損益平穩化向為國內外學者在盈餘管理方面所探討的重要焦點。故本研究探討主要重點：
一、裁決性應計項目和衍生性金融商品兩方面的操縱對於損益平穩化的重要性，及其替代效果。故深入探討使用裁決性應計項目及衍生性金融商品此兩種工具對企業損益平穩化行為模式的影響。主要欲瞭解企業管理階層在面臨損益平穩化的壓力時，採取盈餘管理方法的替代效果。
二、公司損益平穩化與市場系統風險β值的關聯性。本研究採用計算
標的平穩化波動幅度的大小作為自變數，研究其對市場系統風險β值的影響，即對於平穩化幅度操作的大小是否影響到系統風險β值，以了解其在公司進行平穩化決策中扮演的角色與對公司盈餘管理之影響。

本研究以2001年至2004年之排行前兩百五十大上市公司為研究對象。實證結果說明如下：
1、採取損益平穩化方法的替代效果：
在進行損益平穩化行為時，裁決性應計項目與衍生性金融商品確實存在互補、替代性的關係，管理階層會考慮影響因素來決定應採用裁決性應計項目或衍生性金融商品來進行損益平穩化的活動。
2、平穩化幅度大小，對企業的市場系統風險之影響。
(1).本期繼續營業部門淨利的平穩化幅度和系統風險呈現正向的關係，但未達顯著水準。
(2).在現金流量波動幅度和系統風險β值呈現正向關係，且達顯著水準。
(3).在應計項目波動幅度方面，顯示應計項目的估計係數為正值，但未達顯著水準。

Income smoothing is an important topic on earning management.
This study is to investigate:
1. Substitute relation between the uses of discretionary accruals and derivatives for income smoothing. This study measure derivatives using notional amounts and discretionary accruals using modified Jones (1991) model.
2. The connection between income smoothing and the market systematicβrisks. This study uses income volatility to be independent variables in order to realize the influence of market systematicβrisk.
Using the 2001-2004 data for a sample of Taiwan’s Top 250 listed companies and self-selection simultaneous equations, the results show a substitute relation between the uses of discretionary accruals and derivatives for income smoothing .This study present evidence consistent with managers using derivatives and discretionary accruals as partial substitutes for income smoothing. The empirical results are summarized below:
1. The empirical results show that managers appear to trade off derivatives and discretionary accruals at the margin. That is , after controlling for incentives to income smoothing, firms holding derivatives portfolios with large notional amounts have lower absolute levels of discretionary accruals.
2. The relationship between income volatility and the market systematic
risk.
(1)Income volatility from continued operate department is positively associated with the market systematic risk.
(2)Cash flow volatility is significantly positive associated with the market systematic risk.
(3)Accruals volatility has no effect on the market systematic risk.

一、中文文獻
1.中華民國會計研究發展基金會財務會計準則委員會，1997，第27 號-金融商品之揭露，財務會計準則公報。

2.中華民國會計研究發展基金會財務會計準則委員會，2003，第34號-金融商品之會計處理準則，財務會計準則公報。

3.中華民國會計研究發展基金會財務會計準則委員會，2005，第36號-金融商品之表達與揭露，財務會計準則公報。

4.中華徵信所企業股份有限公司，2004，2004 台灣地區大型企業排名TOP5000，台北：中華徵信所企業股份有限公司。

5.王萬成、高祥恒，2002，裁決性應計項目、衍生性金融商品與損益平穩化，2002 財務金融學術研討會，台中：國立中興大學財務金融學系主辦。

6.江佳玲，1999，國內企業使用衍生性金融商品避險之實證研究以上市公司非金融機構為例，中央大學財務管理研究所未出版之碩士論文。

7.朱浩民，2000，衍生性金融商品，初版，台北：智勝文化事業有限公司。

8.何安慧，2001，損益平穩化與營業槓桿之關係，中國文化大學未出版之碩士論文。
9.高雋昌，1996，我國上市公司平穩化行為及其與資本市場關聯之研究，成功大學企業管理研究所未出版之碩士論文。

