新上市公司盈餘品質對股票價格之影響

我國新股上市承銷價格的訂定主要由承銷商和上市公司根據承銷價格參考公式，再協議承銷價格。在承銷價格參考公式中，會計盈餘所估的比重相當大，公司管理當局為了提高承銷價格，可能在上市前虛增公司之盈餘。本研究旨在針對台灣的特殊承銷環境，探討盈餘品質是否影響承銷價格的訂定和次級市場蜜月期之反應。實證結果顯示在不同的承銷配售方法下，盈餘品質之某些特性分別對承銷價格的議定、競價拍賣得標價格、以及掛牌上市後蜜月期之表現具有不同的影響。

關鍵字

盈餘品質；蜜月期；新股上市

並列摘要

It has been a common practice in Taiwan that the underwriters and their clients filing for IPOs will negotiate the underwriting share prices according to the referred prices calculated with a stipulated formula. Consequently, the management has incentive to manipulate accounting earnings to raise the referred underwriting prices because accounting earnings constitute the major part of the formula. This study is conducted with the utilization of the unique underwriting environment in Taiwan to investigate (I) whether the primary and secondary capital market take into account the quality of accounting earnings in the determination of underwriting prices, and (2) the performance of stock returns following IPOs. Empirical results indicate that the quality of accounting earnings has different impact on the determination of underwriting prices and the subsequent performances of stock returns under alternative IPO approaches.

並列關鍵字

Earnings quality ； honey moon period ； initial public offerings.

參考文獻

Aggarwal, R., Rivoli, P.(1991).Evaluating the Costs of Raising Capital Through an Initial Public Offering.Journal of Business Venturing.

Google Scholar

Aharony, J., 林嬋娟 Lin, Chan-Jane, Loeb, M. P.(1993).Initial Public Offerings, Accounting Choices, and Earnings Management.Contemporary Accounting Research.10(1)