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題名 所得稅費用盈餘管理：經理能力與產品市場力量之調節效果
Earnings management through effective tax rates :The moderating effects of managerial ability and product market power作者 邱品翰
Chiu, Pin-Han貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
邱品翰
Chiu, Pin-Han關鍵詞 所得稅費用盈餘管理
經理能力
產品市場力量
Earnings Management
Managerial Ability
Product Market Power日期 2025 上傳時間 4-Aug-2025 14:23:12 (UTC+8) 摘要 本研究探討分析師預測誤差對所得稅費用盈餘管理的影響，並分析經理能力與產品市場力量對分析師預測誤差與所得稅費用盈餘管理的調節效果。既有文獻大多分別探討經理能力或產品市場力量對於企業使用盈餘管理之影響，而其盈餘管理的類型為應計項目盈餘管理和實質盈餘管理，缺乏對於所得稅費用盈餘管理的研究。本研究使用OLS迴歸，分析2004年至2016年美國上市企業。實證結果顯示，首先，分析師預測誤差與所得稅費用盈餘管理呈正向關聯性；其次，經理能力與所得稅費用盈餘管理呈正向關聯性，然而，經理能力削弱分析師預測誤差與所得稅費用盈餘管理的正向關聯性；第三，產品市場力量與所得稅費用盈餘管理呈正向關聯性，然而，產品市場力量削弱分析師預測誤差與所得稅費用盈餘管理的正向關聯性。上述結果說明經理能力與產品市場力量將促使企業進行所得稅費用盈餘管理，然而，面臨分析師預測誤差等外部壓力時，反而抑制所得稅費用盈餘管理。 此外，穩健性測試，採用不同解釋變數指標(分析師預測誤差推估額度、高經理能力及高產品市場力量)、增加控制變數(企業規模及海外來源所得)及放寬樣本篩選條件(將分析師預測誤差推估額度或實際額度區間由正負5美分擴大至正負10或15美分)，均獲得穩健的結果；額外測試，則將樣本期間調整至美國減稅與就業法案(Tax Cuts and Jobs Act, TCJA)施行後的2018至2022年，發現分析師 預測誤差與所得稅費用盈餘管理關聯性轉變為負向，與主要測試結果相反，顯示存在分析師預測誤差時，企業不再會進行所得稅費用盈餘管理；另外，加入總應計數或遞延所得稅費用衡量稅前盈餘管理程度，觀察多重盈餘管理策略的並存性，發現總應計數與所得稅費用盈餘管理之間存在替代關係，遞延所得稅費用與所得稅費用盈餘管理之間則無顯著關聯。
This paper examines the effect of analyst forecast error on income tax expense earnings management and explores how managerial ability and product market power moderate this relationship. While prior literature has mostly focused on the effects of managerial ability or product market power on accrual-based or real earnings management, limited attention has been given to earnings management through income tax expense. This paper employs OLS regression using data from U.S. publicly listed firms between 2004 and 2016. The empirical results indicate: first, analyst forecast error is positively associated with income tax expense-based earnings management; second, managerial ability is positively associated with such earnings management but weakens the positive association between analyst forecast error and tax-based earnings management; third, product market power also shows a positive relationship with income tax expense-based earnings management but mitigates the influence of analyst forecast error. Robustness tests using alternative proxies (estimated forecast error, high managerial ability, and high product market power), additional control variables (firm size and foreign income), and relaxed sample filters (expanding the forecast error range from ±$0.05 to ±$0.10 or ±$0.15) support the main findings. In an additional test using post-TCJA data (2018-2022), the association between analyst forecast error and tax-based earnings management becomes negative, suggesting reduced use of tax expense adjustments under the new tax regime. Moreover, by incorporating total accruals and deferred tax expense to capture pre-tax earnings management, results reveal a substitution effect between total accruals and tax-based earnings management, while no significant relationship is observed with deferred tax expense.參考文獻 Baik, B., Farber, D. B., & Lee, S. S. (2011). CEO ability and management earnings forecasts. Contemporary Accounting Research, 28(5), 1645–1668. Baik, B., Farber, D. B., & Lee, S. S. (2020). Managerial ability and income smoothing. The Accounting Review, 95(4), 1–26. Balakrishnan, K., & Cohen, D. A. (2011). Competition and financial reporting quality. Contemporary Accounting Research, 28(3), 914–955. Bain, J. S. (1951). Relation of profit rate to industry concentration: American manufacturing, 1936–1940. Quarterly Journal of Economics, 65(3), 293–324. Bamber, L. S., Jiang, J., & Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85(4), 1131–1162. Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. Badertscher, B. A., Katz, S. P., & Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2–3), 228–250. Beardsley, E. L., Kara, M. C., & Weaver, C. D. (2024). Managers’ stock price incentives and earnings management using tax expense. Journal of the American Taxation Association, 46(2), 9–30. Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics, 118(4), 1169–1208. Brown, L. D., & Caylor, M. L. (2005). A temporal analysis of quarterly earnings thresholds: Propensities and valuation consequences. The Accounting Review, 80(2), 423–440. Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24(1), 99–126. Chen, X., Huang, S., & Zang, A. Y. (2018). The effect of product market competition on the informational quality of forward-looking disclosures. Contemporary Accounting Research, 35(3), 1434–1461. Chen, Y., Cheng, Q., & Wang, X. (2018). Does simultaneous earnings management through real activities and accruals impair audit quality? Evidence from China. Journal of International Accounting Research, 17(1), 1–17. Choi, J. H., Kwak, Y. M., & Lee, J. (2022). Managerial ability and earnings management: Evidence from Korea. Journal of Accounting, Auditing & Finance. Advance online publication. Choi, J., Lee, J., & Park, M. (2022). Managerial ability and accrual earnings management: Evidence from Korea. Asia-Pacific Journal of Accounting & Economics. Advance online publication. Choi, S. (2013). Managerial ability and earnings quality: An international analysis. Korean Accounting Association. Christensen, T. E., Olson, A. J., & Omer, T. C. (2015). The role of audit firm expertise and knowledge spillover in mitigating earnings management through the tax accounts. Journal of the American Taxation Association, 37(1), 3–36. Cohen, D. A., & Zarowin, P. (2010). "Accrual-Based and Real Earnings Management Activities Around Seasoned Equity Offerings." Journal of Accounting and Economics, 50(1), 2–19. Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods. The Accounting Review, 83(3), 757–787. Cohen, D., Dey, A., & Lys, T. (2022). Managerial ability and real earnings management decisions. Review of Accounting Studies, 27(4), 1127–1162. Cohen, D., Hoitash, R., & Meyers, L. (2022). Managerial ability and real earnings management. Review of Accounting and Finance, 21(1), 42–66. Cook, K. A., Huston, G. R., & Omer, T. C. (2008). Earnings management through effective tax rates: The effects of tax-planning investment and the Sarbanes-Oxley Act of 2002. Contemporary Accounting Research, 25(2), 447–471. Datta, A., Iskandar-Datta, M., & Jia, Y. (2021). Product market competition, board gender diversity, and firm value. Journal of Banking & Finance, 129, 106159. Datta, S., Iskandar-Datta, M., & Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking & Finance, 37(8), 3273–3285. DeAngelo, L. E. (1986). "Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders." The Accounting Review, 61(3), 400–420. Demerjian, P. R., Lev, B., & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management Science, 58(7), 1229–1248. Demerjian, P., Lev, B., Lewis, M., & McVay, S. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463–498. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145–179. Dhaliwal, D. S., Gleason, C. A., & Mills, L. F. (2004). Last-chance earnings management: Using the tax expense to meet analysts’ forecasts. Contemporary Accounting Research, 21(2), 431–459. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61–82. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163–1189. Fee, C. E., & Hadlock, C. J. (2003). Raids, rewards, and reputations in the market for managerial talent. The Review of Financial Studies, 16(4), 1315–1357. Frank, M. M., Lynch, L. J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467–496. Giroud, X., & Mueller, H. M. (2010). Does corporate governance matter in competitive industries? Journal of Financial Economics, 95(3), 312–331. Gleason, C. A., & Mills, L. F. (2002). Materiality and contingent tax liability reporting. The Accounting Review, 77(2), 317–342. Gleason, C. A., Pincus, M., & Rego, S. O. (2017). Material weaknesses in tax-related internal controls and last chance earnings management. Journal of the American Taxation Association, 39(1), 25–44. Habib, A., & Hasan, M. M. (2017). The stronger the ability, the greater the destructiveness? CEO ability and financial reporting quality. Heliyon, 3(11), e00452. Healy, P. M. (1985). "The Effect of Bonus Schemes on Accounting Decisions." Journal of Accounting and Economics, 7(1-3), 85–107. Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383. Hsu, A., Lee, E., & Liu, A. (2018). Product market power and tax avoidance: Market leaders, mimicking strategies, and stock returns. The Accounting Review, 93(2), 259–284. Huang, X., & Sun, L. (2017). Managerial ability and real earnings management. Advances in Accounting, 39, 91–104. Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. Kasznik, R., & McNichols, M. F. (2002). Does meeting earnings expectations matter? Evidence from analyst forecast revisions and share prices. Journal of Accounting Research, 40(3), 727–759. Kovermann, J., & Velte, P. (2019). The impact of corporate governance on corporate tax avoidance—A literature review. Journal of International Accounting, Auditing and Taxation, 36, 1–20. Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2015). Product market power and tax avoidance: Market leaders, mimicking strategies, and stock returns. The Accounting Review, 90(2), 675–702. Lerner, A. P. (1934). The concept of monopoly and the measurement of monopoly power. Review of Economic Studies, 1(3), 157–175. Leverty, J. T., & Grace, M. F. (2012). Dupes or incompetents? An examination of management’s impact on firm distress. Journal of Risk and Insurance, 79(3), 751–783. Lynch, D. P., Luttman, S. M., & Picaroon, M. R. (2013). Do industry leaders aushalten in tax avoidance? The Journal of the American Taxation Association, 35(1), 5-28. Marciukaityte, D., & Park, J. C. (2009). Market competition and earnings management: Evidence from income smoothing. Journal of Business Research, 62(4), 284–291. Matsumoto, D. A. (2002). Management’s incentives to avoid negative earnings surprises. The Accounting Review, 77(3), 483–514. Milbourn, T. T. (2003). CEO reputation and stock-based compensation. 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The impact of financial distress on corporate tax avoidance spanning the global financial crisis: Evidence from Australia. Economic Modelling, 44, 44–53. Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91–102. Shepherd, W. G. (1970). Market power and economic welfare: An introduction. New York, NY: Random House. Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory. Englewood Cliffs, NJ: Prentice-Hall 描述 碩士
國立政治大學
財政學系
112255024資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112255024 資料類型 thesis dc.contributor.advisor 何怡澄<br>郭振雄 zh_TW dc.contributor.advisor Ho, Yi-Cheng<br>Kuo, Jenn-Shyong en_US dc.contributor.author (Authors) 邱品翰 zh_TW dc.contributor.author (Authors) Chiu, Pin-Han en_US dc.creator (作者) 邱品翰 zh_TW dc.creator (作者) Chiu, Pin-Han en_US dc.date (日期) 2025 en_US dc.date.accessioned 4-Aug-2025 14:23:12 (UTC+8) - dc.date.available 4-Aug-2025 14:23:12 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2025 14:23:12 (UTC+8) - dc.identifier (Other Identifiers) G0112255024 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158558 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 112255024 zh_TW dc.description.abstract (摘要) 本研究探討分析師預測誤差對所得稅費用盈餘管理的影響，並分析經理能力與產品市場力量對分析師預測誤差與所得稅費用盈餘管理的調節效果。既有文獻大多分別探討經理能力或產品市場力量對於企業使用盈餘管理之影響，而其盈餘管理的類型為應計項目盈餘管理和實質盈餘管理，缺乏對於所得稅費用盈餘管理的研究。本研究使用OLS迴歸，分析2004年至2016年美國上市企業。實證結果顯示，首先，分析師預測誤差與所得稅費用盈餘管理呈正向關聯性；其次，經理能力與所得稅費用盈餘管理呈正向關聯性，然而，經理能力削弱分析師預測誤差與所得稅費用盈餘管理的正向關聯性；第三，產品市場力量與所得稅費用盈餘管理呈正向關聯性，然而，產品市場力量削弱分析師預測誤差與所得稅費用盈餘管理的正向關聯性。上述結果說明經理能力與產品市場力量將促使企業進行所得稅費用盈餘管理，然而，面臨分析師預測誤差等外部壓力時，反而抑制所得稅費用盈餘管理。 此外，穩健性測試，採用不同解釋變數指標(分析師預測誤差推估額度、高經理能力及高產品市場力量)、增加控制變數(企業規模及海外來源所得)及放寬樣本篩選條件(將分析師預測誤差推估額度或實際額度區間由正負5美分擴大至正負10或15美分)，均獲得穩健的結果；額外測試，則將樣本期間調整至美國減稅與就業法案(Tax Cuts and Jobs Act, TCJA)施行後的2018至2022年，發現分析師 預測誤差與所得稅費用盈餘管理關聯性轉變為負向，與主要測試結果相反，顯示存在分析師預測誤差時，企業不再會進行所得稅費用盈餘管理；另外，加入總應計數或遞延所得稅費用衡量稅前盈餘管理程度，觀察多重盈餘管理策略的並存性，發現總應計數與所得稅費用盈餘管理之間存在替代關係，遞延所得稅費用與所得稅費用盈餘管理之間則無顯著關聯。 