台灣企業時至今日，多數創辦人已面臨退位交棒問題，接班可以說是企業所面臨的最困難課題之一，企業可能為降低利害關係人阻礙接班，因而產生盈餘管理之動機，本研究並探討媒體曝光是否影響接班所採行之盈餘管理行為。本研究以1996年至2017年經歷接班之上市上櫃及興櫃公司，並以1：2之比例，配對抽樣法選取接班公司與非接班公司，盈餘管理型態區分為裁決性應計項目盈餘管理以及交易安排之實質盈餘管理，以公司年新聞則數來衡量公司之媒體曝光程度。分析時亦進一步觀察家族成員與專業經理人接班，企業盈餘管理行為之差異。實證結果發現，接班企業相對於非接班企業，在接班的前一年度較會進行向上應計項目盈餘管理行為。本研究未發現企業在接班前一年度較會進行提高盈餘之實質交易行為。考量接班人身分時，創辦人交棒予家族成員前，企業會利用減少盈餘之應計項目進行盈餘管理，但藉此盈餘移轉下期的洗大澡現象會因企業受媒體關注而降低。本研究並未發現創辦人在家族成員接班前進行影響盈餘的實質交易安排，即使考量企業媒體曝光度亦然。專業經理人接班前，企業會從事不利於短期績效而有利於公司長期發展之交易安排，且企業媒體曝光度愈高，接班前降低盈餘之實質交易愈明顯。另一方面，創辦人退位給專業經理人時，可能以應計項目將下期盈餘移轉至本期，並且向上盈餘管理行為未因企業受媒體關注程度而存在明顯差別。 Nowadays,most companies have to face the problem of succession.It can be considered as one of the most difficult things in enterprises.In this reaserch,We discuss the media coverage will affect the behavior of earnings management adopted by successors or not.We took listed companies in Taiwan from 1996 to 2017 and selected succession and non-succession companies by the frequency matching.And we measure the media coverage by the amount of news.In the analysis,we discuss the behavior of earnings management between the succession by family members and professional managers.The empirical results show that the succession ones will do more earnings management than non-succession in the previous year of succession.But in Real part,we did not find any significantly results.When considering the identity of successors,before the founder handed over to the family members,it will reduce the surplus by accruals method,but the phenomenon of Big Bath will be reduced due to the media attention.In Real part, We did not find any significantly relationship between them,either.Even if the media coverage was considered.Before the professional manager takes over, when the condition is in the higher exposure of media,the more obvious of reducing the Real Earnings Management.
