本研究係檢視經理人員留任與否，對國有企業民營化前盈餘管理行為之影響，本研究亦檢視民營化企業的控制股東持股比例、政府持股比例、獨立董事比例及機構投資人持股比例對民營化後盈餘品質之影響。
實證結果顯示，國有企業經理人員若於民營化後不會留任，經理人員可能會利用過度生產或較低的銷管費用進行盈餘管理，提升公司的績效表現，以利經理人員未來的政治升遷或有機會至其他國營事業任職。單變量統計檢定結果顯示，政府持股比例低或機構投資人持股比例低，民營化後盈餘品質顯著提升。在民營化更換經理人之子樣本，其結果則顯示政府持股比例高、獨立董事比例高或機構投資人持股比例低，其盈餘品質顯著提升。民營化前未更換經理人公司子樣本，機構投資人持股比例高，民營化後盈餘品質顯著下降。多變量統計檢定結果顯示，以裁決性應計項目絕對值探討盈餘品質的部分，民營化企業的控制股東持股比例、政府持股比例、獨立董事比例、機構投資人持股比例對於民營化後盈餘品質改變之影響，結果皆不顯著，表示有其他原因可能影響中國國有企業民營化之盈餘品質。以盈餘資訊性探討盈餘品質的部分，民營化前未更換經理人之子樣本，其結果顯示政府持股比例高、獨立董事持股比例高，會導致盈餘資訊性顯著降低，亦即使盈餘品質顯著降低。而民營化前更換經理人之子樣本，獨立董事比例高，其盈餘品質顯著提升。

This study investigates whether management turnover affects earning management behavior of managers before privatization. This study also investigates whether the percentage of shares owned by controlling stockholder, the percentage of shares owned by government, the percentage of independent director of board, and the percentage of shares owned by institutional investors affect the earning quality of firms after privatization.
The empirical results show that managers may overproduce or decrease selling, general and administrative cost to improve performance before privatization if managers will be changed after privatization. The results of univariate analyses show that there is significantly negative association between earning quality of privatized firms and the percentage of shares owned by government. The earning quality is significantly higher for firms with lower institutional investors’ shareholdings after privatization. In the subsample of firms with management turnover before privatization, there is significantly positive association between the earning quality of privatized firms and the percentage of shares owned by government. The earnings quality is significantly higher for firms with higher percentage of independent directors. In the subsample of no management turnover before privatization, the results show that there is significantly negative association between the percentage of shares owned by institutional investors and the earning quality. However, the results of multivariate analyses show that the earning quality of privatized firms does not significantly improved for firms with different characteristics.In the subsample of no management turnover before privatization,we find a significantly negative relation between the percentage of shares owned by government and the earning infromativeness. The earnings infromativeness is significantly lower for firms with higher percentage of independent directors. In the subsample of firms with management turnover before privatization, there is a significantly positive association between the earning infromativeness and the percentage of independent directors.

方軼強、夏立軍和李莫愁，2006。控制權轉移後公司業績變化的影響因素分析，財經研究，第32期，第53-64頁。
呂久琴，2010a。民營化上市公司的短期與長期績效分析，財會月刊，第26-28頁。
呂久琴，2010b。民營化公司盈餘質量的下降趨勢分析，工業技術經濟，第29卷，第4期，第82-86頁。
胡一帆、宋敏和鄭紅亮，2006。所有制結構改革對中國企業績效的影響，中國社會科學，第4期，第50-64頁。
馬連福、胡艷和陳德球，2008。大股東制衡、投資者關係管理與盈餘管理，山西財經大學學報，第30卷，第12期，第73-79頁。
黃柏惟，2009。公營事業民營化前後之盈餘管理比較分析—以中國大陸國有企業為例，東吳大學會計學系碩士論文。
劉小玄和李利英，2005。改制企業績效影響的實證分析，中國工業經濟，第3期，第5-12頁。
Aboody, D., J. Hughes, and J. Liu. 2005. Earnings quality, insider trading, and cost of capital. Journal of Accounting Research 43(5): 651-673.