10.連靜仙，1993，『新上市公司盈餘管理之研究』，國立政治大
學會計學研究所未出版碩士論文。

11.陳柏任，1996，衍生性商品之市場需求與避險策略，中正大學企業管理研究所未出版之碩士論文。

12.陳建行，1998，企業衍生性金融商品運用與避險因素之探討，淡江大學國際貿易學系國際企業學碩士班未出版之碩士論文。

13.陳威光，2001，衍生性金融商品-選擇權、期貨與交換，台北：智勝文化事業有限公司。

14.陳淑盈，1999，上市公司運用衍生性金融商品避險之研究，中興大學企業管理學系未出版之碩士論文。

15.莊碧玉，2000，台灣上市公司損益平穩化行為影響因素之研究，東吳大學會計學系未出版之碩士論文。

16.黃培怡，2000，上市公司損益平穩化與Big Bath 之探討，中國文化大學會計研究所未出版之碩士論文。

17.黃薏萍，2000，上市公司使用衍生性金融商品避險動機與行為之研究，成功大學國際企業研究所未出版之碩士論文。

18.劉啟群，1999，我國金融業會計損益項目季別分析：盈餘管理間
接測試法，會計評論，第31 期：63-79。

19.管夢欣，1993，『長期性資產出售交易與盈餘操縱行為之關
聯性實證研究』，國立台灣大學會計學研究所未出版之碩士論文。

二、日文文獻
1. 野間幹晴,2001，利益平準化方法與資金成本之關係，一橋論叢,Vol 125,No5,pp. 65-82.

三、英文文獻

1. Ball ,R. and P .Brown. 1969. Portfolio Theory and Accounting. Journal of Accounting Research,Autumn, Vol. 7 , No2.
2. Barton , J. 2001. Does the Use of Financial Derivatives Affect EarningsManagement Decisions? The Accounting Review 76 ,January: 1-26.
3. Beaver ,W. , P. Kettler and M Scholes,1970 , The Association Between Market Determined and Accounting Determined Risk Measures,Accounting Review,October,Vol.45 No 4.
4. Beaver and E.E.Engel, 1996,Discretionary Behavior with respect to Allowance for Loan Losses and the Behavior of Bank Share Prices ,Journal of .Accounting and Economics,September,Vol.22 No.1-3.
5. Bartov , E. 1993.The Timing of Asset Sales and Earnings Manipulation. The Accounting Review 68: 840-855.
6. Beidleman , C. R. 1973. Income Smoothing: The Role of Management. , October ,The Accounting Review 48: 653-667.
7. Bernard , V. L., and D. J. Skinner. ,1996.What motivates managers’ choice of discretionary accruals? August-December. Journal of Accounting and Economics 22: 313-325.
8. Copeland , R.M. ,Income Smoothing ,Journal of Accounting Research, Supplement to Volume 6,Empirical Research in Accounting:Selected Studies,Vol6:101-116.
9. Copeland , R.M. and R.D.Licastro 1968, A Note on Income Smoothing ,July ,The Accounting Review:540-545.
10. DeAngelo , H., and L. DeAngelo. 1990. Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE Firms. Journal of Finance 45: 1415-1431.
11. DeAngelo , L. 1986. Accounting Numbers as Market Valuation
Substitutes: A Study of Management Buyouts of Public Stockholders.
The Accounting Review 61: 400-420.
12. Dechow , P. M. , and R. G. Sloan. 1991.Executive Incentives and The Horizon Problem: An Empirical Investigation. Journal of Accounting and Economics 14: 54-89.
13. Dechow , P. M., R. G. Sloan, and A. P. Sweeney, 1995 “Detecting Earnings Management ,” The Accounting Review, Vol. 70, No. 2, pp. 193-225.
14. DeFond , M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. January.Journal of Accounting and Economics 17: 145-176.
15. Eckel , N. 1981. The Income Smoothing Hypothesis Revisited. June.
Abacus 17:28-40.
16. Gaver , J. J., K. M. Gaver, and J. R. Austin. 1995. Additional Evidence on Bonus Plans and Income Management. Journal of Accounting and Economics 19: 3-28.
17. Geczy ,c.c. , B.A.Minton and C.Schrand.1997,Why Firms Use
Currency Derivatives,Journal of Financial,September,Vol.52 No.4.
18. Guay , W and S.P. Kothari, 2000.The Magnitude of Exposure Hedged by Non-Financial Firms Derivatives Positions,December.
19. Gordon , M.J.,Postulates, 1964.Principles and Research in
Accounting , April.The Accounting Review:251-263.
20. Healy , P. M. 1985.The Effect of Bonus Schemes on Accounting
Decisions. Journal of Accounting and Economics 7: 85-107.
21. Hepworth , S. R. 1953. Smooth Period Income. The Accounting
Review 29: 32-39 Jones, J. 1991. Earnings Management During Import Relief Investigations. Journal of Accounting Research 27: 193-228.

