本文以本國銀行為研究對象，目的在探討銀行盈餘管理行為的關聯性。有別於過去文獻，本文發展適合於銀行業的實質盈餘管理模型，以及修改沈中華、陳庭萱（2008）的經濟成本管理模型，以之分析兩種盈餘管理之間的關係。經過各項穩健性測試，包括二階段內生性分析、結構改變差異中之差異法(difference-in-difference method) 分析之後，本文實證結果發現，國內銀行會運用實質盈餘管理以及經濟成本達到管理盈餘目的，二種盈餘管理行為之間，存在抵換的替代關係。並且，在金融風暴後，資本適足率越高的銀行，則是越可能採實質盈餘管理或經濟成本管理，亦即政府政策與管制影響銀行業的盈餘管理行為。

The article tries to explore the banks’ earnings management of Taiwanese banking industry. We adjusted the Shen & Chen Model (2008), Real Earnings Management Model to measure earnings management and analyze what is the relationship between the two different earnings management. Through two-stage least squares analysis, difference-in-difference analysis, and robustness test, the main results show the substitution between real transactions management and economic cost management. Further, we find in Post-financial crisis period, domestic banks with high capital adequacy ratio adopt real earnings management or economic cost management.

銀行業的盈餘管理不同於非金融業。本篇專注於銀行產業實務運作，並以之進行銀行業盈餘管理方式以及實質盈餘管理與應計盈餘管理關係之研究。本研究發現，不論是實質盈餘管理抑或是經濟成本管理，國內銀行皆傾向作向上盈餘管理。 整體而言，國內銀行會運用實質盈餘管理以及經濟成本達到管理盈餘目的，二種盈餘管理行為之間存在替代關係。當資本適足率越高時，銀行業實質盈餘管理與經濟成本盈餘管理之間的替代關係趨緩，亦即政府政策與管制影響銀行業的盈餘管理行為，此為銀行業特有之盈餘管理現象。因此，金融機構管理機關宜妥適訂定恰當的資本適足率，引導銀行業在健全的資本結構下經營銀行業務，並且避免非必要性資本適足率調整，以穩定性為訂定資本適足率之優先考量因素，期能減少銀行業盈餘操縱之空間。金融環境瞬息轉變，國內銀行會因實際金融環境的變化，改變盈餘管理行為。金融風暴發生後，資本適足率越高的銀行，越可能採實質盈餘管理或經濟成本管理。實際金融環境產生變化時，銀行業將改變盈餘管理行為，管理機關宜因應金融環境變化著重不同的管理手段。 國內銀行二種盈餘管理呈現不同的樣貌。獲利越好的銀行一旦從事經濟成本管理，則越緩和實質盈餘管理對經濟成本管理之替代關係；獲利越佳的銀行如果從事實質盈餘管理，則減少操縱經濟成本管理，並且加深經濟成本管理對實質盈餘管理之替代關係。金融機構管理機關平日應留意個別銀行資產報酬率、當期淨利率之變化，偏離性的資產報酬率、當期淨利率變化容易引發銀行業操縱盈餘。金控銀行、公股銀行則傾向向上實質盈餘管理與向下經濟成本管理。金控銀行如果從事實質盈餘管理，則會加強實質盈餘管理與經濟成本盈餘管理之間的替代關係。因此，金控銀行與公股銀行亦需要有不同的管理規範。 盈餘為企業利害關係人所注目的焦點，舉凡存款戶、現有投資人與潛在投資人、金融從業人員、稅捐稽徵人員、審計人員等等，皆可能受其發佈之盈餘所影響，影響層面廣泛，宜審慎加強管理。

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