盈餘管理與IPO期初報酬：金融海嘯前中後之比較

張文賢(Wen-Xian Chang)

指導教授 ： 簡明哲

國立臺北大學/社會科學學院/經濟學系/碩士(2015年)

摘要

論文提要內容：

本研究以2004年至2013年間台灣首次公開發行(Initial Public Offering, IPO)公司為研究對象，探討盈餘管理與IPO期初報酬之關係，並引用Leuz et al.(2003)、Bhattacharya et al.(2003)及Zutter, Smart, and Boulton (2011)中盈餘管理的概念，將盈餘平穩程度、盈餘管理積極程度及盈餘管理綜合指標等加入估計模型中，探討不同性質之盈餘管理與IPO期初報酬的關聯性。其次，由於本研究之樣本期間出現全球性金融海嘯，因此本研究將樣本區分為金融海嘯前、中及後期，除檢定IPO期初報酬在此三個時期是否具有顯著差異外，並進一步檢定金融海嘯前中後期IPO公司之盈餘管理對IPO期初報酬之影響是否具有顯著差異。
本研究實證結果歸納如下。首先，在本研究期間台灣IPO公司之盈餘平穩程度顯著負向影響IPO期初報酬，而IPO公司之盈餘管理積極程度及盈餘管理綜合指標與IPO期初報酬皆呈顯著正向相關。此結果顯示投資人傾向相信IPO公司所揭露的訊息，並對IPO公司未來上市櫃後之股價表現將會高於承銷價持樂觀態度，亦即IPO公司普遍存在有較高的期初報酬。其次，金融海嘯前中後期之IPO期初報酬確實具有顯著差異，其中以金融海嘯期間之期初報酬最高，海嘯之後次之，海嘯之前為最低。金融海嘯前中後期之盈餘管理綜合指標對IPO期初報酬之影響亦具有顯著差異，其中以海嘯期間之影響最大，海嘯之前之影響次之，海嘯之後之影響為最小。此實證結果顯示面對全球性金融海嘯，為確保投資人有較高的期初報酬，台灣IPO公司確實存在更積極的盈餘管理行為，但此行為在金融海嘯之後未能持續且顯著的影響IPO期初報酬。

關鍵字：IPO期初報酬、盈餘管理、金融海嘯

關鍵字

盈餘管理 ； IPO期初報酬 ； 金融海嘯

並列摘要

This study utilizes data of 2004 to 2013 IPO companies in Taiwan to investigate the relationships between earnings management and IPO initial returns. Following early studies of earnings management of Leuz et al. (2003), Bhattacharya et al. (2003) and Zutter, Smart, and Boulton (2011), the earnings smoothing, earnings aggressiveness, and earnings management aggregate variables are considered in the model to investigate the relationships between earnings management and IPO initial returns. The IPO initial returns and effects of earnings management on IPO initial returns are then tested, respectively, to see if they are significantly different from periods of before, during, and after 2007-2009 global financial crisis.

Major findings of this study are as follows. First, earnings smoothing behavior of IPO companies in Taiwan is found to have significantly negative impact on IPO initial returns. Earnings aggressiveness and earnings management aggregate are found to have significantly positive impacts on IPO initial returns. Results suggest that investors tend to believe the disclosed information of the IPO companies and are optimistic to future price performance to be higher than the offer price, i.e., a higher IPO initial returns is expected. Second, the IPO initial returns are found to be significantly different from the periods of before, during, and after financial tsunami. IPO initial returns during the period of financial crisis are found to be the highest, followed by periods after and then before the financial crisis. The effects of earnings management aggregate on IPO initial returns are also found to be significantly different from periods before, during, and after financial tsunami. Effects of earnings management on IPO initial returns are found to be the largest during the financial crisis, followed by periods of before and after crisis. Results indicate that, when facing the global financial tsunami, IPO companies in Taiwan tend to manage earnings more aggressively to assure IPO investor’s higher initial returns and this behavior did not last after the financial crisis.

Keywords：IPO Initial Returns, Earnings Management, Financial Tsunami

並列關鍵字

Financial Tsunami ； Earnings Management ； IPO Initial Returns

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