本研究透過探討公司首次公開發行後是否會進行更多的應計和實質盈餘管理來面對上市(櫃)後的資本市場壓力，以台灣IPO公司為樣本並使用裁決性應計項與各項實質盈餘管理指標觀察公司上市櫃前後之盈餘管理情形，以及考慮到家族企業之影響時，是否在家族企業與非家族企業中會有不同的變化。研究結果發現公司上市櫃後所有實質盈餘管理指標顯著增加，代表公司在IPO後會傾向透過更隱蔽的實質盈餘管理操縱盈餘；發現家族企業的實質盈餘管理顯著增加，且應計盈餘管理也顯著增加，代表家族企業除了會使用實質盈餘管理之外，還會使用家族成員對公司的控制能力與本身的透明度不足對財務報告進行應計盈餘操縱。

This study investigates whether companies engage in more accrual-based and real earnings management after their initial public offering (IPO) to cope with the capital market pressures following their listing. The sample consists of IPO companies in Taiwan. The study examines the earnings management practices before and after the companies' IPO using discretionary accruals and various indicators of real earnings management. It also explores whether there are differences in the changes observed between family and non-family businesses, considering the influence of family businesses. The research findings reveal that all indicators of real earnings management significantly increase after companies go public. This suggests that firms tend to manipulate earnings through more covert means of real earnings management after the IPO. Moreover, it is found that family businesses exhibit a significant increase in both real earnings management and accrual-based earnings management. This implies that family businesses not only employ real earnings management but also engage in accrual-based earnings manipulation due to their control over the company through family members and potential transparency issues in financial reporting.

致謝 i
摘要 ii
Abstract iii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 3
第三節 研究目的 5
第四節 研究架構及流程 6
第二章 文獻回顧與假說發展 7
第一節 盈餘管理相關文獻 7
第二節 公司IPO與實質盈餘管理 10
第三節 家族企業與盈餘管理 13
第三章 研究方法與研究設計 17
第一節 盈餘管理衡量 17
第二節 樣本選取與資料來源 21
第四章 實證結果與分析 23
第一節 敘述性統計 23
第二節 相關係數分析 25
第三節 實證結果分析 27
第四節 家族企業與非家族企業之實證結果 28
第五章 討論與結論 31
第一節 討論 31
第二節 結論 33
第三節 研究貢獻與建議 34
參考文獻 35

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