防止企業進行盈餘操縱是一個重要議題，因為它對企業和投資者都有重大影響。本研究的目的為探討公司與主要客戶間的關係與盈餘操縱，而盈餘操縱包含實質盈餘操縱和應計盈餘操縱。
我們分析了1990年至2018年美國上市公司的資料，樣本為10,875個公司和91,083筆觀測值。結果如下: 首先，實質盈餘操縱與供應鏈關係呈負相關，說明企業與主要客戶保持關係可以降低實質盈餘操縱發生的可能性。其次，應計盈餘操縱也與供應鏈間關係呈負相關，表明企業與主要客戶保持關係可以降低應計盈餘操縱發生的可能性。在事後分析中，我們發現，具有主要客戶的公司減少了與營運現金流有關的實質盈餘操縱，而這個活動的減少來自其他產業，而不是製造、批發及零售業。此外，製造業擁有主要客戶關係時，可能傾向於減少使用可支配費用的實質盈餘操縱，而批發及零售業則無法緩解這個情況。最後，這三個產業都與主要客戶保持關係時，可能會減少應計盈餘操縱的發生。上述結果會因為不同的行業及不同的預測週期而有不同的結果。

Preventing firms from engaging in earnings manipulation is an important issue as it has a significant impact on both firms and investors. The purpose of the study is to explore the association between supply chain relationship and earnings manipulation, which includes real activities manipulation and accrual-based manipulation.
We analyze the data of U.S. listed companies from 1990 to 2018, with a sample of 10,875 firms and 91,083 observations. The results are as follow: First, real activities manipulation is negatively related to supply chain relationship, indicating that firms maintaining relationship with major customers can reduce the possibility of real activities manipulation. Second, accrual-based manipulation is also negatively related to supply chain relationship, demonstrating that firms maintaining relationship with main customer reduces the occurrence of accrual-based manipulation. From the post-hoc analysis, we find that firms with major customer relationships reduce the occurrence of real activities manipulation related to cash flow from operation comes from other sectors rather than manufacture, wholesales, and retail sectors. In addition, manufacture sector maintain major customer relationships may tend to reduce real earnings manipulation related to discretionary expenses, while wholesale and retail sectors can not mitigate it. Moreover, all of the three sectors maintain relationship with main customers may reduce the occurrence of accrual-based manipulation. The above results vary across industries and different projected periods.

論文審定書 i
摘要 ii
Abstract iii
Table of Contents iv
List of Tables vi
1. Introduction 1
2. Literature Reviews 4
2.1 Real activities manipulation 4
2.2 Accrual-based manipulation 5
2.3 Supply chain relationship 6
3. Hypotheses development 8
4. Model and data 10
4.1 Data 10
4.2 Variables 11
4.2.1 Variables related to real activities manipulation 11
4.2.2 Variables related to accrual-based manipulation 14
4.3 Estimation Models 19
4.3.1 Real activities manipulation 19
4.3.2 Accrual-based manipulation 19
5. Results 20
5.1 Sample distribution (Sector & Fiscal year) 20
5.2 Descriptive statistics 23
5.3 Pearson Correlation 24
5.4 Empirical research and analysis 26
5.4.1 The relationship between SUS_NI and the three different types of RAM 26
5.4.2 Real activities manipulation 27
5.4.3 Accrual-based manipulation 32
6. Robustness Test 34
6.1 Robustness test for real activities manipulation 34
6.2 Robustness test for accrual-based manipulation 38
7. Post-hoc analysis 39
7.1 Post-hoc for real activities manipulation 40
7.2 Post-hoc for accrual-based manipulation 45
8. Discussion 47
8.1 Theoretical Contributions 47
8.2 Managerial Implications 48
9. Conclusion 49
9.1 Research Conclusion 49
9.2 Research limitation 49
References 51
Appendix 56

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