財務報表重編與現金增資

Financial Restatements and Seasoned Equity Offerings

吳明芬(Ming Fen Wu)

指導教授 ： 林岳喬

國立中正大學/管理學院/會計與資訊科技學系/碩士(2014年)

摘要

本研究探討國內上市櫃公司辦理現金增資，是否事前意圖操縱盈餘之誇大，以利辦理現金增資，以達募集資金的目的，該研究以重編事件樣本進行分析，觀察重編前後之增資行為差異，實證結果發現如下：
1.重編後的增資比例確實較重編前有顯著增加之情形，說明了公司管理者會為通過現金增資案並提升發行價格的情況下，可能具有動機操縱盈餘美化財報。
2.償債比例的檢定結果，證實有發生重編公司在重編年後的償債比例偏高，很有可能公司是因基於債務到期的壓力，擔心現金增資無法通過主管機關的審核，讓管理者有相當動機去操縱盈餘，使現金增資順利完成。
3.發生重編的公司公開申購之增資比例與詢價圈購的增資比例未有顯著差異性，其說明以公開申購之增資公司(相對於詢價圈購)並未有較大比例發生重編的情形。

關鍵字

盈餘操縱 ； 財報重編 ； 現金增資

並列摘要

The study investigated the Taiwanese listed companies seasoned equity offerings(SEO) whether prior intend to manipulate earnings overstated to facilitate the seasoned equity offerings and achieve the purpose of raising funds. The study restatements event samples for analysis,observing differences in behavior before and after restatement. The empirical findings are as follow:

1. The proportion of equity offerings restated relatively before the case has increased significantly. It explained that the company managers will order to pass the seasoned equity offerings case and improve the issue price,may have the motive to manipulate earnings and beautify the financial report.

2. The debt repayment proportion test results proved to have occurred restatement company in the years later restated debt repayment proportion higher. Probably because of the pressure on the company's debt maturity,worried that the seasoned equity offerings cannot be audited by the competent authority. So that managers have considerable incentive to manipulate earnings and make the seasoned equity offerings successfully completed.

3. Occurred restatement company public subscription the proportion of equity offerings and book-building was no significant difference. Its description to the public subscription of the seasoned equity offerings company (relative to the book-building) did not have more a large proportion occurred renumbering situation.

並列關鍵字

Financial restatements ； Seasoned equity offerings ； Earning manipulation

參考文獻

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