本文主要探討:(一)、探討企業進行合併收購時，盈餘操控的公司是否有較高的股價淨值比。(二)、當合併收購時，偵測出可能有財務與盈餘操控手段的企業，是否有較大的機率使用股票為併購案的支付方式。(三)、當合併收購時，探討企業特性與可能有盈餘操控手段的相關性。本文實證結果顯示: 若前一年進行盈餘操控會使主併公司在併購宣告當年有較高的股價淨值比; 併購案中，在當年度有盈餘操控的主併公司會好使用股票為合併收購支付方式。最後，併購案中當年主併公司的董事長性別並不與有無做財務或盈餘操控有顯著相關，而獨立董監席次比率會影響。

We mainly explore:(1) Whether the enterprises with earnings manipulation have higher P/B ratio in M&A’s.(2) Do the acquirers which are detected to have earnings manipulation prefer to use stock as the payment method?(3) What characteristics of enterprises will be associated with the use of earnings manipulation in M&A’s. The empirical results show that: First, enterprises which use earnings manipulation a year ago experience higher P/B ratio in M&A’s; Second, the acquirers with earnings manipulation prefer to use the stock to finance M&A’s. Finally, the
gender of the acquirer’s chairperson does not affect the propensity for earnings manipulation. However, the ratios of independent directors and supervisors to total number of directors are negatively related to earnings manipulation.

目錄
論文審定書 i
摘要 ii
1. 導論 1
1.1 研究背景與動機 1
1.2 研究目的與貢獻 2
2. 文獻探討與研究假說 5
2.1 M-score (Manipulation-score) 5
2.2 併購支付方式與盈餘操控 9
2.3 公司特性與盈餘操控 9
2.4 研究假說 10
3. 研究方法與實證模型 12
3.1 樣本選取 12
3.2 控制變數M-score (Manipulation-score) 13
3.3 假說一控制變數 17
3.4 假說二控制變數 18
3.5 假說三控制變數 19
4. 實證分析 22
4.1 盈餘操控與股價淨值比 22
4.2 盈餘操控與併購支付方式 25
4.3 盈餘操控與公司特性 29
5. 結論 33
中文參考文獻 35
外文參考文獻 36

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