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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 劉啟群(Chi-Chun Liu) | |
dc.contributor.author | Yu Chang | en |
dc.contributor.author | 張昱 | zh_TW |
dc.date.accessioned | 2021-06-17T04:27:57Z | - |
dc.date.available | 2021-02-20 | |
dc.date.copyright | 2021-02-20 | |
dc.date.issued | 2021 | |
dc.date.submitted | 2021-02-03 | |
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/70427 | - |
dc.description.abstract | 本研究旨在探討與非一般公認會計準則之盈餘(以下簡稱non-GAAP盈餘)相關之監管信函對公司non-GAAP盈餘及一般公認會計準則之盈餘(以下簡稱GAAP 盈餘)間差額之影響。將經理人的動機納入考量後,本研究發現收到與non-GAAP盈餘相關之監管信函後,公司的non-GAAP盈餘及GAAP盈餘間的差額增 加,我們認為其中一個可能的原因是當公司收到與non-GAAP盈餘相關之監管信函後,認為美國證券交易委員會(TheU.S.SecuritiesandExchangeCommission, the SEC)(以下簡稱美國證管會)不僅會對於 non-GAAP議題進行調查,還會對於公司其他重要的議題進行審查,GAAP盈餘乃是依照一般公認會計準則編製而產生的盈餘,實為重要的財務資訊,因此公司認為GAAP盈餘極有可能落入美國證管會的調查範疇,導致不僅non-GAAP盈餘受美國監管信函影響,GAAP 盈餘亦受 影響。本研究亦發現分析師無法預測美國證管會監管信函對non-GAAP盈餘及GAAP盈餘間差異的影響,且社會大眾可預期及不可預期的non-GAAP盈餘及GAAP盈餘間之差異都增加。排除掉金融業和公共產業後我們獲得相同的結果,將經理人動機以類別變數衡量後也得到類似的結果。本研究發現美國證管會與non-GAAP相關之監管信函對non-GAAP 盈餘及GAAP盈餘間有顯著的影響。 | zh_TW |
dc.description.abstract | This paper examines the effect that the SEC comment letters on non-GAAP issues make on the difference of firms’ non-GAAP earnings and GAAP earnings. After considering managers’ motivation, we find that the rifts between non-GAAP earnings and GAAP earnings of motivated firms expand after they receive non-GAAP comment letters. We provide a possible explanation that although it’s non-GAAP issues that the comment letters elaborate on, they may also restrain opportunism on GAAP earnings because firms will assume, given on the SEC has already kept an eye on themselves, the SEC not only inspect non-GAAP earnings but GAAP earnings. We further decompose the exclusions into two parts that analyst can predict and can not predict, we observe that analyst are unable to capture the effect of non-GAAP letters. Furthermore, we also find recurring exclusions, no matter they’re opportunistically defined by managers, are enlarged after non-GAAP comment letters arrive. Our results are robust to removing financial and utility industries and measure managers’ motivation in form of dummy variables. Overall, comment letters on non-GAAP issues have impact on the difference between non-GAAP earnings and GAAP earnings. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T04:27:57Z (GMT). No. of bitstreams: 1 U0001-0707202013123100.pdf: 2744106 bytes, checksum: cb8c91150c97f62aa34538f56720156c (MD5) Previous issue date: 2021 | en |
dc.description.tableofcontents | 1. Introduction .........................................................................................................................................1 2. Literature Review ................................................................................................................................9 2.1 Non-GAAP ........................................................................................................................................9 2.2 Comment Letter...............................................................................................................................13 3. Hypothesis Development...................................................................................................................18 4. Data and Research Design ................................................................................................................21 4.1 Data..................................................................................................................................................21 4.2 Research Design ............................................................................................................................24 5. Results..............................................................................................................................................34 5.1 Descriptive Statistics ......................................................................................................................34 5.2 Results for H1: Exclusions with motivation .....................................................................................39 5.2.1 Motivation defined as analyst non-GAAP forecasts less GAAP earnings......................................39 5.2.2 Motivation defined as analyst GAAP forecasts less GAAP earnings ............................................47 5.3 Additional Analysis .........................................................................................................................54 5.3.1 Exclude financial and utility industries .........................................................................................54 5.3.1.1 Motivation defined as analyst non-GAAP forecasts less GAAP earnings...................................59 5.3.1.2 Motivation defined as analyst GAAP forecasts less GAAP earnings ..........................................65 5.3.2 Motivation measured as dummy variables ...................................................................................71 5.3.2.1 Motivation defined as analyst non-GAAP forecasts less GAAP earnings in form of dummy variables................................................................................................................................................74 5.3.2.2 Motivation defined as analyst GAAP forecasts less GAAP earnings in form of. dummy variables ..............................................................................................................................................................80 6. Conclusions ......................................................................................................................................86 Reference .............................................................................................................................................89 Appendix A............................................................................................................................................95 Appendix B............................................................................................................................................98 Exhibits Exhibit 1: The percentages of non-GAAP issues on all topics of comment letters.................................15 Tables Table 1: Comment letter observations...................................................................................................23 Table 2: Variable Definition....................................................................................................................26 Table 3: Descriptive Statistics (Take two quarters before and after comment letters as an example)......................................................................................................................................36 Table 4: Pearson Correlation (Take two quarters before and after comment letters as an example)......................................................................................................................................37 Table 5: Total Exclusions analysis with motivation evaluated by non-GAAP forecasts................................................................................................................................................41 Table 6: Predicted Exclusions analysis with motivation evaluated by non-GAAP forecasts...............................................................................................................................................42 Table 7: Unpredicted Exclusions analysis with motivation evaluated by non-GAAP Forecasts..............................................................................................................................................43 Table 8: Special d Exclusions analysis with motivation evaluated by non-GAAP Forecasts..............................................................................................................................................45 Table 9: Other Exclusions analysis with motivation evaluated by non-GAAP