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。

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.

目錄
壹、前言 1
貳、文獻回顧與假說發展 3
一、賣空者與賣空 3
二、財務報表重編之意義 4
三、財務報表重編與賣空 5
參、研究方法 6
一、樣本選取和資料來源 6
二、變數衡量和實證模型 9
1. 財務報表重編 9
2. 賣空和異常賣空 10
3. 實證模型 11
肆、實證結果分析 12
一、敘述性統計和相關係數 12
二、實證結果 16
1. 檢測H1—賣空與重編 16
2. 檢測H2—賣空與重編嚴重程度 16
三、額外測試 20
四、敏感性分析 23
伍、結論與建議 26
參考文獻 27

周玲臺、王雅芳與林家駿，2017，財務報表重編與審計公費，會計評論，第65期：83-116。
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