本研究以2005年至2011年國內上市、上櫃公司為研究對象，探討發生財務危機可能性較高之公司是否越可能採取盈餘管理活動，並參照Cohen et al.(2008)將盈餘管理活動區分成應計基礎盈餘管理活動以及實質盈餘管理活動。利用裁決性應計項目衡量應計基礎盈餘管理活動；利用估計異常的營運現金流量、異常製造成本及異常裁決性支出來衡量實質盈餘管理活動；利用Z-Score衡量公司發生財務危機之可能性。
　　本研究實證結果顯示，（一）公司破產可能性越高越不會進行應計基礎盈餘管理，結果不支持假說一，可能的原因為：1.公司發生破產的可能性越高，管理階層將更有動機藉由盈餘效果更強大的方法來操縱盈餘，然而，應計基礎盈餘管理活動雖然操作成本較低，卻無法產生直接的現金流量，對盈餘並無實質影響，因此管理者可能選擇不採用。2.由於SOX法案之後爆發許多會計醜聞，因此審計人員與主管機關對於應計基礎盈餘管理之查核，較SOX法案之前嚴謹許多。然而當公司發生財務危機時，將受到外界更嚴格之監督，因此公司也較不會採取應計基礎盈餘管理。 (二)公司發生破產可能性越高越會透過折扣與延長客戶的繳款期限增加產品銷售數量的實質盈餘管理，結果支持假說二。(三) 公司發生破產可能性越高越會透過製造大量額外產品，使銷貨成本降低的實質盈餘管理，結果支持假說三。(四)公司發生破產可能性越高越會利用刪減裁決性費用的實質盈餘管理，結果支持假說四。

This thesis attempts to examine whether the companies occurring the higher possibility of financial distress are more likely to take the earnings management.
Based on the Cohen et al. (2008), we divided the earnings management activities into accrual-base earnings management activities and real earnings management activities.
We use the discretionary accrual to measure the accrual-based earnings management activities and use the estimated abnormal operating cash flow, abnormal production costs, and abnormal discretionary expenses to measure the real earnings management activities. The samples period is from 2005 to 2011, and they are the Listed and OTC Listed Companies
There are mainly four results in this paper. First of all, the companies occurring the higher possibility of bankrupt distress are not more likely to take the accrual-base earnings management. There are two following possible reasons in terms of this result. The first one is that the managerial level will manipulate earnings effectively by more powerful method of earnings effect. However, although the operating cost of the accrual- base earnings management activities are low, it cannot generate direct cash flow. Besides, it cannot work about the substantial effect. Accordingly, the managers may not choose to adopt it. Secondly, auditors and the competent authority are more rigorous to audit the accrual-base earnings management before SOX since many accounting scandals erupted after SOX Act. Nevertheless, when the companies occur financial distress, they will be subject to supervise stringently by the outside.
The second empirical result of real earnings management is that the companies which have higher possibility of bankrupt distress take advantages of increasing the discounts and extending the payment deadline. The third empirical result is that the companies having higher possibility of bankrupt distress take advantages of manufacturing a large number of extra products to decrease the cost of goods sold. Eventually, the last empirical result is that the companies having higher possibility of bankrupt distress utilize to delete the discretionary costs.

中文部分
1.張哲文，(2001)，我國新上櫃公司盈餘管理行為之研究，國立台北大學企業管理研究所未出版碩士論文
2.林明鴻，(2012)，實質盈餘管理與現金增資相關性之研究，長庚大學工商管理學系未出版之碩士論文。
3.官心怡，（1994），經理人員盈餘預測與盈餘操縱之關聯性，台灣大學會計學研究所未出版之碩士論文。
4.蘇逸穎，(1999)，本期盈餘、預期未來盈餘和盈餘操縱之關聯性，台灣大學會計學研究所未出版之碩士論文。
5.徐同郁，(2005)，應計項目及現金流量與公司經理人獎酬之關連性研究，銘傳大學會計學系研究所未出版之碩士論文。
6.謝敏祺，(1999)，上市公司現金增資前財務預測與盈餘管理之關連性，國立
政治大學國際貿易學系未出版之碩士論文。
7.陳肇榮，(1994)，運用財務比率預測財務危機之實證研究，國立臺灣大學商
學研究所未出版碩士論文。
8.鄭碧月，(1997)，上市公司營運危機預測模式之研究，朝陽技術學院財務金
融系所研究所未出版碩士論文。
9. 潘玉葉，1990，臺灣股票上市公司財務危機預警分析，淡江大學管理科學研
究所未出版博士論文。
10.林嬋娟、洪櫻芬與薛敏正，(1997)，財務困難公司之盈餘管理實證研究，管理學報，第十四卷第一期：15-38。
11.葉容真，(2000)，財務危機企業之盈餘管理－以台灣上市公司為例，國防管理學院資源管理研究所碩士論文。
12.胡書展，（2005），財務危機公司盈餘操縱行為與預測模型之探討，國立政治大學會計研究所未出版之碩士論文。
13.謝宛庭，(2006)，台灣財務危機公司之預測與其盈餘管理行為，國立成功大會計學系博士班未出版之博士論文。
14.鄭勤芬，(2012)，公司財務危機與盈餘管理，國立中正大學財務金融研究所未出版之碩士論文。
英文部分
1.Altman, E. I.(1968).Financial ratios, discriminant analysis, and the prediction of corporate bankruptcy. Journal of Finance, 23(4),589-609.
