初次上市櫃前後年度之盈餘管理研究

Abstract

探討企業在重大事件日前後之盈餘管理行為一向為盈餘管理研究之熱門議題，企業在初次上市櫃前之有提高承銷價與符合申請上市櫃標準等盈餘管理動機，但初次上市櫃後之閉鎖期亦可能為了維持股價表現及達成財務預測而進行盈餘管理。本研究以1994年至2007年於臺灣證券交易所及中華民國證券櫃檯買賣中心上市櫃之504家新上市公司與792家新上櫃公司為樣本，採用實務上常見之三種應計項目進行分析，以Modified Jones Model估計裁決性應計項目，並加入Dechow et al.（1995）與Dechow et al.（2010）提出之虛擬變數，分別描述預期盈餘管理之年度與應計項目迴轉最明顯之年度，根據裁決性應計項目之迴轉特性，檢驗企業於初次上市櫃前後年度是否有以操縱裁決性應計項目提高盈餘之行為。 本研究之實證結果顯示，不管採用何種應計項目估計方法，企業在初次上市櫃前一年至後一年均顯著有操縱裁決性應計項目提高盈餘之行為，且考慮裁決性應計項目迴轉效果後亦支持上述盈餘管理行為，整體而言新上櫃公司在初次上櫃前後提高盈餘之行為與應計項目迴轉效果均較新上市公司更為顯著。

Due to the information asymmetry before listing, high reported earnings would translate directly to high offering prices. Firms also have additional incentives to boost earnings in lockup period to maintain high market prices or to meet earnings projection after listing. This study examines whether newly-listed firms engage in earnings management during their listing by adjusting discretionary accruals. The sample includes 504 and 792 newly-listed firms in Taiwan Stock Exchange (TSE) and Over-the-Counter (OTC) markets from 1994 to 2007. The discretionary accruals are estimated using Modified Jones Model and examined incorporating the properties of accrual reversals. This study provides evidences that newly-listed firms do engage in earnings management during their listing by increasing discretionary accruals. The discretionary accruals are significantly positive from event year -1 to 1; and the regression results are all consistent with the earnings management hypothesis with and without incorporating accrual reversals. Overall, the earnings management behaviors of OTC newly-listed firms are more obvious than TSE newly-listed firms.