財務報表重編與未來盈餘反應係數之關聯性研究

The Relationship between Financial Statement Restatements and Future Earnings Response Coefficient

林琦珍(Chi-Chen Lin) ； 賴永裕(Yung-Yu Lai) ； 黃劭彥(Shaio-Yan Huang) ； 邱政邦(Jeng-Bang Chiou)

《評價學報》 7期 (2014/12) Pp. 39-56

摘要

當財務報表發生重編時，資本市場往往會受到相當大的衝擊，因為當公司之財務資訊發生重大錯誤的情事，以至於其財務報表需要重編，則不僅可能讓投資者蒙受損失，亦可能降低投資者對於財務報表的信心與對公司的評價。本研究採用Collins, Kothari, and Sloan（1994）研究所改寫的模型，從2005到2009年間發生財務報表重編的公司中，來探討當公司財務報表發生重編時，其未來的盈餘訊息是否會反應在當期的股價上。由實證結果發現，自行重編財務報表與更正非因為收入認列錯誤的重編公司，其未來盈餘反應係數（FERC）都比證期局強制重編與更正因為收入認列錯誤的重編公司還高，不過，不論是重編後更換高階經理人之公司，或是更換會計師事務所之公司，其未來盈餘反應係數（FERC）卻都未比重編後未更換之公司高。

關鍵字

財務報表重編 ； 未來盈餘反應係數

並列摘要

When financial statements need to be restated, capital markets are often influenced by this subject. When the company provides mistake financial information and requires restating; it may not only cause losses to investors, but also reduce investor confidence in the financial statements. This paper uses model crated from Collins, Kothari, and Sloan (1994) to test the ability of returns to reflect future earnings. The samples of this study are companies which restated their financial statements from 2005 to 2009. We explore when the company restates financial statements, its future earnings will be reflected in the current stock price. Importantly, we find that company restates its financial restatements by itself or those restatements belong to non-revenue recognition errors, their future earnings response coefficient (FERC) is higher than the restatements belong to Securities and Futures Bureau requirement or restatements belong to revenue recognition. In addition, no matter company changes its senior managers or the CPA firms, its future earnings response coefficient (FERC) is not higher than those who do not change its senior managers or the CPA firms.

並列關鍵字

Financial Statement Restatements ； Future Earnings Response Coefficient