地雷股無預警的引爆使得許多債權人和投資人紛紛遭受重大的損失。再加上資訊不對稱之存在，公司為達成其經濟上的目的，確實存在人為操縱盈餘之狀況，故管理機制的存在有其必要性。管理機制可由內部及外部來執行，內部管理機制制度若是不夠健全，對於外部管理機制的任何規定或限制，公司仍有其一定的方法可以規避公司外部監理機制之監視。故內部管理機制相較於外部管理機制更為重要。

　　公司所出具的最終財務報表是外部報表使用者做決策的最主要的資訊來源，而公司無預警的倒閉卻帶給許多投資人和債權人及一些報表使用者產生重大損失外，對於證券市場的穩定發展也造成一大衝擊，對於國家經濟的發展更是一大變數。因此，對於報表使用者權益的維護、盈餘管理行為的減少、公司的管理機制是否設計健全及運作是否良好是一大重要的課題。

　　因此，本研究將公司管理機制以三個構面進行研究：股權結構(股權集中度)、管理當局機制(經理人持股率、總經理是否兼任董事長)、董事會特性(董事會規模、是否設置獨立監察人)，探討其與盈餘管理之間關係。以1991年至2003年上市公司為研究對象，除金融保險業之產業性質特殊予以排除外，對於各產業樣本數少於七家者及資料不全之樣本亦一併剔除，其所得之有效樣本為4681。透過複迴歸分析，其實證結果如下：
1 公司盈餘管理程度與股權集中度間，其不同模型、不同樣本分別出現不同結果，然而，其無論於1%、5%或是10%顯著水準下皆呈現不顯著狀態，故股權集中度與盈餘管理間並沒有明顯關係存在。
2 管理當局機制中，盈餘管理程度與經理人持股率呈現反向關係，即經理人持股率愈高時，其較不會進行盈餘管理。以職務雙重性而言，其與盈餘管理間具有正向關係，亦即當公司總經理兼任董事長時，其較易進行盈餘管理。
3 董事會特性而言，董事會規模與盈餘管理之間呈現負向關係，即董事會愈大時，其能發揮其效能，令經理人較不易進行盈餘管理。就公司是否具獨立監察人與盈餘管理程度間，其結果顯示，兩者之間呈現正向關係，與原先預期不同，雖然兩者間呈現正向闗係，但卻不具備顯著性，故無法證明兩者間確實存在有正向關係。

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一、中文部分
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2 吳明儀，1997，管理當局股權結構與盈餘管理相關性之研究，國立中興大學會計研究所未出版碩士論文
3 吳建頤，1999，董事會規模對公司價值的影響，國立中正大學財務金融研究所未出版碩士論文
4 吳美穎，2004，內在公司治理機制之探討-股東組成與股權集中度對公司治理績效之影響，私立輔仁大學管理學研究所碩士論文
5 林明謙，2001，股權結構、董事組成對大股東介入股市行為影響之研究，輔仁大學金融研究所未出版碩士論文
6 柯承恩，2000，我國公司監理體系之問題與改進建議(上)(下)，會計研究月刊，第173(4月)、174(5月)期
7 翁淑育，2000，台灣上市公司股權結構、核心代理問題與公司價值之研究，私立輔仁大學金融研究所未出版碩士論文
8 張明峰，1991，股權結構對公司績效影響之研究，國立政治大學企業管理研究所未出版碩士論文
9 張瑞棻，2003，股權結構與盈餘管理之相關性之研究，私立輔仁大學管理學研究所碩士論文
10 陳金鈴，1997，台灣上市公司股權結構之分析，國立成功大學會計研究所未出版碩士論文
11 陳家慧，2000，我國上市公司管理機制與盈餘管理之實證研究，政治大學會計系碩士論文
12 陳宏姿，2001，董監事結構與企業經營績效關聯之研究，國立政治大學會計系未出版碩士論文
13 葉銀華、柯承恩、李存修，公司治理與評等系統，商智文化事業公司，2002
14 葉桂滿，2004，董監持股比率對現金增資公司從事盈餘管理之影響，私立朝陽科技大學財務金融系碩士論文
15 趙維穎，2004，董事會屬性、董事會功能與企業經營績效之關聯性研究，私立中原大學企業管理學系碩士論文
16 戴淵明，1986，股份有限公司董事會決策功能之研究，國立交通大學管理科學研究所未出版碩士論文
17 謝文馨，1999，家族企業管制機制與盈餘管理之關聯性之研究，東吳大學會計研究所未出版碩士論文
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