本研究旨在探討市場整體估值環境與企業營收管理行為之關聯。既有盈餘管理與營收管理文獻多聚焦於公司層級之管理誘因，本研究則將分析層級延伸至市場整體，檢驗市場股價營收比（Aggregate Price-to-Sales Ratio, AGGPS）與企業裁量性營收（Discretionary Revenues, DREV）之關聯。
本研究採兩階段實證設計。第一階段依循 Stubben（2010）之條件式營收模型，利用季度資料估計裁量性營收，並彙整為年度資料；第二階段則以年度裁量性營收為應變數，進行實證分析。研究樣本為臺灣上市及上櫃公司，研究期間為2016年至2025年，最終樣本共計16,366筆公司年度觀測值。
實證結果顯示，在控制產業固定效果與公司特性後，市場股價營收比（AGGPS）與裁量性營收（DREV）呈現弱顯著負向關聯，與原先基於資本市場壓力所預期之正向關係並不一致。異質性分析顯示，此負向關聯主要存在於小型公司樣本中，大型公司則未呈現顯著關聯。此外，在控制產業層級估值差異後，AGGPS仍維持弱顯著負向關聯，而產業股價營收比（Industry AGGPS）未達統計顯著水準，顯示前述負向關聯並非僅由特定產業之估值差異所驅動。落後一期AGGPS亦未呈現顯著關聯，顯示AGGPS與DREV之關聯可能主要反映當期市場條件。
整體而言，本研究發現AGGPS與DREV呈現負向關聯，且主要存在於小型公司樣本中，顯示市場估值環境與企業營收管理行為之關聯可能因公司規模而有所不同。本研究將營收管理之分析層級由公司個體延伸至市場整體估值環境，補充市場估值環境與企業財務報導行為關聯性之相關文獻，並提供高估值環境可能與較低裁量性營收程度相關之實證證據。

This study examines the relationship between the market valuation environment and corporate revenue management by investigating the association between the Aggregate Price-to-Sales Ratio (AGGPS) and discretionary revenues (DREV). Using Taiwanese listed and over-the-counter (OTC) firms from 2016 to 2025, this study employs a two-stage empirical design. Discretionary revenues are first estimated using the conditional revenue model developed by Stubben (2010) based on quarterly data and then aggregated into annual measures. The final sample consists of 16,366 firm-year observations. The results reveal a weakly significant negative association between AGGPS and DREV, which is inconsistent with the positive relationship predicted by the capital market pressure hypothesis. Heterogeneity analysis shows that this negative association is concentrated among small firms, whereas no significant association is observed among large firms. After controlling for industry-level valuation differences, the negative association remains weakly significant, whereas Industry AGGPS is insignificant, suggesting that the result is not solely driven by valuation differences across industries. In addition, one-period lagged AGGPS is not significantly associated with DREV, suggesting that the relationship may primarily reflect contemporaneous market conditions. Overall, the findings indicate that the relationship between the market valuation environment and corporate revenue management may vary with firm size. This study extends revenue management research from firm-level incentives to the aggregate market valuation environment and provides evidence that higher market valuations may be associated with lower discretionary revenues.

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