企業採集團化發展已成為國際潮流，台灣也跟著潮流產生了許多大型或中型的集團企業，集團企業多角化的投資策略常常會面臨著不確定性的高風險，尤其是非相關產業的多角化，因為從事的是非核心事業，往往讓管理階層有盈餘管理的動機，投資人也會忽略企業執行多角化策略所造成的風險。
因目前無針對中型集團企業與盈餘管理關聯性進行的研究，而中型集團企業在追求成長的過程中，逐漸發展多角化策略，管理階層是否會較有盈餘管理的動機，是本研究所要探尋的。
實證結果發現：
（一）中型集團企業相關多角化程度及非相關多角化程度，與盈餘管理之間並非具有直接密切關係，故推論中型集團企業多半是家族企業，持股集中度較高，即使從事多角化策略，盈餘管理的動機也沒有那麼強烈。
（二）借款依存度與盈餘管理程度呈顯著正相關，債權人常為了保護借款的收回性，而對借款企業的最低營運資金及最高負債比率有所限制，使得管理階層有動機利用會計原則的選擇來使公司財務狀況符合各項比率，以避免違約。

There is international trend for the enterprises to develop to business groups. There are more and more large-sized or medium-sized business groups in Taiwan. However, the groups’ diversification strategies often result in high risks. Especially the unrelated diversification. The Management has a motivation to do the earnings management when dealing with the non-core business. If the earnings quality is manipulated by the management, it will cause the investors to ignore the risk which diversification strategy will bring.
So far, there is no research about the the impact of earnings management on medium-sized business group. The purpose of this research is to examine whether medium-sized business groups’ management has a motivation to make earnings management.
The results show that：
1. There are no direct relationships between related diversification, unrelated diversification and earnings management. It is considered that medium-sized group business probably be family enterprises with centralized shareholding. The management doesn’t have strong intention to make earnings management.
2. Debt/Equity has positive correlation on earnings management. The creditor often has restriction to minimum working capital and highest-level liability ratio of the borrower. The management has a motivation to choose appropriate accounting principle to correspond with the each given financial ratio.

論文審定書 I
誌 謝 II
摘　要 III
Abstract IV
目　錄 V
第一章 緒論
第一節 研究背景 1
第二節 研究目的 3
第三節 研究流程 4
第二章 文獻探討
第一節 集團企業 6
第二節 多角化模式 14
第三節 盈餘管理 25
第三章 研究方法
第一節 研究假說 30
第二節 變數衡量與實證模型 32
第三節 研究樣本 36
第四節 實證分析方法 38
第四章 實證結果與分析
第一節 敘述性統計 39
第二節 共線性檢定 40
第三節 迴歸分析 41
第五章 結論與建議
第一節 研究結論 43
第二節 研究限制與建議 45
參考文獻 46

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