本文研究併購期間公司治理好壞是否會影響盈餘管理程度並對公司績效造成影響。以支付方式將所有併購進行分組，觀察董事會教育程度及參與度，以及獨立董監席次是否會影響盈餘管理程度，並觀察對公司績效之影響。結果顯示，公司治理優劣會對盈餘管理程度造成影響。董事會規模以及董事學歷能有效的抑制應計項盈餘管理，但增強實質盈餘管理行為，因此董事的專業知識及進修對降低盈餘管理效果卓然，卻也助長實質盈餘管理。但獨立董監席次在併購事件中沒有發生有效的抑制效果且若獨立董事兼任還會加強實質盈餘管理。法人持股則在抑制盈餘管理效果顯著，國外法人能抑制應計項盈餘管理，國內法人則能有效抑制兩種盈餘管理，是投資者參考良好的指標。最後，現金併購與股票併購並沒有特別使用哪種盈餘管理的傾向。

This paper tests whether corporate governance during mergers and acquisitions (M&As) will affect earnings management (EM) and company performance. All M&As are grouped by payment method to observe whether the education level, participation of the board of directors, and the independence of directors will affect earnings management. The results show that characteristics of corporate governance affect the degree of EM. The size of the board of directors and the master's and doctorate degrees significantly reduce the degree of accrued earnings management(AA) but increase real earnings management (RAM). However, the independence of directors is insignificant in the EM of M&As. the holdings of foreign and domestic entities significantly reduce AM and RAM. Finally, cash or stock mergers do not tend to use earnings management. 

摘要 i
Abstract iii
Chapter 1 緒論 1
1.1 研究背景 1
1.2 研究目的 2
1.3 研究貢獻 4
Chapter 2 文獻探討 5
2.1 盈餘管理 5
2.2 公司治理 7
2.3 併購和公司治理及盈餘管理行為 9
Chapter 3 研究設計 11
3.1 研究假說 11
3.2 資料來源與樣本選擇及處理 13
3.3 方法 14
Chapter 4 實證分析 18
4.1 實證模型 18
4.2 敘述統計 19
4.3 公司在併購前後是否會使用盈餘管理 23
4.4 併購進行時使用實質盈餘管理之公司長期績效是否低於未進行盈餘管理之公司 25
4.5 是否擁有較良好的公司治理品質會抑制盈餘管理行為。 27
Chapter 5 結論與建議 31
參考文獻 33

參考文獻
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中文文獻
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