forecasts...............................................................................................................................................46 Table 10: Total Exclusions analysis with motivation evaluated by GAAP forecasts...............................................................................................................................................48 Table 11: Predicted Exclusions analysis with motivation evaluated by GAAP forecasts...............................................................................................................................................49 Table 12: Unpredicted Exclusions analysis with motivation evaluated by GAAP forecasts...............................................................................................................................................50 Table 13: Special Exclusions analysis with motivation evaluated by GAAP forecasts...............................................................................................................................................52 Table 14: Other Exclusions analysis with motivation evaluated by GAAP forecasts...............................................................................................................................................53 Table 15: Comment letter observation (financial industry and utility industry excluded)..............................................................................................................................................54 Table 16: Pearson Correlation with financial and industries excluded (Take two quarters before and after comment letters as an example)...............................................................................................................................................56 Table 17: Descriptive Statistics with financial and utilities industries excluded (Take two quarters before and after comment letters as an example)...............................................................................................................................................58 Table 18: Total Exclusions analysis with motivation evaluated by non-GAAP forecasts (financial and utilities industries excluded)..............................................................................................................................................60 Table 19: Predicted Exclusions analysis with motivation evaluated by non-GAAP forecasts (financial and utilities industries excluded)...............................................................................................................................................61 Table 20: Unpredicted Exclusions analysis with motivation evaluated by non- GAAP forecasts (financial and utilities industries excluded)..................................................................62 Table 21: Special Exclusions analysis with motivation evaluated by non-GAAP forecasts (financial and utilities industries excluded)..............................................................................................................................................63 Table 22: Other Exclusions analysis with motivation evaluated by non-GAAP forecasts (financial and utilities industries excluded)..............................................................................................................................................64 Table 23: Total Exclusions analysis with motivation evaluated by GAAP forecasts (financial and utilities industries excluded.............................................................................66 Table 24: Predicted Exclusions analysis with motivation evaluated by GAAP forecasts (financial and utilities industries excluded)...............................................................................................................................................67 Table 25: Unpredicted Exclusions analysis with motivation evaluated by GAAP forecasts (financial and utilities industries excluded................................................................................................................................................68 Table 26: Special Exclusions analysis with motivation evaluated by GAAP forecasts (financial and utilities industries excluded................................................................................................................................................69 Table 27: Other Exclusions analysis with motivation evaluated by GAAP forecasts (financial and utilities industries excluded................................................................................................................................................70 Table 28: Pearson Correlation with motivation measured in form of dummyvariables (Take two quarters before and after comment letters as an example).................................................................................72 Table 29: Total Exclusions analysis with motivation evaluated in form of dummy variables by non-GAAP forecasts...............................................................................................................................................75 Table 30: Predicted Exclusions analysis with motivation evaluated in form of dummy variables by non-GAAP forecasts.....................................................................................................................................76 Table 31: Unpredicted Exclusions analysis with motivation evaluated in form of dummy variables by non-GAAP forecasts..............................................................................................................................77 Table 32: Special Exclusions analysis with motivation evaluated in form of dummy variables by non-GAAP forecasts.............................................................................................78 Table 33: Other Exclusions analysis with motivation evaluated in form of dummy variables by non-GAAP forecasts.............................................................................................79 Table 34: Total Exclusions analysis with motivation evaluated in form of dummy variables by GAAP forecasts................................................................................................................................................81 Table 35: Predicted Exclusions analysis with motivation evaluated in form of dummy variables by GAAP forecasts...............................................................................................................................................82 Table 36: Unpredicted Exclusions analysis with motivation evaluated in form of dummy variables by GAAP forecasts.....................................................................................................................................83 Table 37: Special Exclusions analysis with motivation evaluated in form of dummy variables by GAAP forecasts....................................................................................................84 Table 38: Other Exclusions analysis with motivation evaluated in form of dummy variables by GAAP forecasts.....................................................................................................85 | |
dc.language.iso | en | |
dc.title | 美國證管會監管信函對非GAAP與GAAP盈餘間差額之影響 | zh_TW |
dc.title | The Effect of SEC's Comment Letters on the Difference between non-GAAP Earnings and GAAP Earnings | en |
dc.type | Thesis | |
dc.date.schoolyear | 109-1 | |
dc.description.degree | 碩士 | |
dc.contributor.coadvisor | 尤琳蕙(Lin-Hui Yu) | |
dc.contributor.oralexamcommittee | 張窈菱(Yao-Lin Chang),林純央(Chun-Yang Lin) | |
dc.subject.keyword | Non-GAAP 盈餘,GAAP 盈餘,non-GAAP 排除項,監管信函,經理人 動機, | zh_TW |
dc.subject.keyword | Non-GAAP earnings,GAAP earnings,non-GAAP exclusion,comment letter,motivation, | en |
dc.relation.page | 131 | |
dc.identifier.doi | 10.6342/NTU202001360 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2021-02-04 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計學研究所 | zh_TW |
顯示於系所單位: | 會計學系 |
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