, Journal of Accounting and Economics 14 (March): 51-89, 1991
Defond, M.L., and J.Jiambalvo, Debt convent effects and the manipulation of accurals, Jaurnal of Accounting and Economics 72(1):145-176, 1994
Dechow, P., Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals, Journal of Accounting and Economics 18 (July): 3-42, 1994
Dechow, P.M., R.G. Sloan,and A.P. Sweeney, Detecting Earnings Management, The Accounting Review,Vol.70,No.2 : 193-225 ,1995
Degeorge, F., J. Patel, and R. Zeckhauser, Earnings management to exceed thresholds, Journal of Business 72: 1-33, 1999
Dechow, Patricia M. and Douglas J. Skinner, Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and regulators, Accounting Horizons, 14(2):p.235-250, 2000
Duru, A., R. J. Iyengar, and A. Thevaranjan, The shielding of CEO compensation from the effects of strategic expenditures, Contemporary Accounting Research 19 (Summer):175-193, 2002
Fama, E. F., Agency problems and theory of the firm, Journal of Political Economy 88(April):288-307, 1980
Fischer, P.E. and Verrecchia, R. E., Reporting Bias, The Accounting Review, Vol. 75,pp.229-245, 2000
Francis, R. LaFond, P. Olsson, and K. Schipper, Costs of equity and earnings attributes, The Accounting Review 79 (4): 967-1010, 2004
Gibbons, Robert, and Kevin J. Murphy, Optimal incentive contracts in the presence of career concerns: Theory and evidence. No. w3792, National Bureau of Economic Research, (April):235-253, 1992
Gaver, J. J., K. M. Gaver, and J. R. Austin, Additional evidence on bonus plans and income management, Journal of Accounting and Economics 19(February): 3-28, 1995
Guay, W., S.P.Kothari, and R. L. Watts,A market based evaluation of discretionary-accrual models, Journal of Accounting Research Supplement,83-105, 1996
Gaver, J. J., and K. M. Gaver, The relation between nonrecurring accounting transactions and CEO cash compensation, The Accounting Review 73, 1998
Gul, F.A., Leung, S., and Srinidhi, B., Informative and Opportunistic Earnings Management and the Value Relevance of Earnings: Some Evidence on the Role of IOS, unpublished manuscript, City University of Hong Kong, 2003
Ghosh, A. and D. Moon, Auditor tenure and audit reporting failures, Auditing: A Journal of Practice and Theory 21 (1): 67-78, 2005
Hand, J. R, Did firms undertake debt-equity swaps for an accounting paper profit or true financial gain？, The Accounting Review (October)：587-623, 1989
Healy, P. M. and J. M. Wahlen, A review of the earnings management literature and its implications for standard setting, Accounting Horizons 3(December): 365-383, 1999
Haw, I., B. Hu, L. Hwang, and W. Wu., Ultimate ownership, income management, and legal and extra-legal institutions, Journal of Accounting Research, 42(2), pp.423-462, 2004
Itter, C. D., D. F. Larcker, and M. Rajan, The choice of performance measures in annual bonus contracts, The Accounting Review 72(April)；231-255, 1997
Iyengar, R., and E. Zampelli, Does accounting conservatism pay?, Accounting & Finance 50 (March): 121–142, 2010
Jensen, M. C., and K. J. Murphy, Performance pay and top-management incentives, Journal of Political Economy98 (2):223-64, 1990
Kormendi, R., and R. Lipe, Earnings innovations, earnings persistence and stock returns, Journal of Business 60 (3): 323-345, 1987
Kormendi, R., and R. Lipe, Earnings innovations, earnings persistence, and stock returns, Journal of Business (July): 323-345, 1987
Kaplan, S. N., and D. Reishus, Outside directorships and corporate performance, Journal of Financial economics, 389-410, 1990
Kinney, M. and R. Trezevant, The use of special items to manage earnings and perceptions, The Journal of Financial Statement Analysis 3(1): 45-53, 1997
Kothari, Sagar P., Andrew J. Leone, and Charles E. Wasley, Performance matched discretionary accrual measures, Journal of accounting and economics 39.1: 163-197, 2005
Kwon, S.S. and Q.J.Yin, Executive Compensation, Investment Opportunities, and Earnings Management: High Tech Firms versus Low Tech Firms, Journal of Accounting Auditing & Finance, 21(2):119-148, 2006
Lev, B, Some economic determinants of the time-series properties of earnings, Journal of Accounting and Economics 5 (1): 31-48, 1983
