財務報表重編與賣空關聯性之研究

A Study of the Relationship between Financial Restatements and Short Selling

陳冠宇(Chen Kuan-Yu)

指導教授 ： 戚務君

國立政治大學/商學院/會計學系/碩士(2022年)

https://doi.org/10.6814/NCCU202200668

摘要

本研究旨在探討台灣上市櫃公司財務報表重編與賣空之關聯性，並檢驗賣空者是否有興趣識別即將揭露財務報表重編的公司。以下條列本論文的主要研究貢獻，首先，本文發現在台灣之資本市場下，財務報表重編同樣會影響賣空者之行為。其次，當財務報表重編問題嚴重時，賣空者會在首次公告財務報表重編前積累賣空。最後，本文證實賣空的積累主要是透過使用私人資訊而不是公開資訊，這表明賣空者的交易包含對即將到來的財務報表重編之增額預測能力。

關鍵字

財務報表重編 ； 重編特質 ； 賣空 ； 異常賣空 ； 觸發事件

並列摘要

In this study we investigate the association between short selling and financial restatements. Using a sample of Taiwanese listed companies that restate their financial statements and a matched sample of nonrestating companies from the period 2009–2020, we document several findings. First, this study finds that in Taiwan's capital market, financial restatement also affects short sellers' behavior. Second, when the restatement problem is severe, short sellers accumulate short selling before the first announcement of the restatement of financial statements. Finally, this study confirms that short selling is accumulated mainly through the use of private information rather than public information, revealing that short sellers' transactions include the ability to forecast the increase in upcoming financial statement restatements.

並列關鍵字

Financial restatement ； Restatement characteristics ； Short selling ； Abnormal short selling ； Triggering events

參考文獻

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