Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  2012/6

Vol. 20, No.2  p.569-602


Title
初次上市前盈餘管理的資訊內涵
The Information Content of Pre-IPO Earnings Management
(634800367665312500.pdf 580KB)

Author
洪振虔/國立屏東商業技術學院企業管理學系
Chen-Chien Hung/

Department of Business Administration, National Pingtung Institute of Commerce


Abstract(Chinese)

初次㆖市前,在發行公司與投㈾㆟間存在著嚴重㈾訊不對稱的情況㆘,盈 餘管理是在傳遞與公司價值㈲關的㈾訊,或是誤導投㈾㆟產生錯誤評價?目前 並沒㈲㆒致的結論。基於盈餘分佈的㆒、㆓級動差,本文將㆖市前盈餘管理分 為盈餘提高與盈餘平穩兩方式,實證發現㆖市前利用裁決性應計㊠目提高盈餘 乃是在使未來較佳的獲利反應於發行價,因此具㈲公司價值相關的㈾訊;然 而,㆖市前盈餘提高卻也會導致㆖市初期之投㈾㆟對於公司價值產生過度樂觀 的評價。㉃於㆖市前盈餘平穩的程度,則是具㈲與未來投㈾風險相關的㈾訊, 但是,與發行公司定價和投㈾㆟評價則都無明顯的關連。

(634800367664843750.pdf 42KB)

KeyWord(Chinese)

盈餘管理、初次上市股票、雜訊交易


Abstract(English)

There is severe information asymmetry between the investors and the issuers for initial public offerings. Hence, the argument on that pre-IPOs earnings management conveys information or noise is continuous. Taking the first and the second moment of earning distribution into consideration, this study classifies earnings management into income increasing and income smoothing. The results point out that the issuers make use of discretionary accruals in the year prior to IPO to set offer price adjusted for future earnings, which are higher than the counterparts; therefore, income-increasing is related to information about the quality of the firms. Nevertheless, pre-IPOs income-increasing causes investors’ overreaction in the early market. The issuers with more income-smoothing before IPOs experience less volatility of long-term price performance. This evidence indicates that income-smoothing conveys information about investment risk. But, there are no obviously relationships between income-smoothing and both of offering price and aftermarket price.

(634800367664843750.pdf 42KB)

KeyWord(English)

earnings management, initial public offerings, noise trading


Policy and management implications
(Available only in Chinese)

初次上市前盈餘管理的資訊內涵 洪振虔 初次上市股票無過去公開交易的市價可供參考,致使投資人缺乏極重要的公司價值訊號(signal),使得發行公司與投資人間的資訊不對稱現象比一般情況還嚴重。因此,藉由公開說明書揭露營業方針與經會計師簽證的財務報表,投資人得以據此決定公司的價值。根據文獻指出,上市前的盈餘被財務長們視為最重要的訊號,因為他們認為過去的成果是未來預期的最佳訊號。不過,此一共識的背後卻也隱含著盈餘管理(earnings management)的動機。在此情況下,學術上即存在著盈餘管理的進行是用以傳遞與公司真實價值有關的私有資訊,或是投機性地操縱盈餘以誤導投資人產生錯誤評價的爭議,而此一爭議的結論將關連公開說明書之揭露內容及使用價值的可能調整。 本研究所獲得的實證結果支持上市前盈餘管理具有資訊內涵。其中,上市前藉由裁決性應計項目以積極提高盈餘,乃是在顯示未來長期的較佳獲利能力,並藉此得以提高發行價至符合根據同業價格乘數推算的相對價格。然而,上市前盈餘的提高則與上市初期投資人普遍產生過度反應有關。至於上市前盈餘平穩的公司,上市後的長期價格績效波動明顯較小,顯示上市前盈餘平穩隱含未來有較低的投資風險。所以,目前國內公開說明書之揭露規定尚有助於投資人對於初次上市公司價值的評定,只是,如何降低投資人對於資訊使用所產生的過度反應則是另一項重要議題。


References