初次公開發行公司盈餘報導行為與上市（櫃）後股價績效之關係

The Impacts of Initial Public Offering Firms' Earnings Reporting on After-market Price Performance

陳慶隆(Ching-Lung Chen)

《證券市場發展季刊》 23卷2期 (2011/06) Pp. 63-129

https://doi.org/10.6529/RSFM.2011.23(2).3

摘要

本文探討初次公開發行公司（簡稱IPO公司）在公開發行時，其盈餘報導行為與掛牌交易後短期折價幅度及中長期股價績效之關係。國外文獻顯示IPO公司從事積極性盈餘報導以投機性報導假說為主流，認為投機性盈餘報導與其掛牌交易後的不佳股價績效相關。然因IPO公司必頇符合相對嚴謹的審查程序與上市（櫃）規範，且在掛牌交易後，將面對更多資本市場參與者的監督與更嚴苛的財務報表揭露規定，IPO公司是否從事投機性盈餘報導行為，導致後續股價績效負向反應的觀點，有待檢測。實證結果顯示：低裁決性應計數的IPO公司，其掛牌交易後的折價幅度將顯著大於正常盈餘報導IPO公司的研究假說，並未獲得實證支持；高裁決性應計數的IPO公司，其折價幅度則顯著小於正常盈餘報導之IPO公司。其次，高裁決性應計數IPO公司的12與24個月之股價績效，顯著高於正常盈餘報導IPO公司，而高裁決性應計數且有高投資成長機會的IPO公司，其12與36個月之股價績效顯著高於正常盈餘報導之IPO公司，此結果在某種程度支持資訊性盈餘報導假說。本文進行若干敏感性測試，顯示實證結果具有穩固性。

關鍵字

初次公開發行 ； 裁決性應計數 ； 折價 ； 股價績效 ； 盈餘資訊

並列摘要

This study examines the association between earnings reporting and underpricing versus long-term price performance of listed firms' initial public offerings (IPO). Prior studies focus on the entrepreneurs may seek to increase their proceeds by opportunistically manipulating earnings via accounting accruals before going public. It implies a negative relationship between discretionary accruals and subsequent firm's stock performance. However, once public, firms are subject to greater regulatory scrutiny and face a higher reporting requirement. This study takes doubt the exclusiveness of opportunistically aggressive earnings reporting in IPO market. This study finds a smaller magnitude of underpricing in the aggressive earnings reporting IPO firms. Yet, this result does not reveal in conservative subsample. It is also found that IPO firm with aggressive earnings reporting is associated with higher abnormal returns and IPO firm with both aggressive earnings reporting and high IOS has higher after-market performance, then, supports the informativeness hypothesis. Some diagnostic checks reveal the results are robust to the various specifications.

並列關鍵字

Initial Public Offering (IPO) ； Discretionary Accruals ； Underpricing ； Price Performance ； Earnings Informative

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