本研究旨在探討資訊揭露程度與盈餘管理間是否存有一反向關係，資訊揭露程度較高的公司是否就代表其盈餘管理程度較低。以92年上市資訊電子業為研究對象，實證結果如下：

1.在其他條件不變下，公司資訊揭露程度與盈餘管理兩者呈顯著的負相關，亦即當管理當局盈餘管理程度越高時，可能為保持其進行盈餘管理之彈性，公司資訊揭露程度會越低。

2.然而進一步加入公司目前表現的優劣加以分析，發現此一負向關係僅限於好消息年度獲得實證上的支持；於壞消息年度，揭露程度與盈餘管理間之關係則並不顯著。

3.從時效性的角度觀察發現：揭露程度低的公司，其盈餘反應好消息的時效性雖優於揭露程度高的公司，但兩者並無顯著的不同。揭露程度高的公司其盈餘反應壞消息的時效性則顯著高於揭露程度低的公司。

4.盈餘反應壞消息較好消息及時之關係僅限於資訊揭露程度較高的公司會成立；揭露程度較低的公司，此關係則並不成立。

一、中文部分

中華民國證券暨期貨市場發展基金會，2003，資訊揭露評鑑系統作業要點

金成隆、林修葳，1998，台灣上市公司月盈餘揭露行為之實證研究，證券市場發展季刊，第10卷，第三期：31-63

金志遠，2000，董事會特性與年報自願性揭露關係之研究，國立政治大學會計系未出版碩士論文。

林冠宏，2003，公司資訊揭露與價值攸關性之研究，國立政治大學會計系未出版碩士論文。

林政衛，2003，公司治理結構、資訊透明度與股票報酬變異關聯性之研究，國立政治大學會計系未出版碩士論文。

邱碧珠，2000，資訊揭露程度與權益資金成本之關係:我國資訊電子業之關係，國立台灣大學會計系未出版碩士論文。

黃明潔，2002，多期損益平穩化行為之決定因素，國立政治大學會計系未出版碩士論文。

陳心怡，2000，上市公司現金增資前盈餘管理與其後績效關聯性之研究，國立台灣大學會計系未出版碩士論文。

陳汶敏，2003，企業資訊揭露數量對盈餘管理及股價波動之影響，國立台灣大學會計系未出版碩士論文。

陳依蘋，2002，透明度與企業價值，會計研究月刊，第200期(7月):48-54。

陳美娟，1997，年報自願性揭露水準與公司特徵之關聯性研究，國立政治大學會計系未出版碩士論文。

蔡其諭，2002，揭露程度與負債資金成本之關係，國立政治大學會計系未出版碩士論文。

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