請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/771
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 | Ting-Wei Yen | en |
dc.contributor.author | 顏廷緯 | zh_TW |
dc.date.accessioned | 2021-05-11T05:00:51Z | - |
dc.date.available | 2019-07-17 | |
dc.date.available | 2021-05-11T05:00:51Z | - |
dc.date.copyright | 2019-07-17 | |
dc.date.issued | 2019 | |
dc.date.submitted | 2019-07-10 | |
dc.identifier.citation | Bentley, J. W., Christensen, T. E., Gee, K. H., and Whipple, B. C. (2018). Disentangling Managers’ and Analysts’ Non-GAAP Reporting. Journal of Accounting Research, 56(4), 1039–1081. https://doi.org/10.1111/1475-679X.12206
Bhattacharya, N., Black, E. L., Christensen, T. E., and Larson, C. R. (2003). Assessing the Relative Informativeness and Permanence of Pro Forma Earnings and GAAP Operating Earnings. Journal of Accounting and Economics, 36(1–3 SPEC. ISS.), 285–319. https://doi.org/10.1016/j.jacceco.2003.06.001 Black, D. E., Black, E. L., Christensen, T. E., and Heninger, W. G. (2012). Has the Regulation of Pro Forma Reporting in the U.S. Changed Investors’ Perceptions of Pro Forma Earnings Disclosures? Journal of Business Finance and Accounting, 52(1), 1–5. Black, D. E., and Christensen, T. E. (2009). US Managers’ Use of “Pro Forma” Adjustments to Meet Strategic Earnings Targets. Journal of Business Finance and Accounting, 36(3–4), 297–326. https://doi.org/10.1111/j.1468-5957.2009.02128.x Black, D. E., Christensen, T. E., Ciesielski, J. T., and Whipple, B. C. (2017). Non-GAAP reporting: Evidence from academia and current practice. Journal of Business Finance and Accounting, 45(3–4), 259–294. https://doi.org/10.1111/jbfa.12298 Black, D. E., Christensen, T. E., Ciesielski, J. T., and Whipple, B. C. (2018). Non-GAAP Earnings: A Consistency and Comparability Crisis? In Ssrn. https://doi.org/10.2139/ssrn.2759312 Black, E. L., Christensen, T. E., Kiosse, P. V., and Steffen, T. D. (2017). Has the Regulation of Non-GAAP Disclosures Influenced Managers’ Use of Aggressive Earnings Exclusions? Journal of Accounting, Auditing and Finance, 32(2), 209–240. https://doi.org/10.1177/0148558X15599131 Bond, D., Czernkowski, R., Lee, Y.-S., and Loyeung, A. (2017). Market reaction to non-GAAP earnings around SEC regulation. Journal of Contemporary Accounting and Economics, 13(3), 193–208. https://doi.org/10.1016/j.jcae.2017.09.001 Bowen, R. M., Davis, A. K., and Matsumoto, D. A. (2005). Emphasis on Pro Forma versus GAAP Earnings in Quarterly Press Releases: Determinants, SEC Intervention, and Market Reactions. The Accounting Review, 80(4), 1011–1038. Bozanic, Z., Dietrich, J. R., and Johnson, B. A. (2017). SEC Comment Letters and Firm Disclosure. Journal of Accounting and Public Policy, 36(5), 337–357. