|摘要: ||實質盈餘管理、應計基礎盈餘管理與私募股權發行公司之長期績效 近年來私募股權市場在全球發展迅速，甚至超越公開發行市場，成為企業重要的融資管 道。許多有關私募發行的研究發現，具有高度資訊不對稱或財務狀況較差的公司會傾向利用 私募方式籌集資金，同時這些公司也較可能有盈餘管理的動機。雖然盈餘管理可暫時提高財 報的盈餘數字，吸引投資人對公司價值有較樂觀的評價，一旦企業無法持續利用會計裁決權 維持高盈餘時，股價則隨之向下修正。過去許多研究以裁決性應計項目衡量私募發行公司的 盈餘管理，但並未發現其私募發行時有顯著的盈餘管理行為，然而，有研究以經理人較具操 縱能力的裁決性流動應計項目為基礎，則發現私募發行後的股價下跌現象與盈餘管理有關。 值得注意的是，在沙賓法案後，許多企業已減少應計基礎的盈餘管理，改採以實際營運活動 進行盈餘管理，不過此種方法卻會產生更嚴重的長期績效反轉現象。 因此，本研究擬以台灣上市櫃公司於2002 年至2010 年間的私募普通股為樣本，檢測企 業在發行前是否利用實質營運活動與(或)裁決性流動應計項目操縱盈餘，並比較兩者對後續 長期績效影響的差異。本研究另擬探究影響私募公司盈餘管理的決策因素，以及私募股權發 行是否會因籌資對象的不同，而有不同的盈餘管理幅度。雖然實質盈餘管理的議題已引發愈 來愈多學術研究的探討，但目前尚未有文獻針對私募股權發行公司的實質盈餘管理行為，及 其與應計基礎盈餘管理在私募發行時的替換關係進行研究，因而，本研究應可補足相關文獻 的不足，具有學術研究及管理實務的重要參考價值。|
Real earnings management, accruals-based earnings management and long-run performance of private equity placements Recently, private equity markets have grown fast both domestically and globally, even surpassed the growth in public markets, and have become an important procedure in business financing. Previous research on private equity markets show that firms with high asymmetry information and poor performance are more inclined to choose private placements than public offerings. Meanwhile, these firms are very likely to have the intension on earnings manipulation. Although the use of earnings management might inflate reported earnings to attract investors’ over-optimistic about the firm value, this deception of investors is only temporary. When the firms cannot continue to manipulate their accounting procedures and, thus, sustain their reported pre-issue earnings, stock prices decline accordingly. Prior studies focusing on discretionary accruals find little evidence of upward earnings management around private equity placements. However, some research shows that the decline of stock price after private placements is associated with pre-issue discretionary current accruals. It is worthy to note that, managers have shifted away from accrual to real earnings management in the post Sarbanes–Oxley Act period and, nevertheless, the reverse of post-issue performance due to real activities management is more severe than that due to accrual management. Therefore, this study aims to examine both real activities and accrual-based earnings management around private equity placements made by firms listed in Taiwan Stock Exchange and Over-the-Counter Securities Exchange from 2002 through 2010 and compare their effects on long-run performance after the placements. This study also investigates the determinants of earnings management around private placements and whether the type of private equity placements affects the use of earnings management. Despite the increasing importance of real earnings management activities on academic studies, no study to date has examined whether and how firms engage in real earnings management around private placements, and the interaction of real and accrual-based earnings management around these important corporate events. Accordingly, the study on real activities management in private equity placement can fill the gap in literature and should be valuable to both academic research and practices.