發行ECB、GDR之業外損益盈餘管理行為

文獻指出，企業於舉債和辦理現金增資（SEO）之前會進行盈餘管理。由於海外可轉換公司債（ECB）和全球存託憑證（GDR）本質上類似於舉債與SEO，本文認為企業為了降低資金成本以及順利通過發行申請，在發行ECB或GDR之前也會有動機進行盈餘管理。實證結果顯示，在證期會核准發行GDR之前，發行公司明顯利用業外損益來進行盈餘管理，其中投資處分的正向操作是業外損益顯著為正的主因，且核准發行GDR前期之平均業外損益和投資處分亦明顯高於後期。反之，發行ECB的公司並末在核准之前明顯利用業外損益來進行盈餘管理。此外，本文根據觀察事件的攸關財報是否適用35號公報，將ECB（GDR）分成兩個子樣本進行比較，結果發現受35號公報規範之GDR樣本，其平均業外損益和投資處分顯著低於未受規範之樣本，支持本文之「提列彈性降低假說」，顯示35號公報之相關規範降低了公司提列業外損益的時間彈性，確實能有效抑制盈餘管理行為。

關鍵字

盈餘管理；業外損益；海外可轉換公司債；全球存託憑證； 35號公報

並列摘要

Previous studies found significant earnings management (EM) behavior before issuing debt and seasoned equity offerings (SEO). Since Euro Convertible Bond (ECB) and Global Depositary Receipts (GDR) are inherently similar with debt and SEO respectively, this study examines whether the issuers of ECB or GDR have the incentive to engage in EM through non-operating income (NOI) in order to increase the probability of approbation. Our empirical results indicate a significantly positive NOI prior to issuing GDR, but not to ECB. Further analysis finds this positive NOI on the GDR sample mostly comes from the positive disposal income of investment. In addition, to investigate the potential effect of the 35^(th) communiqué on our results, we compare the magnitudes of NOI between subsamples categorized based on whether the financial statements in relevant quarters are subjected to 35^(th) communiqué. The evidence shows that the magnitude of NOI on the subjected sample is significantly lower than that on the sample not subjected to 35^(th) communiqué, consistent with the prediction of our ＂recognition elasticity hypothesis＂.

並列關鍵字

Earnings management ； Non-operating income ； ECB ； GDR ； 35^(th) communiqué

國際替代計量

發行ECB、GDR之業外損益盈餘管理行為

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