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2989164 Bradshaw, M. T., and Sloan, R. G. (2002). GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings. Journal of Accounting Research, 40(1), 41–66. https://doi.org/10.1111/1475-679x.00038 Brown, S. V., Tian, X., and Tucker, J. W. (2018). The Spillover Effect of SEC Comment Letters on Qualitative Corporate Disclosure: Evidence from the Risk Factor Disclosure. Contemporary Accounting Research, 35(2), 622–656. https://doi.org/10.1111/1911-3846.12414 Cascino, S., and Gassen, J. (2015). What Drives the Comparability Effect of Mandatory IFRS Adoption? Review of Accounting Studies, 20(1), 242–282. https://doi.org/10.1007/s11142-014-9296-5 Center for Audit Quality (CAQ). (2018). Non-GAAP Measures: A Roadmap for Audit Committees. Chen, H., Lee, Y., and Lo, S. (2017). The Information Quality of Non-GAAP Disclosures. Working Paper. Cunningham, L., Schmardebeck, R., and Wang, W. (2016). SEC Comment Letters and Bank Lending. Ssrn. https://doi.org/10.2139/ssrn.2727860 Davis, A. K., and Tama-Sweet, I. (2012). Managers’ Use of Language Across Alternative Disclosure Outlets: Earnings Press Releases Versus MD&A. Contemporary Accounting Research, 29(3), 804–837. https://doi.org/10.2139/ssrn.1866369 De Franco, G., Kothari, S. P., and Verdi, R. S. (2011). The Benefits of Financial Statement Comparability. Journal of Accounting Research, 49(4), 895–931. https://doi.org/10.1111/j.1475-679X.2011.00415.x Deloitte. (2017). SEC Comment Letters - Including Industry Insights. Duro, M., Heese, J., and Ormazabal, G. (2019). The Effect of Enforcement Transparency : Evidence from SEC Comment-Letter Reviews. The Review of Accounting Studies. https://doi.org/10.2139/ssrn.3178609 Elliott, W. B. (2006). Are Investors Influenced by Pro Forma Emphasis and Reconciliations in Earnings Announcements? The Accounting Review, 81(1), 113–133. https://doi.org/10.2308/accr.2006.81.1.113 Francis, J. R., Pinnuck, M. L., and Watanabe, O. (2014). Auditor Style and Financial Statement Comparability. The Accounting Review, Vol. 89, pp. 605–633. https://doi.org/10.2308/accr-50642 Gomez, E. A., Heflin, F., and Wang, J. (2017). Information Environment Consequences of SEC Non-GAAP Comment Letters. Ssrn. https://doi.org/10.2139/ssrn.3044026 Graham, J. R., Harvey, C. R., and Rajgopal, S. (2005). The Economic Implications of Corporate Financial Reporting. Journal of Accounting and Economics, 40(1–3), 3–73. https://doi.org/10.1016/j.jacceco.2005.01.002 Guillamon-Saorin, E., Osma, B. G., and Jones, M. J. (2012). Opportunistic Disclosure in Press Release Headlines. Accounting and Business Research, 42(2), 143–168. https://doi.org/10.1080/00014788.2012.632575 Heese, J., Khan, M., and Ramanna, K. (2017). Is the SEC captured? Evidence from Comment Letter Reviews. Journal of Accounting and Economics, 64(1), 98–122. https://doi.org/10.1016/j.jacceco.2017.06.002 Heflin, F., and Hsu, C. (2008). The impact of the SEC’s regulation of non-GAAP disclosures. Journal of Accounting and Economics, 46(2–3), 349–365. https://doi.org/10.1016/j.jacceco.2008.07.002 International Organization of Securities Commissions (IOSCO). (2002). An IOSCO Technical Committee Release : Cautionary Statement Regarding. Retrieved from https://www.iosco.org/news/pdf/IOSCONEWS4.pdf Johnson, W. B., and Schwartz Jr., W. C. (2005). Are Investors Misled by “Pro Forma” Earnings? Discussion of “Are Investors Misled by ‘Pro Forma’ Earnings?” Contemporary Accounting Research, 22(4), 915–976. https://doi.org/10.1506/cket-2era-nnrp-atxf Johnston, R., and Petacchi, R. (2017). Regulatory Oversight of Financial Reporting: Securities