- 學位論文
海外來台第一上市公司 經證交所實質審閱後之盈餘管理行為
The Earnings Management Behavior of Foreign Issuers Listing in Taiwan under the Substantive Review of TWSE
摘要
近年來海外來台上市之「F公司」，經常發生股價大幅波動導致投資人虧損之問題，市場質疑部分F開頭公司的財務報表報監理較為鬆散以及資訊不夠透明等，導致掛牌後業績大幅下滑或股價長期不振。因此證交所宣布將對全體上市櫃F公司2012年之財務報表改為「實質審閱」，進一步把關投資人權益。本研究首先比較F公司與一般上市櫃公司為盈餘管理程度及偏好之差異，再進而研究F公司經證交所實質審閱前後為盈餘管理程度及偏好之差異。 本研究實證結果發現：海外來台第一上市公司(F公司)較一般上市櫃公司進行較大程度之負向盈餘管理。而在經證交所首次對F公司全面進行實質審閱後，雖降低其進行負向應計基礎盈餘管理之程度，然而仍繼續進行負向實質盈餘管理之活動。除此之外，證交所之實質審閱確實使F公司降低其進行正向實質盈餘管理之程度。過去關於F公司進行盈餘管理之研究著墨甚少，蓋因我國開放海外公司來台第一上市為時不久。本研究除了提供F公司較一般上市櫃公司進行更大程度負向盈餘管理之佐證外，亦藉由證交所首次對F公司進行全面實質審閱之機會，檢視其實質審閱之效力以及F公司受實質審閱後進行盈餘管理之模式及程度上之差異。
並列摘要
Recently, the volatility of the stock price of foreign issuers listing in Taiwan, the F-company, often brings about large losses for the investors. Hence, the information transparency and the supervision on financial statements of F-company have been called into question. As the market believes that those are the reasons for its slump in performance and stock price, the TWSE has declared its plan to carry out the substantive review on the financial statements of all the F-companies to protect the interests of their investors. This study firstly examines the differences in degree and preferences of earnings management between the F-company and the listed (OTC) company, and further examines the same objects for F-company under the substantive review of TWSE or not. Our empirical results show that the foreign issuers listing in Taiwan, the F-company, engages in the negative earnings management activities in higher degree than the listed (OTC) company does. While after the TWSE carrying out the substantive review on the financial statements, the F-company has reduced its negative accrual-based earnings management activities, however, it continues engaging in the negative earnings management behavior through the real operation activities. Apart from the above, the substantive review carrying out by the TWSE can effectively constrain the upward earnings management through manipulating real operation activities. Besides offering the evidence of the F-company engaging in higher degree of negative earnings management activities than the listed (OTC) company, this study examines the differences in degree and preferences of earnings management under the substantive review on F-company by the TWSE or not.