2.Baber, W., P. Fairfield, and J. Haggard. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66(October):818-829.
3.Beneish, M. D. 1999. Incentives and penalties related to earnings overstatements that violate GAAP. The Accounting Review 74(October):425-457.
4.Bartov, E., Gul, F., & Tsui, J. (2000). Discretionary-accrual models and audit qualifications. Journal of Accounting and Economics. 30(3), 421–52.
5.Beaver, W. H. (1966).Financial ratios as predictors of failure in empirical research in accounting：Selected studies. Supplement to Journal of Accounting Research,4,71-111.
6.Carlson, S. J. and C. T. Bathala. ,1997. Ownership differences and firm’s income
smoothing behavior. Journal of Business Finance and Accounting, Vol.24(2),
181-195.
7.Collins, D., Kothari, S., 1989, An Analysis of the Cross-sectional and Intertemporal Determinants of Earnings Response Coefficients, Journal of Accounting and Economics 11, 143-181.
8.Cohen, D.A., P. Zarowin, 2010, “Accrual-based and real earnings management activities around seasoned equity offerings”, Journal of Accounting and Economics, 50:2-19.
9.Carmichael D.R., The Auditor’s Reporting obligation. Auditing Research Monogragh NO.1 New York:AICPA 1972:94
10.Cahan ,1992. The Effect of Antitrust Investigation on Discretionary Accruals：A Refined Test of the Political Cost Hypothesis. The Accounting Review, Vol.67(1),77-95.
11.Chen, K. C. and B. K. Church. 1992. Default debt obligations and the issues of going-concern opinions. Auditing: A Journal of Practice and Theory 11(fall): 30-49.
12.Davidson, S. D., C. Stickney, and R. Weil. ,1987. Accounting: The language of business,7th edition, Tomas Horton and Daughter.263-292.
13.Dechow ,P.M.,and R. Sloan, 1991. Executive incentives and the horizon problem：an empirical investigation. Journal of Accounting and Economics 14：51-89
14.Deakin, E. B. A Discriminate Analysis of Prediction of Business Failure Journal of Accounting Research , 1972 , (4):167-169
15.DeFond, M. L. and J. Jiambalvo., 1994. Debt violation and manipulation ofaccruals. Journal of Accounting and Economics,Vol. 17, 145-176.
16.DeAngelo, H., DeAngelo, L., and Skinner D.J., 1994. “Accounting Choice in Troubled Companies”, Journal of Accounting and Economics, 17(1/2), pp. 113-143.
17.Degeorge, F. J. Patel, and R. Zeckhauser. ,1999. Earnings management to exceed thresholds. Journal of Business, Vol.72(1),1-33.
18.Foster,G. Financial Statement Analysis, Prentice-Hall Inc.,cliffs. New Jersey.1986.
19.Fields, Lys, Vincent. 2001. Empirical research on accounting choice. Journal of Accounting and Economics 31:255-307.
20.Guidry. F, A. Leone and S. Rock, 1999. Earnings-based Bonus Plans and Earnings Management by Business-unit Managers. Journal of Accounting and Economics Vol.26, 113–142.
21.Graham, T.R., Harvey, C.R., & Raj opal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics. 40(1-3), 3-73.
22.Healy, P., 1985.The Effects of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics, Vol.7, 85-107.
23.Healy, P., and J, Wahlen. ,1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons, Vol.13, 365-383
24.Jones, Jennifer J., 1991. Earnings management during import relief investigations. Journal of Accounting Research ,Vol.29,193-228.
25.Kasnik, R. ,1999. On the Association Voluntary Disclosure and Earnings Management. Journal of Accounting Research, Vol.37(1),57-81.
26.Moses, O. D. (1987) Income smoothing and incentives : Empirical test using accounting changes. The Accounting Review, 53(2), 358-377.
27.McKeown, J., J. Mutchler, and W. Hopwood. 1991. Towards an explanation of auditor failure to modify the audit opinion of bankrupt companies. Auditing: A Journal of Practice and Theory 10(Supplement): 1-13.
28.McNichols Maureen F., (2000), “Research design issues in earnings management　studies,” Journal of Accounting and Public Policy, 19, 313-345.
29.Rosner, R. L. 2003. Earnings manipulation in failing firms. Contemporary Accounting Research 20: 361-408.
30.Rangan, S. (1998). "Earnings management and the performance of seasoned equity offerings." Journal of Financial Economics 50(1): 101-122.
31.Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42(3): 335-370
32.Schipper. K. (1989). Commentary on Earning Management. Accounting Horizons, 3, 91-102。
33.Scott, W., 1997, Financial Accounting Theory, Prentice Hall, Canada Inc
34.Teoh S. H., I. Welch, and T. J. Wong, 1998. Earnings management and the longrun market performance of initial public offerings. Journal of Finance ,6,p1935-1974.
35.Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory, Englewood Cliffs, NJ: Prentice-Hall.