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標題: | 美國證管會監管信函對非GAAP與GAAP盈餘可比較性之影響 The Effect of SEC's Comment Letters on the Comparability of Non-GAAP and GAAP Earnings |
作者: | Ting-Wei Yen 顏廷緯 |
指導教授: | 劉啟群(Chi-Chun Liu) |
共同指導教授: | 尤琳蕙(Lin-Hui Yu) |
關鍵字: | 非GAAP盈餘,美國證管會,監管信函,可比較性, Non-GAAP Earnings,SEC,Comment Letters,Comparability, |
出版年 : | 2019 |
學位: | 碩士 |
摘要: | 隨著非GAAP衡量(Non-GAAP Earnings)被廣泛使用,美國證券管理委員會(SEC)對此現象感到有所疑慮,認為非GAAP盈餘衡量可能會因為缺乏可比較性而對於投資人有所誤導。可比較性係會計資訊品質十分重要的一部份,為消弭非GAAP之盈餘衡量較不具可比較性之現象,美國證管會針對非GAAP之盈餘衡量實施了各種監管之手段。從2003年開始實施的Regulation G、2010年發佈之C&DIs以及後續所對外發佈之監管信函,皆為規範該種衡量方式的監管手段。已有大量的研究針對Regulation G以及C&DIs之實施,對於非GAAP盈餘衡量之影響有所探討,然而卻鮮少有文獻針對美國證管會出具之監管信函有所討論。
我們發現,當美國證管會針對公司所揭露非GAAP之盈餘衡量出具監管信函時,可有效的提升該公司非GAAP盈餘衡量之可比較性。且當公司收到針對非GAAP盈餘衡量之監管信函時,並不會對其GAAP之盈餘有所影響。我們亦針對該等實證結果進行穩健性測試,皆與我們的實證結果一致。因此證明了美國證管會所出具之監管信函係可提升公司所揭露之非GAAP盈餘衡量之可比較性。 As non-GAAP performance measures are widely used, the SEC has expressed concerns about this phenomenon and believes that non-GAAP earnings measures may be misleading to investors because of the lack of comparability. Comparability is an important part of accounting information quality. In order to diminish the non-GAAP earnings measurement, the SEC has issued various regulatory for non-GAAP earnings measurement. Regulation G, which was implemented in 2003, and C&DIs released in 2010, as well as filing reviews and comment letters issued afterward, are the regulation to regulate this alternative measurement. A large number of studies have been conducted on the release of Regulation G and C&DIs for non-GAAP earnings measurement, but few about comment letters issued by the SEC have been discussed. We find that the SEC can effectively improve the comparability of the company's non-GAAP earnings measurement when it issues comment letters against the company's exposure to non-GAAP earnings. And when the company receives comment letters for non-GAAP earnings measurement, it does not affect the GAAP earnings. We also conduct robustness tests on these empirical results, which are consistent with our empirical results. This proves that the comment letter issued by the SEC can enhance the comparability of non-GAAP earnings measures disclosed by the company. |
URI: | http://tdr.lib.ntu.edu.tw/handle/123456789/771 |
DOI: | 10.6342/NTU201901355 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 會計學系 |
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檔案 | 大小 | 格式 | |
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ntu-108-1.pdf | 1.88 MB | Adobe PDF | 檢視/開啟 |
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