過去的文獻顯示兩種修飾盈餘的方法，可裁決性應計項目與衍生性商品之間存在替代關係。但在2006年之後，台灣實施了第34號公報，其規定了公平價值與避險會計的相關規範，使得我們想去探討兩種修飾盈餘方法間的關係是否受到影響。我們使用了台灣五十的成分公司但去除金融公司做為我們的樣本，期間為2000年至2011年共12年的資料，我們發現在第34號公報實施之後，衍生性商品和應計項目間的替代關係逐漸地減弱；而且我們也發現在第34號公報實施之後，公司的盈餘波動度會因為衍生性商品而顯著地改變。總地來說，我們認為會計制度的重大改變會影響收益平緩的方法及盈餘波動。

There are two methods to income smoothing in the past literature, discretionary accruals and derivatives. The relationship between the discretionary accruals and derivatives is substitute. However, after 2006, Taiwan implemented SFAS No. 34, which relating to fair value and hedge accounting, so we wanted to explore the relationship between the two kinds of modification of income smoothing. We use the component companies of “Taiwan Fifty” but remove financial companies out of our sample. The period of our sample is from 2000 to 2011. We found that after the implementation of SFAS No.34, the relationship between derivatives and accruals gradually weakened. We also found that after the implementation of SFAS No.34, the earnings volatility of companies significantly changed. In general, we believe that significantly change in the accounting rules will affect income smoothing and earnings volatility.

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