盈餘管理與盈餘品質之跨國分析-以台灣及美國市場為例

Abstract

本文採用Ball and Shivakumar(2008)所提出的模型，衡量在不同市場之下，更高的盈餘品質要求對於公司盈餘管理動機所產生的抵銷效果。透過超額應計項目(Abnormal Accruals)來衡量盈餘管理程度，驗證在台灣及美國市場中初次公開發行(IPO)及現金增資(SEO)公司的盈餘管理現象，另外也以台灣發行海外存託憑證(GDR)公司為例，進一步區分在不同市場之下，由於市場規範程度差異所產生不一樣的結果。實證結果顯示在不同的發行種類及市場差異之下，盈餘管理程度受到盈餘品質提升而互相抵消，最終所呈現的結果也有所不同。

This thesis mainly uses the mode proposed by Ball and Shivakumar (2008) to assess the offsetting earnings management effect caused by higher request standard of earnings quality under different market conditions. We measure the extent of earnings management via abnormal accruals to examine whether this phenomenon exists before initial public offerings (IPO) or seasoned equity offerings (SEO) issued by companies in Taiwan and US market. Furthermore, we empirically test the global depositary receipts (GDR) in Taiwan. The empirical results show that the magnitude of earnings management, owing to the dissimilar offsetting effect by the elevated earnings quality, is distinct under different types of issues and markets.