掛牌條件對財務報表品質之影響-以中國大陸上市板與創業板為例

The Effect of Regulations on the Financial Reporting Quality between China Main-Board Market and Second-Board Market.

陳筱芳(Shiau-Fang Chen)

指導教授 ： 黃素慧

朝陽科技大學/管理學院/會計系/碩士(2015年)

摘要

摘要
　　企業的財務報表品質，不僅是讓投資者或報表使用者作決策，也是企業展現經營成果的方式，在申請掛牌時，財務報表上的數字是入門條件的基本依據，各個國家針對其國內不同板別市場會有不同的掛牌條件規定，以利不同企業在不同流通市場募資，但企業能成功進入市場，不代表財務報表品質就較好，也可能為了能夠順利掛牌，藉由操弄財務報表上的數字達到市場的要求。
從中國大陸證券交易所對上市板與創業板的掛牌條件中，相較於上市板，創業板對於企業要求掛牌門檻條件較低，希望透過市場的區分，使更多企業解決金資、資源及技術的不足，投資者也能夠針對投資資金大小或從企業的財務報表品質好壞，尋找合適的投資對象。
　　本研究以2009年~2013年中國大陸上市板與創業板為研究對象，實證結果顯示(一)營運現金流量對財務報表品質會有顯著重大之影響程度，但在相同營運現金流量下，相較於上市板企業，創業板企業較不會從事財務報表操弄；(二)獲利條件對財務報表品質有顯著重大影響，且相較於上市板企業，創業板企業更可能透過盈餘操弄財務報表，相對財務報表品質較差；(三)企業規模對財務報表品質有顯著負向影響，且同樣規模下，創業板企業更可能操弄財務報表；(四)負債比率對財務報表品質雖有顯著重大之影響，但未發現在相同負債比例下，創業板企業是否較會操弄財務報表，產生較差品質的財務報表企業。

關鍵詞：掛牌條件、裁決性應計數、財務報表品質

關鍵字

財務報表品質 ； 裁決性應計數 ； 掛牌條件

並列摘要

Abstract
　　The financial reporting quality not only can help inventors or users of the financial reporting to make decisions, but also show the company's operating results. Applying for regulations, it’s the fundamental basis for the entry conditions, but some companies will manipulate the financial report in order to successful listed in the public market. Even the company successfully entered the public market, it does not mean that the financial reporting quality is better because different boards have different conditions listed.
From the China Main-Board Market and Second-Board Market on regulations, compared to the Second-Board Market regulations than Main-Board Market requirements for companies higher, it is hoped to distinguish the market, so that more Chinese enterprises to solve the shortage of gold, resources and technology Investors can also suitable investments for investment funds from the financial statements of the size or the quality of business is good or bad, to find investor.
　　The research objects of this paper are the companies of main-board market and second-board market in China form 2009 to 2013. In this study shows (a) Operating cash flow has significant impact on the quality of financial statements, especially the GEM companies’ financial statements; (b) Earnings has significant impact on the quality of financial statements, and compared to the listed companies, the GEM companies are more likely to manipulate earnings, and the GEM’s financial statements of relatively poor quality; (c) Company size has significant negative impact on the quality of financial statements, and under the same scale, the GEM companies are more likely to manipulate the financial statements; (d) Debt ratio has significant effect on the financial statements of the quality. This study did not found the result that compare to the China Main-Board Market listed companies, the GEM companies will manipulate financial statements in the same debt ratio.
Key Words：Regulations；Discretionary Accruals；Quality of Financial Statements

並列關鍵字

Quality of Financial Statements ； Discretionary Accruals ； Regulations

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