本研究主要係為探討台灣經理人管理能力高低與公司盈餘平穩程度的關係，並進一步探討能力較高的經理人是否較能善用盈餘平穩以提高盈餘與股價的資訊性。本研究採用2006年至2015年的台灣上市櫃公司作為研究樣本，透過資料包絡分析法（DEA）與Tobit回歸衡量經理人管理能力的變數，再對變數進行回歸分析。結果顯示，台灣經理人的能力高低與其從事盈餘平穩化的關係為正向不顯著，正向相關的結果與預期相符；由高能力經理人從事的平穩化行為與盈餘資訊性的實證結果亦呈現正向不顯著，然而值得注意的是由低能力經理人所進行的盈餘平穩行為與盈餘資訊性呈現顯著負相關；最後高能力經理人與股價資訊性的關係的回歸結果為正向不顯著。

In this study, we examine whether managerial ability is related to income smoothing in Taiwan, and further explore whether managers with higher ability could improve the informativeness of earnings and stock prices about future performance through smoothing income. Using 6,690 firm-year observations from 2006 through 2015 in Taiwan, and estimating the managerial ability based on DEA and Tobit model, we find that the relationship between managerial ability and income smoothing is insignificantly positive. This result also shows that smoothing associated with high-ability managers insignificantly enhances earning and stock price informativeness about future performance. However, the smoothing conducted by low-ability managers significantly reduces the relation between current earnings and future cash flows.

林嬌能，2011，家族企業、盈餘平穩化與權益資金成本之相關性，當代會計，第十二卷第一期，57-84頁
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