Ball, R. and L. Shivakumar.2008. Earnings quality at initial public offerings. Journal of Accounting and Economics 45(2/3): 324-349.
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71(4): 443-465.
Bushee, B. J. 1998.The influence of institutional investors on myopic R&D investment behavior.The Accounting Review 73(3): 305-333.
Chung, R., M. Firth, and J.-B. Kim. 2002. Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance 8: 29-48.
Claessens, S., S. Djankov, J. Fan, and L. Lang. 2000. The separation of ownership and control in East Asian corporations.Journal of Financial Economics 58: 81-112.
Cohen, D. A., A. Dey, and T. Z. Lys. 2008. Real and accrual-based earnings management in the pre- and post- Sarbanes Oxley Periods. The Accounting Review 83(3): 757-787.
Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70(2): 193-225.
Ding, Y., H. Zhang, and J. Zhang. 2007. Private vs state ownership and earnings management: evidence from Chinese listed companies. Corporate Governance: An International Review 15(2): 223-238.
Fama, E. F. and M. C. Jensen.1983 Separation of ownership and control.Journal of Law and Economics 26: 301-325.
Fan,J. P. H. and T. J. Wong.2002.Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia.Journal of Accounting and Economics33: 401-425.
Fan, J. P. H., T. J. Wong, and T. Zhang. 2007. Politically connected CEOs, corporate governance, and post-IPO performance of China’s newly partially privatized firms. Journal of Financial Economics 84: 330-357.
Francis, J., D. Nanda, and P. Olsson. 2008. Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research 46(1): 53-99.
Francis, J., K. Schipper, and L. Vincent.2005. Earnings and dividends informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics 39: 329-360.
Healy, P. M. and J. M. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13: 365-383.
Johnson, S., P. Boone, A. Breach, and E. Friedman. 2000. Corporate governance in the Asian financial crisis, 1997-98. Journal of Financial Economics58: 141-186.
Klein, A. 2002.Audit committee, board of director characteristics, and earnings management.Journal of Accounting and Economics33: 375-400.
Lin, J., F. Cai, and Z. Li. 1998. Competition, policy burdens, and state-owned enterprise reform.American Economic Review 88: 423-437.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517.
McNichols, M. F. 2002. Discussion of the quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review 77: 61-69.
Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis.Journal of Financial Economics64: 215-241.
Morck, R., A. V. Shleifer, and R. W. Vishny.1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20: 293-315.
Peasnell, K.V., P. F. Pope, and S. Young. 2005. Board monitoring and earnings management: do outside directors influence abnormal accruals? Journal of Business Finance and Accounting 32 (7/8):1311-46.
Qi,D., W. Wu, and H. Zhang.2000. Shareholding structure and corporate performance of partially privatized firms: evidence from listed Chinesecompanies. Pacific-Basin Finance Journal 8(5): 587-610.
Rajgopal, S., M. Venkatachalam, and J. Jiambalvo. 1999. Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings? Working paper, University and Washington and Stanford University.
Roychowdhury, S. 2006. Earnings management through real activities manipulation.Journal of Accounting and Economics42(3): 335-370.
Shleifer, A. and R.Vishny. 1994. Politicians and firms. Quarterly Journal of Economics 109: 995–1025.
Shleifer, A. and R. Vishny. 1997. A survey of corporate governance. Journal of Finance 52: 737-783.
Sun, Q. and W. H. S. Tong. 2003. China share issue privatization: the extent of its success. Journal of Financial Economics 70: 183-222.
Teoh, S., I. Welch, and T. Wong. 1998. Earnings management and the subsequentmarket performance of initial public offerings. Journal ofFinance 53:1935-1974.
Wang, D. 2006. Founding family ownership and earnings quality.Journal of Accounting Research 44(3): 619-656.
Wei, Z., F. Xie, and S. Zhang. 2005. Ownership structure and firm value in China’s privatized firms: 1991-2001. Journal of Financial and Quantitative Analysis 40: 87-108.
Wei, Z., O. Varela, J. D’Souza, and M. K. Hassan. 2003. The financial and operating performance of China’s newly privated firms. Financial Management 32(2): 107-126.