財務報表重編對盈餘資訊內涵之影響

Abstract

本研究旨在探討財務報表重編對盈餘資訊內涵之影響，投資人是否會因財務報表重編事件而對公司未來之報表之信賴度下降，造成重編後盈餘資訊內涵較重編前下降之情形。並進一步分析不同重編類型、重編原因、重編公告日時市場之反應及重編後公司主動解任會計師及管理階層變動是否會對盈餘資訊內涵之下降幅度有所影響。 本研究係參考Wilson (2008)之研究方法與架構，進行臺灣市場之研究，實證結果顯示財務報表重編後盈餘資訊內涵確實較重編前下降，且未因改採不同事件窗期及重編後期間長短而有顯著差異。此外，財務報表重編原因為收入/利得認列者，重編後盈餘資訊內涵下降期間較非收入/利得認列者長，且在重編後第三季、第五季、第六季及第七季盈餘資訊內涵顯著低於非收入/利得認列者。而不同重編類型、重編公告日時市場之反應及重編後公司主動解任會計師及管理階層變動並未對盈餘資訊內涵之下降幅度有顯著之影響。

The purpose of this study is to explore the impact of financial restatements on information content of earnings- whether restatements would induce investors to rely less on future financial statements so that the information content of earnings declines following restatements. This study also analyzed whether different restatements types, restatements reasons, the responses on restatements announcement date, auditor dismissals and management turnover would induce different degrees of decline in information content of earnings following restatements. This study referred to the method mentioned in Wilson (2008) to conduct a research in Taiwan’s capital market. The empirical research showed that the information content of earnings indeed declined following restatements, and the result was not affected by different event research windows or periods following restatements. In addition, the decline in the information content of earnings was longer-lasting following restatements for correcting revenue recognition problems than for other reasons. It also decreased more in the third、fifth、sixth and seventh quarter. However, different restatements types, the responses on restatements announcement date, auditor dismissals and management turnover would not induce different degrees of decline in information content of earnings following restatements.