Lambert, R. A., and D. F. Larcker, An analysis of the use of accounting and market measures of performance in executive compensation contracts, Journal of Accounting Research 25 (Supplement): 85-125, 1987
Lipe, R., The relation between stock returns and accounting earnings given alternative information, The Accounting Review 65 (1): 49-71, 1990
Lev, B. and R. Thiagarajan, Fundamental information analysis, Journal of Accounting Research, 31(2): 190-215, 1993
Lambert, R. A.,Contracting theory and accounting. Working Paper, Universityof Pennsylvania, PA., 2001
Michael C. Jensen, William H. Meckling, Theory of the firm: Managerial behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, October, V.3, No.4, pp.305-360, 1976
Murphy, K.J., Corporate Performance and Managerial Remuneration: An Empirical Analysis, Journal of Accounting and Economics, 1(1):11-42., 1985
Moses, O. D., Income smoothing and incentives: Empirical tests using accounting changes, The Accounting Review 62(April):358-377, 1987
Mehran, Hamid., Executive compensation structure, ownership, and firm performance, Journal of financial economics 38.2 : 163-184 ,1995
Murphy, K. J., Executive compensation. In Orley Ashenfelter and David Card (eds.), Handbook of Labor Economics, Vol.3b, Elsevier Science North Holland, Chapter 38: 2485-2563,1999.
Mishra, C., and J. Nielsen, Board independence and compensation policies in large bank holding companies, Financial Management 29 (Autumn): 51–69, 2000
Masulis, R. W., Wang, C., and Xie, F., Agency Problems At Dual-Class Companies, Journal of Finance, 64(4), 1697-1727, 2009
Newman, H., and H. Mozes, Does the composition of the compensation committee influence CEO compensation practices?, Financial Management 28 (Autumn): 41–53,1999
O’glove, T, Quality of earnings. New York: The Free Press, 1987
Patell, James M, Corporate forecasts of earnings per share and stock price behavior: Empirical test, Journal of accounting research: 246-276, 1976
Patricia M. Dechow, Richard G. Sloan and Amy P. Sweeney, The Accounting Review. Vol. 70, No. 2 (Apr., 1995):193-225, 1995
Peasnell, K. V., P. F. Pope, and S. Young, Board monitoring and earnings management: Do outside directors influence abnormal accruals? Working paper, Lancaster University, 2001
Penman, S. H., and X.J. Zhang, Accounting Conservatism, the Quality of Earnings, and Stock Returns, The Accounting Review 77 (April): 237-264, 2002
Rangan, S., Earnings Management and the Performance of Seasoned Equity Offerings, Journal of Financial Economics, Vol.50, Iss.1：101-122, 1998
Schipper, K, Commentary on earnings management, Accounting Horizons. 3(December): 91-102, 1989
Sloan, R. G., Accounting earnings and top executive compensation, Journal of Accounting and Economics 16 (January-July): 55-100, 1993
Sloan, R. G., Do stock prices fully reflect information in accruals and cash flows about future earnings?, The Accounting Review 71(3): 289-315,1996
Schipper and L. Vincent, Earnings quality, Accounting Horizons 17(Supplement): 97-110, 2003
Sun, J. and Cahan, S., The Effect of Compensation Committee Quality on the Association between CEO Cash Compensation and Accounting Performance, Corporate Governance : An International Review,17(2):193-207, 2009
Teoh, S. H., I. Wwlch, and T.J. Wong, Earnings management and the long-run market performance of initial public offerings, Journal of Finance 6:1935-1974, 1998
Teets, W. R., Quality of earnings: An introduction to the issues in accounting education special issue, Issues in Accounting Education, 17(4): 355-360, 2002
Terry A. Baker, Denton L. Collins, Austin L. Reitenga, Incentives and Opportunities to Manage Earnings around Option Grants, Contemporary Accounting Research Volume 26, Issue 3:649–672, 2009
Watts, R. and J.L.Zimmerman, Towards a Positive Theory of the Determination of Accounting Standards, The Accounting Review, 53(1):112-137, 1978
Watts, Ross, and Jerold Zimmerman, Positive accounting theory, 1986
Warfield, Terry D., John J. Wild, and Kenneth L. Wild, Managerial ownership, accounting choices, and informativeness of earnings, Journal of accounting and economics 20.1: 61-91, 1995