and Exchange Commission Comment Letters. Contemporary Accounting Research, 34(2), 1128–1155. https://doi.org/10.1111/1911-3846.12297 Kolev, K., Marquardt, C. A., and McVay, S. E. (2008). SEC scrutiny and the evolution of non-GAAP reporting. The Accounting Review, 83(1), 157–184. https://doi.org/10.2308/accr.2008.83.1.157 Louis, H., Robinson, D., and Sbaraglia, A. (2006). An Integrated Analysis of the Association between Accrual Disclosure and the Abnormal Accrual Anomaly. Review of Accounting Studies, Forthcoming, 13(1), 23–54. https://doi.org/10.1007/s11142-007-9038-z Nichols, N. B., Gray, S. J., and Street, D. L. (2005). Pro Forma Adjustments to GAAP Earnings: Bias, Materiality, and SEC Action. Research in Accounting Regulation, 18, 29–52. https://doi.org/10.1016/S1052-0457(05)18002-3 Walker, M., and Louvari, E. (2003). The determinants of voluntary disclosure of adjusted earnings per share measures by UK quoted companies. Accounting and Business Research, 33(4), 295–309. https://doi.org/10.1080/00014788.2003.9729655 Yip, R. W. Y., and Young, D. (2012). Does Mandatory IFRS Adoption Improve Information Comparability? The Accounting Review, 87(5), 1767–1789. https://doi.org/10.2308/accr-50192 陳坤志(2002)。從財務報告延伸至策略報告。會計思潮,355。 | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/handle/123456789/771 | - |
dc.description.abstract | 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。 | zh_TW |
dc.description.abstract | 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. | en |
dc.description.provenance | Made available in DSpace on 2021-05-11T05:00:51Z (GMT). No. of bitstreams: 1 ntu-108-R06722032-1.pdf: 1926027 bytes, checksum: 31ab94ed5a00f68ba8bde37db3ffaa8a (MD5) Previous issue date: 2019 | en |
dc.description.tableofcontents | 謝辭(I)
摘要(II) ABSTRACT(III) 目錄(IV) 圖表目錄(VI) 第一章 緒論(1) 第一節 研究動機(1) 第二節 研究相關制度之背景(5) 1.2.1 非GAAP盈餘之衡量相關制度背景(5) 1.2.2 監管信函(13) 第二章 文獻回顧與假說建立(21) 第三章 研究方法及設計(27) 第一節 實證模型及變數衡量(27) 3.2.1可比較性之計算(27) 3.2.2實證迴歸模型(28) 第二節 研究樣本(30) 第四章 實證結果與分析(32) 第一節 敘述統計(32) 第二節 實證結果(34) 第三節 穩健性測試(36) 第五章 結論(38) 參考文獻(40) 附錄(56) 本篇研究使用名詞相關之翻譯(56) 可比較性計算之範例(57) 非GAAP盈餘揭露方式之範例(59) 監管信函之範例(60) 與非GAAP衡量顯眼程度議題之實例(60) 刪除整份非GAAP盈餘之損益報表及現金流量相關衡量之實例(61) 使用非GAAP衡量相關名稱之實例(62) 與稅後淨額表達相關非GAAP盈餘之實例(63) 與非GAAP衡量相關調節之實例(64) 沙賓法案相關條文(65) 401(b)之條文(65) 408之條文(65) REG. G RULE 100之條文(67) REG. S-K (10)之條文(70) C&DIS之條文(84) | |
dc.language.iso | zh-TW | |
dc.title | 美國證管會監管信函對非GAAP與GAAP盈餘可比較性之影響 | zh_TW |
dc.title | The Effect of SEC's Comment Letters on the Comparability of Non-GAAP and GAAP Earnings | en |
dc.date.schoolyear | 107-2 | |
dc.description.degree | 碩士 | |
dc.contributor.coadvisor | 尤琳蕙(Lin-Hui Yu) | |
dc.contributor.oralexamcommittee | 林純央(Chun-Yang Lin),廖懿屏(Yi-Ping Liao) | |
dc.subject.keyword | 非GAAP盈餘,美國證管會,監管信函,可比較性, | zh_TW |
dc.subject.keyword | Non-GAAP Earnings,SEC,Comment Letters,Comparability, | en |
dc.relation.page | 107 | |
dc.identifier.doi | 10.6342/NTU201901355 | |
dc.rights.note | 同意授權(全球公開) | |
dc.date.accepted | 2019-07-10 | |
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 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-108-1.pdf | 1.88 MB | Adobe PDF | 檢視/開啟 |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。