當企業存在操弄盈餘之投機性盈餘管理時，會衍生出管理當局與小股東及外部投資人間資訊不對稱及代理問題，造成企業投資缺乏效率。過往文獻提出企業會以裁決性應計項目與衍生性金融商品兩方法窗飾盈餘，且兩方法間具替代關係。為此，我國財務會計準則公報第34號「金融商品之會計處理準則」（簡稱第34號公報）的實施，導入公平價值概念，且規範金融商品之分類、評價與揭露等，將表外項目轉化為表內項目，提高財務報表透明度，減少企業進行盈餘操弄之空間。
本研究採用2001年至2011年台灣上市櫃公司共4,840筆觀察值，並加入盈餘管理變動幅度為解釋變數，探討第34號公報施行前後，盈餘管理對投資效率之影響是否有差異。實證結果發現，第34號公報實施後，盈餘管理行為與金融商品之使用如預期減少，公報實施初期盈餘平穩化工具因將原先為表外項目之資訊確實揭露，與不效率投資為負向關係。接著本研究以2014年至2020年之3,872筆觀察值做額外測試，結果發現，公報實施較長期間後，管理當局可藉由改變金融商品投資組合或風險管理策略，使盈餘平穩化工具仍能有效窗飾盈餘，因此企業盈餘管理程度越高，投資越缺乏效率，且隨盈餘管理程度下降，盈餘管理行為與投資效率間關係趨緩。

When a firm has opportunistic earnings management, there are information asymmetry and agency problems between the management authority and the minority shareholders and external investors, resulting in the investment inefficiency. Prior evidence that earnings management through discretionary accruals and derivative financial instruments are mechanisms with some degree of substitution in enhancing income smoothing. The Statement of Financial Accounting Standards No.34 (SFAS No.34) implementation adopted fair value accounting, and regulated the classification, evaluation and disclosure of financial instruments, also transformed off-balance sheet items into on-balance sheet items that improve the transparency of financial statements and reduce the level of earnings management.
Based on 4,840 observations of Taiwan listed companies during the period 2001-2011, and adds the range of earnings management changes as an explanatory number to investigate whether there is a difference in the impact of earnings management on investment inefficiency after SFAS No.34 implementation. The empirical analysis indicates that in the early implementation, because the originally off-balance sheet items were disclosed, which had a negative relationship with investment inefficiency. The additional test reveals that in the late implementation, the firm with higher earnings management level, its investment would be more inefficiency. And as the decline in the degree of earnings management, the relationship between earnings management and investment tends to ease.

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