上市閉鎖期之盈餘管理行為

Abstract

本文連結上市(Initial Public Offerings, IPO)盈餘管理與閉鎖期兩個重要議題，首度檢視此期間裁決性應計項目的變化。台灣對於閉鎖期獨特的兩階段規範，可提供此議題更堅實的研究結論。實證結果發現，IPO公司於閉鎖期間內有明顯的盈餘管理需求。公司於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，顯示閉鎖期的結束時點對於post-IPO時期的盈餘管理行為具有關鍵性的影響。本文進一步針對五項裁決性應計科目進行細部分析，發現除了裁決性預收款之外，各項裁決性應計科目於IPO和閉鎖期兩段期間的使用程度具有明顯的差異。整體而言，裁決性應收帳款和裁決性存貨在此觀察期間的使用程度最高。觀察裁決性應計項目以及五項裁決性應計科目的使用情形，皆可看出「迴轉」的特性扮演重要角色。最後，2001年3月閉鎖期規範的改變，確實改變了內部人在第一階段閉鎖期的盈餘管理的行為。

This research relates finance topics of initial public offerings (IPO) and lockup to examine the hypothesis that the timing of lockup expiration is crucial to the earnings management (EM) behavior in the post-IPO period. The unique two-stage lockup regulations make the Taiwanese sample an excellent candidate for examining this hypothesis. The evidence indicates a strong need of EM lockup period. Significantly positive discretionary accruals (DA) begin from the IPO quarter to the quarter right after expiration of 1(superscript st)-stage lockup. Furthermore, the DA in the quarter of 2(superscript nd)-stage lockup expiration is significantly positive. The Results indicate that the lockup provision is crucial to the literature findings of significant EM in the IPO year and the following year. Examining five specific items of DA, we find notable variation in implementing DA instruments between IPO and lockup periods. Among them, discretionary account receivable and discretionary inventory are most intensively used throughout IPO and both lockup periods. It seems that the reversal nature plays a role in the behavior of DA and of specific DA items. Finally, the regulation change in 2001 did affect the EM behavior in 1st-stage lockup.