本研究探討盈餘品質與公司治理之關聯是否受到企業經營狀態與危機時點之影響，以遭中國證監會列為特別處理企業作為特別處理危機樣本。本研究參考Khan & Watts (2009) 之C-Score衡量盈餘穩健性，作為盈餘品質之衡量變數。研究結果發現不同經營狀態（i.e.危機發生與否）與不同危機時點（i.e.危機發生前後），公司治理機制與會計穩健性間呈現差異性之變化。當公司處於危機發生狀態，相較於正常營運，會計穩健性較高，而公司治理機制與會計穩健性間於危機發生時更傾向互補關係，支持供給面觀點 (Wang, 2006)。另一方面，危機發生後，會計穩健性與公司治理機制間更具互補關係。甚者，不同類別之公司治理機制所發揮的效用不同。董事會結構與所有權結構之治理功能在正常營運狀態下之公司更為彰顯，對會計穩健性政策分別呈現替代與互補之效應。

Recently, China is experiencing rapid economic growth. The government progressively promotes corporate governance and strengthens earnings quality. However, frequent occurrences of corporate financial distress and fraud happen. Previous literature has not investigated the relationship between financial distress, accounting conservatism, and corporate governance. This study examines corporate financial distress conditions and timing influence the relationship between earnings conservatism and corporate governance. Referring to Khan & Watts (2009), this study adopts C-Score as proxy for accounting conservatism. Based on the previous literature, the sample consists of A-share listed firms in China that experience special treatment rules between 1998 and 2011. The empirical results show that the relationship between corporate governance mechanisms and accounting conservatism displays non-linear variation with different business conditions and distress timing. When the firm is at financial distress relative to normal operations, corporate earnings are more conservative. Further, in financial distress, there appear to be a complementary relation between corporate governance and accounting conservatism, consistent with a supply perspective (Wang, 2006). There seems to be a more complementary relation between corporate governance and accounting conservatism following the financial distress. Next, the different types of corporate governance mechanisms cause diverse effects. During normal operations, the governance of the ownership structure (or the board of directors) has a stronger influence on the complementary (or supplementary) relation with accounting conservatism. These results assist academics and practitioners to realize how management discloses financial information under interactions among various its business conditions, distress timing, and corporate governance mechanisms.

近年來，中國大陸經濟發展迅速，至2010年外商直接投資比例已躍升為全球第二名。隨著經濟成長快速，資本市場亦隨之蓬勃發展，然體制與法規制訂尚未健全，以致市場爆發多起因財報不實而投資人受損的公司弊案（如夏新電子、山東德棉事件）。中國證監會於1998年要求上海（深圳）證券交易所對財務狀況異常之上市公司股票實施特別處理(Special treatment)。於2003年進一步區分為退市風險警示（*ST）及其他特別處理（ST）規定。 中國於2001年起亦開始積極提倡公司治理，然企業爆發財務危機事件仍頻傳，由所蒐集的數據顯示遭證監會列入「特別處理」的件數逐年增加，此顯示企業之盈餘品質仍有待加強。中國大陸目前已成為全球經濟營運重心，中國企業之公司治理與報表品質實為眾所關注之焦點，對於企業時常有財報舞弊不實之事件頻傳，然而相關研究仍尚為缺乏。因此，引發本研究動機，欲探討中國大陸特別處理危機事件是否與公司治理與穩健會計間兩相異觀點有所關聯。詳言之，公司經營狀態（面臨特別處理危機相對於正常營運）、危機發生時點（發生前相對於發生後）是否造成公司治理機制與盈餘穩健性間之關係有所變異。 本研究結果可提供產官學界瞭解，在中國特別處理之法令政策下，企業在面對不同經營狀態、危機時點與公司治理機制時，對於揭露報表穩健性之管理政策。中國企業在不同經營狀態（i.e.危機發生與否）與不同危機時點（i.e.危機發生前後），公司治理機制與會計穩健性間呈現非線性變化。再者，所有權結構相對於董事會結構之公司治理機制於不同經營狀態下所發揮的效用亦不同。此研究結果可增進瞭解中國大陸在所處的企業經營狀態與危機時點，所提出的會計穩健決策與公司治理機制間有差異性的交互影響；尤其是不同類別之公司治理機制，對於企業於不同經營狀態下，所執行的穩健性會計政策，有不同之發揮效用。最後，本研究結果可協助中國監管機關瞭解，企業所提出的財報品質因應對策，與法令、公司治理機制皆有關聯，以調整監督的重點與強化相關的法令政策。

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