本文為探討不同經濟環境因素下公司管理者之盈餘管理，公司管理者之盈餘管理則是以修正式Jones模式來衡量，其次分析財務困難、負債比率、董監事持股比率、審計品質、審計意見等五個要素對公司管理者之盈餘管理是否會因不同公司因素、產業因素、經濟因素而有不同之影響;公司因素方面以盈餘持續性之高低、產業因素方面以產業生命週期之長短、經濟因素方面則以國民生產毛，額(GNP)為代理變數C結果顯示，管理者在盈餘持續性高的公司比低的公司，更有可能因財務困難、負債比率、董監事持股比率、審計品質、審計意見而操縱盈餘;在產業生命週期長的產業比產業生命週期短(即電子業)的產業，更可能因負債比率、董監事持股比率、審計品質、審計意見而操縱盈餘，但產業生命週期短的產業(即電子業)則比產業生命週期長的產業，卻更可能因財務困難而操縱盈餘;國民生產毛額(GNP)高的年度中比在低的年度裡，管理者更有可能因財務困難、董監事持股比率、審計品質而操縱盈餘;但在國民生產毛頭(GNP)低的年度中比在高的年度裡，管理者更可能因負債比率而操縱盈餘。

This paper， at first， measures the eamings management. as modified Jones model to examine the effect of different environmental factors on the manager's eamings management. Next， it analyzes whether finance difficulty， the leverage， CEO shares rate， auditing quality， and auditor opinion have different effect because of different company factor， industrial factor， and economics factor. The company factor uses earnings persistence for the proxy variable. The industrial factor uses industry life cycle for the proxy variable. And the economic factor uses gross national product (GNP) for the proxy variable.

The result shows that manager has more manipulation of eamings in high eamings persistence company compared to low one because of the finance difficulty， leverage， CEO shares rate， auditing quality， and auditor opinion. Manager has more manipulation of eamings in long industry Iifecycle industry compared to short one because of leverage， CEO shares rate， auditing quality， and auditQf opinion， but it has more manipulation of earnings in short industry life cycle industry compared to long one because of the finance difficulty. Manager has more manipulation of earnings in high gross national product (GNP) year compared to low one because of the finance difficulty， CEO shares rate， and auditing quality， but it has more manipulation of eamings in low gross national product (GNP) .yearcompared to high one because ofleverage.