zh_TW dc.description.abstract (摘要) This paper examines the effect of analyst forecast error on income tax expense earnings management and explores how managerial ability and product market power moderate this relationship. While prior literature has mostly focused on the effects of managerial ability or product market power on accrual-based or real earnings management, limited attention has been given to earnings management through income tax expense. This paper employs OLS regression using data from U.S. publicly listed firms between 2004 and 2016. The empirical results indicate: first, analyst forecast error is positively associated with income tax expense-based earnings management; second, managerial ability is positively associated with such earnings management but weakens the positive association between analyst forecast error and tax-based earnings management; third, product market power also shows a positive relationship with income tax expense-based earnings management but mitigates the influence of analyst forecast error. Robustness tests using alternative proxies (estimated forecast error, high managerial ability, and high product market power), additional control variables (firm size and foreign income), and relaxed sample filters (expanding the forecast error range from ±$0.05 to ±$0.10 or ±$0.15) support the main findings. In an additional test using post-TCJA data (2018-2022), the association between analyst forecast error and tax-based earnings management becomes negative, suggesting reduced use of tax expense adjustments under the new tax regime. Moreover, by incorporating total accruals and deferred tax expense to capture pre-tax earnings management, results reveal a substitution effect between total accruals and tax-based earnings management, while no significant relationship is observed with deferred tax expense. en_US dc.description.tableofcontents 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究流程 3 第貳章 文獻探討與假說 4 第一節 所得稅費用盈餘管理 5 第二節 經理能力 8 第三節 產品市場力量 10 第四節 假說建立 13 第參章 研究方法 16 第一節 資料來源與樣本篩選 16 第二節 變數定義 18 第三節 實證模型 28 第肆章 實證結果分析 30 第一節 敘述性統計 30 第二節 實證結果 35 第三節 穩健性測試 38 第四節 額外測試 48 第伍章 結論與限制 54 第一節 研究結論 54 第二節 研究限制與未來發展 55 參考文獻 57 zh_TW dc.format.extent 2703762 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112255024 en_US dc.subject (關鍵詞) 所得稅費用盈餘管理 zh_TW dc.subject (關鍵詞) 經理能力 zh_TW dc.subject (關鍵詞) 產品市場力量 zh_TW dc.subject (關鍵詞) Earnings Management en_US dc.subject (關鍵詞) Managerial Ability en_US dc.subject (關鍵詞) Product Market Power en_US dc.title (題名) 所得稅費用盈餘管理：經理能力與產品市場力量之調節效果 zh_TW dc.title (題名) Earnings management through effective tax rates :The moderating effects of managerial ability and product market power en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Baik, B., Farber, D. B., & Lee, S. S. (2011). CEO ability and management earnings forecasts. Contemporary Accounting Research, 28(5), 1645–1668. Baik, B., Farber, D. B., & Lee, S. S. (2020). Managerial ability and income smoothing. The Accounting Review, 95(4), 1–26. Balakrishnan, K., & Cohen, D. A. (2011). Competition and financial reporting quality. Contemporary Accounting Research, 28(3), 914–955. Bain, J. S. (1951). Relation of profit rate to industry concentration: American manufacturing, 1936–1940. Quarterly Journal of Economics, 65(3), 293–324. Bamber, L. S., Jiang, J., & Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review, 85(4), 1131–1162. Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. Badertscher, B. A., Katz, S. P., & Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2–3), 228–250. Beardsley, E. L., Kara, M. C., & Weaver, C. D. (2024). Managers’ stock price incentives and earnings management using tax expense. Journal of the American Taxation Association, 46(2), 9–30. Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics, 118(4), 1169–1208. Brown, L. D., & Caylor, M. L. (2005). A temporal analysis of quarterly earnings thresholds: Propensities and valuation consequences. The Accounting Review, 80(2), 423–440. Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24(1), 99–126. Chen, X., Huang, S., & Zang, A. Y. (2018). The effect of product market competition on the informational quality of forward-looking disclosures. Contemporary Accounting Research, 35(3), 1434–1461. Chen, Y., Cheng, Q., & Wang, X. (2018). 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