機構投資人對GAAP盈餘可比較性、Non-GAAP盈餘可比較性之影響

Abstract

本研究參考De Franco et al.（2011）對可比較性的計算方法，並按照Bushee（1998）將機構投資人分為短暫型（Transient）、遵循指數型（Quasi-indexer）和專注型（Dedicated）三種類型，探討機構投資人持股比例以及三種不同類型的機構投資人，與GAAP盈餘可比較性和Non-GAAP盈餘可比較性之間的關係。本文選取的樣本為2003到2020年的美國公司，研究結果顯示，當機構投資人持股比例越高時，能夠提高GAAP盈餘可比較性和Non-GAAP盈餘可比較性。此外，不論是何種機構投資人（短暫型、遵循指數型、專注型），持股比例越高都與Non-GAAP盈餘可比較性呈現正向顯著相關。本研究亦發現，專注型對GAAP盈餘可比較性雖無關聯，卻會正向影響Non-GAAP盈餘的可比較性。此結論可能暗示了較高的Non-GAAP盈餘可比較性代表較高的資訊品質（Black et al., 2021），採長期投資觀點的專注型考量到長期獲益的效果，因而產生比GAAP盈餘可比較性更強烈的動機來監督公司Non-GAAP盈餘可比較性。總體而言，本研究證實機構投資人能夠有效發揮監督公司的功能與作用，且有助於提升Non-GAAP盈餘可比較性。

This paper examines the implications of institutional investors for GAAP earnings comparability and Non-GAAP earnings comparability. The results show that both GAAP earnings comparability and Non-GAAP earnings comparability increase with institutional ownership. Furthermore, using Bushee’s (1998) classification of institutional investors, I show that regardless of the type of institutional investor, higher ownership levels are positively and significantly related to Non-GAAP earnings comparability. We also find that Dedicated investors, who focus on portfolio firm long term perspectives and generally do not trade on current earning news, have no effect on the GAAP earnings comparability but positively affect the Non-GAAP earnings comparability. Overall, this study suggests that institutional investors are sophisticated investors and serve a monitoring role in increasing portfolio firm Non-GAAP comparability.