重編報表的分析:以聯電為例

An analysis of restatement effect in UMC

彭詠銘(Yung-Ming Peng)

指導教授 ： 沈仰斌

元智大學/管理學院/財務金融學系/碩士(2007年)

摘要

本篇論文透過財報重編事件，做一個跨國會計與跨國資本市場互動的研究。利用事件研究法分析財務報表重編對聯電公司的影響，發現聯電累積超額報酬從2005/9/26到2005/12/30高達-22％，相較之下聯電ADR就沒有如此劇烈的股價反應。本文並使用日內資料，針對財報重編事件深入探討，當事件的源頭來自於美國證管會所寄來要求重編財報的信件，對於國內所有發行ADR的公司而言，似乎是頭一遭接觸這樣的問題，但對於美國公司，卻時有所聞，因此我們發現的確在台灣一開始對於這樣的資訊反應明顯較大，與Palmrose, Richardson and Scholz (2004)所做出的結果一致。另一方面，在國內爆發內線交易傳聞下，我們也發現台灣與美國的投資人對於這樣的資訊掌握程度將有所不同。

關鍵字

存託憑證 ； 財報重編 ； 事件研究法 ； 日內

並列摘要

The study explores the information efficiency of UMC relative to UMC-ADR. We find that the market responses to financial restatement events were generally negative for UMC and UMC-ADR. UMC’s cumulated abnormal return, from September 26, 2005 to the year ended December 30, 2005, is approximately -22.2%. However, UMC-ADR did not drop as much as UMC in Taiwan. This thesis also examines the within-day pattern of UMC returns surrounding announcements of financial restatement. The SEC raised additional comments about financial statements, such information for Taiwan invertors have greater sensitive than U.S. investors owing to this event is never happened in Taiwan, but it is common in U.S. And then we analysis insider trading event, verify it is only a rumor. So interval return of UMC has not shown the response. On the contrary, UMC-ADR has significant response. There is probability the information asymmetry between the investor in U.S. and in Taiwan.

並列關鍵字

ADR ； Restatement ； Event study ； Intraday

參考文獻

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