22. McNichols , M. ,andG. P. Wilson. 1988. Evidence of Earnings
Management From The Provision For Bad Debts. Journal of
Accounting Research 26: 1-31.
23. McNichols , M. F. 2000. Research design issues in earnings management studies. Journal of Accounting and Public Policy 19 Winter.: 313-345.
24. Horwitz ,B.N.1977,Comments on Income Smoothing:A Review by
J.Ronen,S.Sadan and C.snow,Accounting Journal,Spring : 27-29.
25. J.Ronen ,S.Sadan and C.Snow.1977,Accounting Journal
Spring.:27-29.
26. Watts , R. L., and J. L. Zimmerman. 1987. Positive Accounting
Theory. New Jersey: Prentice-Hall.
27. Zmijewski , M., and R. Hagerman. 1981.An Income Strategy
Approach to The Positive Theory of Accounting Standard
Setting/Choice. Journal of Accounting and Economics 3: 129-149.
28. Jones, J. J. Earnings1991management during import relief investigations. Journal of Accounting Research 29 ,Autumn.: 193-228.
29. Kamin, J. Y., and J. Ronen. 1978.The Smoothing of Income Numbers: Some Empirical Evidence on Systematic Differences among Management-Controlled and Owner-Controlled Firms. Accounting, Organizations and Society 3 (2):141-157.
30. Kaplan, E. S. 2001 Further evidence on the ethics of managing earnings: an examination of the ethically related judgments of shareholders and non-shareholders. Journal of Accounting and Public Policy 20 Spring.: 27-44.
31. Lev, B., and S. Kunitzky. 1974.On the Association Between
Smoothing Measures and the Risk of Common Stocks. The Accounting Review 49 April.: 259-270.
32. McNichols, M., and G. P. Wilson. 1988. Evidence of Earnings
Management from the Provision for Bad Debts. Journal of
Accounting Research 26 (Supplement): 1-31.
33. McNichols, M. F. 2000.Research design issues in earnings
management studies. Journal of Accounting and Public Policy 19 Winter : 313-345.
34. Moses, O. D. 1987. Income Smoothing and Incentives: Empirical Tests Using Accounting Changes. The Accounting Review 62 April.: 358-377.
35. Ronen, J., and S. Sadan. 1975 Classificatory Smoothing: Alternative
Income Models. Journal of Accounting Research 13 Spring.:
133-149.
36. Smith, C. W., and R. M. Stulz. 1985 The Determinants of Firms’
Hedging Policies. Journal of Financial and Quantitative Analysis 20 December : 391-405.
37. Subramanyam,k.r. 1996,The Pricing of Discretionary Accruals,Journal of Accounting and Economics ,December ,Vol 22No.1-3.
38. Trueman, B., and S. Titman. 1988. An Explanation for Accounting Income Smoothing. Journal of Accounting Research 26 (Supplement): 127-139.
39. Wang, Z., and T. H. Williams. 1994.Accounting income smoothing
and stockholder wealth. Journal of Applied Business Research 10 Summer : 96-104.