本文以2010至2019年台灣所有上市上櫃企業為研究主體，探討盈餘管理對於銀行借款利率的影響。並進一步探討過去的盈餘管理行為是否會長期影響企業。此外本文延伸討論企業與銀行關係是否亦會對銀行借款利率造成影響。主要實證結果如下：(1)當公司的應計盈餘管理或實質盈餘管理程度越高時，銀行貸款利差會顯著增加。推論原因為銀行認為盈餘管理的行為會對公司未來償還貸款的能力帶來疑慮，進而提高其日後在監督上的成本，故為了降低違約風險，將這項成本轉嫁到貸款利差上。(2)實質盈餘管理程度越高，未來的銀行貸款利差也會顯著增加，然而應計盈餘管理對未來銀行貸款利差的影響較不顯著。此結果隱含實質盈餘管理行為因為會直接影響財報上的現金流，所以相較於應計盈餘管理對公司的長期影響較大。(3)若企業與銀行過去借貸關係越牢固，則該企業向銀行的貸款利差會顯著降低，此外盈餘管理對銀行貸款利差的影響，也會因為銀行監督成本的降低和企業違約風險的減少而轉為不顯著。

This study takes Taiwan listed companies from 2010 to 2019 as the sample to examine the impact of earning management on bank loan spread. Furthermore, we explore whether earning management behavior will affect companies in long run. In the end, we extend the discussion to lending relationship with banks.The results indicate as follow (1) Both accruals and real earnings management are significantly associated with higher bank loan interest rate. We infer that banks believe earning management behavior will increase the uncertainty to repay loans in the future, thus increasing banks’ monitoring costs. To reduce their default risks, banks transfer the costs into loan spread. (2) Real earning management will significantly increase future bank loan spread, but accrual-based earning management is less significant. This result implies that real earning management will directly affect the cash flow, so it has a longer impact on company than accrual-based earning management. (3) If a company has stronger previous lending relationship with the bank, their bank loan spread will be decreased. In addition, the impact of earning management on bank loan spread will be insignificant due to the reduction of default risk and monitoring cost.

論文審定書………………………………………………………………………….....i
摘要……………………………………………..…………………………..………….ii
Abstract…………………………………………………………………………….......iii
目錄………………………………………………………………………………........iv
表次…………………………………………………………………………………....v
第一章 緒論…………………………………………………………………………...1
第二章 文獻回顧與假說建立…..…………………………………………………….4
第一節 影響盈餘管理之動機……………..……………………………………….4
第二節 應計盈餘管理與實質盈餘管理..………………………………………….7
第三節 盈餘管理帶來之影響……………………………………………………...8
第四節 研究假說建立……………………………………………………………...9
第三章 研究方法…………………………………………………………………….12
第一節 研究期間及樣本………………………………………………………….12
第二節 實證模型設計…………………………………………………………….12
第三節 變數定義與衡量………………………………………………………….14
第四章 實證結果與分析…………………………………………………………….19
第一節 敘述統計與相關係數分析……………………………………………….19
第二節 迴歸分析結果…………………………………………………………….23
第五章 結論與建議………………………………………………………………….29
參考文獻……………………………………………………………………………..30

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