本文探討董監事股權質押與應計盈餘管理是否會透過財務績效影響公司股價報酬率，考量台灣企業普遍存在股權高度集中及財報調整空間大的情況，若股東同時操作質押與盈餘操控，可能影響外部投資人對公司價值的判斷。因此本研究以ROA、ROE、Tobin’s Q為中介變數，並採用中介效果模型，分析股權質押與應計盈餘管理對股價報酬率的間接影響。

實證資料為2016-2023年台灣之上市櫃公司為樣本，結果發現應計盈餘管理則是對股價報酬率無直接關係，但卻透過財務績效產生間接關係。

本研究的貢獻在於補足國內較少探討股權質押與應計盈餘管理是否透過財務績效間接影響股價報酬率之議題，運用Baron and Kenny三階段中介模型與Sobel檢定，分析對市場反應的傳導機制。

This study examines whether directors’ and supervisors’ stock pledging and accrual-based earnings management affect stock returns through financial performance. Considering the prevalence of concentrated ownership and the discretionary flexibility in financial reporting among Taiwanese firms, the simultaneous use of stock pledging and earnings manipulation by controlling shareholders may distort external investors’ valuation of the firm. Therefore, this study uses ROA, ROE, and Tobin’s Q as mediating variables and applies a mediation model to analyze the indirect effects of stock pledging and accrual-based earnings management on stock returns.
Using data from publicly listed companies in Taiwan between 2016 and 2023, the empirical results show that accrual-based earnings management has no direct association with stock returns, yet it exerts an indirect effect through financial performance.
This study contributes by examining whether stock pledging and accrual-based earnings management indirectly affect stock returns through financial performance—an issue that has received limited attention in Taiwan. Using the three-step mediation approach proposed by Baron and Kenny and the Sobel test, the analysis explores the transmission mechanism underlying market reactions.

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