本文藉由28個財務比率與4個公司治理變數的分析，探討高槓桿傳產公司盈餘管理、公司治理以及融資決策間的關係，能否拉抬公司績效。實證結果顯示，當負債比率＞50%，影響傳統產業公司績效的指標為獲利能力、現金流量與公司治理，因而建議公司採取良善盈餘控管，調降內部保留比率，緩和對借款的依賴程度，提升獲利能力並促進現金流量；避免董事長兼任總經理的情況發生，抑制權力過度集中，致生公司利益受損，有助於公司治理，鞏固公司體質，以期永續經營公司。實證結果建議，盈餘管理步驟，高負債比公司：1.宜避免董事長兼任總經理的經營模式，將經營權與所有權分離，聘請專業經理人經營公司。2.降低內部保留比率，將盈餘保留用來償還長短期借款(融資決策)，降低借款依存度，增強公司治理、獲利能力與現金流量。管理涵義：傳統產業公司重視外部人會計師意見、避免董事長兼任總經理，可增強公司治理能力，降低公司發生危機的機率。
Based on the analysis of 28 financial ratios and 4 corporate governance variables, this paper explores the relationship between earnings management, corporate governance and financing decisions in highly leveraged traditional industry companies, and whether they can lift corporate performance. This empirical results show that when the debt ratio is more than 50%, the indicators affecting the performance of traditional industries are profitability, cash flow and corporate governance. The empirical results suggest that earnings management steps of high debt ratio of company: 1. Avoid the chairman of the board serving as general manager, separate management rights from ownership, looking for professional managers to do professional management. 2. Reduce the internal retention ratio, use surplus reserves to repay long and short-term borrowings (financing decisions), reduce borrowing dependency to enhance corporate governance, profitability and cash flow. Management meaning: the traditional industry companies attach importance to the views of outsiders’ accountants, avoiding the chairman of the board serving as general manager, can enhance corporate governance, reduce the risk of the company crisis.
