本文利用羅吉斯迴歸模型(logistic regression model)探討高階主管特質與企業管理舞弊 之關聯性，以台灣上市櫃公司為樣本，研究期間為1995年至2004年間，將29家發生管理舞 弊之公司作為實驗樣本，同時從相同產業與資本額相近的公司以1:3的比率選取配對樣本。 實證結果顯示，高階主管持股率與公司發生管理舞弊呈顯著負向關係，表示經理人持股比 率越高越能降低管理舞弊的發生；高階主管更迭與否與公司管理舞弊成顯著正向關係，故 高階主管更迭可視為管理舞弊發生之警訊。模型預測正確率為94.8％，期此實證結果可作 為政府未來預防管理舞弊之參考。

This study utilizes a logistic regression model to investigate the association between the characteristics of top management and management fraud. The sample includes 29 companies which had suffered management fraud and 87 healthy companies from 1995 to 2004. The empirical results indicate that the relationship of the shareholding ratio of top management is significantly negative related, indicating that high shareholding ratio of top management could motivate the integration of personal objective into organizational goals. The coefficient of top managers' change is significantly positive related, thus top management change also would be viewed as an early warning sign. In addition, the overall accuracy of prediction is 94.8% in the model with characteristics of top management.