本研究以公司治理評鑑前六屆（2014 ~ 2019）為樣本期間，探討公司治理評鑑等級與盈餘管理間的關聯，並深入探討公司治理評鑑等級的變動與盈餘管理間之關聯。此外，本研究有別於先前研究僅採裁決性應計數之絕對值衡量盈餘品質，同時以應計基礎盈餘管理（accrual-based earnings management，以下簡稱AEM）及實質盈餘管理（real earnings management，以下簡稱REM）衡量盈餘品質，並進一步考量盈餘管理的程度及方向性。
本研究之實證結果未發現公司治理評鑑等級愈高，其AEM及REM皆愈低，故本研究不支持H1，但發現對於傾向抑制盈餘之公司，公司治理評鑑等級愈高，其AEM及REM皆愈高，即向下盈餘管理程度愈高，盈餘管理愈加保守。本研究之實證結果亦發現公司治理評鑑等級的調升，能進一步降低盈餘管理程度，故本研究支持H2（b），證實公司治理評鑑等級的調升，能提供公司治理評鑑等級以外的增額資訊。

This study examines the association between corporate governance ranking and earnings management and explores the association between the changes of corporate governance ranking and earnings management. In addition, different from previous studies, this study uses both accrual-based earnings management（AEM）and real earnings management（REM）as a proxy of earnings quality, including absolute values, signed values, and separately analyzing positive and negative values.
The empirical results show that corporate governance ranking is positively correlated with earnings management and negatively correlated with negative values of earnings management, indicating that those who manage earnings downgrading firms tend to report earnings conservatively. Furthermore, this study finds that the upgrade of corporate governance ranking is negatively correlated with earnings management, proving that the changes of corporate governance ranking can provide additional information beyond the corporate governance ranking results.

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