存託憑證發行公司之盈餘管理行為與股價績效

Abstract

本文研究發行存託憑證之公司是否會在發行前利用裁決性流動應計項目來操縱盈餘，並探討此盈餘管理行為是否可解釋發行後長期績效不佳之原因。實證結果發現存託憑證發行公司確實在發行前利用裁決性流動項目來提高盈餘，發行前一年盈餘最高。此外，發行公司之長期績效在發行後表現不好，尤其是積極管理盈餘的樣本組別。最後，利用簡單回歸結果得知發行前盈餘管理程度越大，則發行後之長期績效越差。

A procedure is Issuers of depositary receipts offerings (DRs) can report earnings in excess of cash flows by taking positive accruals. Therefore, I investigate whether earnings management around the time of the offering can explain a portion of the post-issue underperformance. This study provides evidences that firms issuing DR with unusually high net income and accruals in the DR issuing year experience poor stock return performance in one, three, and five years thereafter. DR issuers in aggressive group of earnings management have poorer long-run performance than the conservative group. These findings suggest that the investors temporarily overvalue issuing firms and are subsequently disappointed by unsustainable high earnings.