公司發生高階管理者異動的原因普遍為財務績效不佳，財務主管屬於公司高階管理者，在公司營運上扮演著重要腳色，新任者有誘因從事盈餘管理來保住任期，許多文獻都指出盈餘管理是存在於財務報表中的普遍現象，導致財務報表品質不佳。財報品質是利害關係人評估公司績效及投資或授信決策上相當重要的依據，隨著大眾對公司內部控制機制的關注，法律和監管日漸趨嚴，新任財務主管可能會更加謹慎與保守。
本研究為了解臺灣上市(櫃)公司財務主管異動後是否會進行小幅向上盈餘管理，以1986年至2020年間臺灣上市、上櫃及興櫃公司為對象，參考Ashbaugh et al. (2003)文獻中的盈餘標竿模型，將公司盈餘小幅增長的可能性加入財務主管異動因素，並以沙賓法案施行前後、金融業與非金融業、是否由四大會計師事務所查核、公司規模及是否為易訴訟之電子業等五種分樣本，各別分析財務主管異動與小幅向上盈餘管理之關聯是否有所不同。
經實證研究後發現財務主管異動與公司盈餘小幅增長具負向關係。分樣本分析結果顯示：(1)在沙賓法案施行後財務主管異動與公司盈餘小幅增長呈現顯著負相關。(2)金融業財務主管異動與小幅向上盈餘管理沒有關聯。(3)由四大會計師事務所查核簽證的公司與非四大會計師事務所查核的公司皆呈現顯著負相關。(4)大規模公司財務主管異動與小幅向上盈餘管理沒有關聯；小規模公司則呈現顯著負相關。(5)電子產業與非電子產業皆呈現顯著負相關。

The reason for senior management turnover in companies is generally poor financial performance. CFOs are senior executives who play an important role in the operation of the company, and new appointees have an incentive to retain their tenure by engaging in surplus management. Many papers have pointed out that surplus management is a common phenomenon in financial statements, resulting in poor financial statement quality. The quality of financial statements is an important basis for stakeholders to evaluate the performance of a company and to make investment or credit decisions. As public attention is focused on the internal control mechanisms of companies and legal and regulatory requirements become more stringent, new financial executives may be more cautious and conservative.
In order to find out whether CFOs of TWSE/TPEx listed companies would engage in small upward earnings management after a change in CFO, we used the Earnings Benchmark Model in Ashbaugh et al. (2003). This study also analyzed the association between CFO changes and small upward earnings management by using five subsamples: before and after the Sabin Act, financial and non-financial industries, whether the company was audited by the Big Four, company size, and whether the company was in the litigation-prone electronics industry.
An empirical study revealed a negative correlation between the change in financial officer and the small increase in the company's earnings.

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