上市（櫃）與閉鎖期盈餘管理之關聯性

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題名:	上市（櫃）與閉鎖期盈餘管理之關聯性
其他題名:	The Relation of Earning Management behavior between Initial Public Offering and Lock-up Periods
作者:	黃志仁;吳睿怡
貢獻者:	淡江大學會計學系
關鍵詞:	首次上市櫃;閉鎖期;盈餘管理;Initial public offering;Lock-up period;Earning management;Insider
日期:	2004-04
上傳時間:	2014-02-12 15:05:29 (UTC+8)
摘要:	公司於首次上市（櫃）時，內部人大部分持股會受到兩階段「閉鎖期」的限制。本研究目的，在於針對我國上市（櫃）公司「上市（櫃）期間」至「閉鎖期結束」整段期間之盈餘管理作整體性的探討。研究結果發現：1.公司傾向於IPO當季開始利用裁決性應計項目進行盈餘管理，一直持續至第一階段閉鎖期結束的下一季，且第二階段閉鎖期結束當季也有明顯進行盈餘管理的現象；2.IPO和第一階段閉鎖期盈餘管理程度呈負相關：以及3.公司於IPO和閉鎖期所使用的盈餘管理工具存在差異性：第一階段閉鎖期為半年之樣本公司傾向於IPO期間運用裁決性預付款及裁決性應付帳款來操縱盈餘，而裁決性應收帳款、裁決性存貨及裁決性預收款則於閉鎖期期間使用。而第一階段閉鎖期為一年之樣本公司傾向於IPO及閉鎖期期間運用裁決性應收帳款來操縱盈餘，而裁決性預付款則於第二階段閉鎖期期間使用國、內外從未有關於「IPO與閉鎖期之間之盈餘管理關聯性」的文獻。本研究以更符合盈餘管理實務的觀點與內部人最大化自身利益為假說前提，首度結合IPO與閉鎖期兩公司理財的重要議題，相信有助於投人了解公司於IPO之後至閉鎖期結束期間盈餘管理的狀況，以及提供證券主管機關了解公司內部人的交易狀況，作為閉鎖期相關政策制定之參考。 Chih-Jen Huang Associate professor, Department of Accounting, Tamkang University Rui-Ri Wu Graduate Student, Department of Accounting, Tamkang University Abstract： A large proportion of insiders' stocks is constrained to a two-stage lock-up stipulation when carrying out an initial public offering (IPO) in Taiwan. The purpose of this study is to investigate the pattern of earning management (EM) during the period around IPO and lock-up. The study result indicates: first, significant positive discretionary accruals begin from the IPO quarter to the quarter right after first-stage unlocked. Furthermore, the discretionary accruals on the quarter of second-stage unlocked are also significantly positive. Second, the magnitude of EM in first-stage unlocked is negatively related to that around IPO. Third, there is a major difference in the implement of EM instruments between IPO and lock-up period. No study has ever examined the relation of EM behavior between IPO and lock-up periods. Based on the viewpoint of EM practices and the presupposition of insider self-interest maximization, this research combines two important topics in corporate finance, IPO and stock lock-up, and provides a fairly long-term investigation on the subjects of EM magnitude, EM variation, and the corresponding trading of insiders. The study result will help understand the insides of EM in post IPO period for investors, financial-statement users, and policy-makers, and, hopefully, also extend the research perspectives for both IPO EM and stock lock-up.
關聯:	2004台灣財務學術研討會論文集，21頁
顯示於類別:	[會計學系暨研究所] 會議論文

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