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題名：財務報表重編之前兆與影響-以台灣上市櫃公司為例
作者：趙金芳
作者(外文)：Chin-Fang Chao
校院名稱：逢甲大學
系所名稱：商學研究所
指導教授：劉純之
林宜勉
學位類別：博士
出版日期：2012
主題關鍵詞：財務長離職率；市場反應；實質盈餘管理；財務報表重編；應計項目；更換會計師；總經理離職率；Accounting restatements；Market reaction；CEOs turnover；CFOs turnover；Real earnings management；Total accruals；Auditor switch
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本研究首先藉由應計項目探討公司進行的盈餘管理是否與後來發生財務報表重編有關聯。本研究採用自2001到2011年間台灣曾宣告財務報表重編之上市上櫃公司為研究對象，並將宣告財務報表重編之樣本再區分成強制重編以及自願重編二部分，利用邏輯斯迴歸模型(Logistic regression models)分析盈餘管理與發生財務報表重編之關係。其結果發現，相較於財務報表未曾重編之公司，宣布重編者不僅在重編年度有顯著的應計項目，甚至在重編之前一年度亦有此情形，這表示發生重編財務報表之公司多有過度進行應計項目盈餘管理之情形; 至於強制重編財務報表者，其重編前一年度的應計項目對爾後是否發生財務報表重編亦有極大的影響。另外，本文也發現重編公司多藉由流動與非流動的營運資本以及金融資產進行應計項目盈餘管理，而強制重編之公司則比自願重編者更顯著地利用流動營運資本進行盈餘管理。
其次，本研究依據Roychowdhury (2006)的方法衡量實質盈餘管理活動，並加以探討實質盈餘管理與宣告財務報表重編之間的關係。其結果顯示，相較於不曾重編之公司，重編財務報表者多有虛增營業收入以及節省裁決性支出之情形存在; 而強制重編之公司與自願重編之公司相比，前者除了虛增營業收入，還會藉由過度生產進行實質盈餘操控。
再者，本研究利用二階段最小平方模型(2SLS)探討對宣告財務報表重編之市場反應。研究結果發現，在短窗期(宣告前一天至宣告後一天)中，宣告財務報表重編確實對股票報酬有負面影響，然而當觀察期加長(宣告前一天至宣告後三天)，兩者間的負向關聯並不顯著，這表示近年來市場對宣告財務報表重編的負面反應逐漸在降低中。
最後，本研究探討重編財務報表的公司是否因懲戒財務報表不實責任而造成總經理或財務長離職，甚至更換查帳會計師。實證結果顯示雖然財務報表重編與總經理的離職似乎並無直接的關聯，但是當重編事件涉及收入認列問題致使高估盈餘並且財務長因此離職時，總經理隨之離職的可能性會增加。而財務長的離職與公司發生財務報表重編事件之間有顯著地正向關連，尤其是重編事件涉及收入認列問題致使高估盈餘且總經理隨之離職時，更會增加財務長因此離職的可能性。此外，財務報表重編事件對更換會計師似乎並無顯著的影響，反而是宣告重編年度發生更換總經理或財務長，對更換會計師的可能性才有很大的影響。
This study first examines the association between the occurrence of accounting restatement and accrual-based earnings management. Using TWSE/GTSM-listed companies that had already announced restatements from 2001 to 2011 as the restating sample and further partitioning the restating sample into two subgroups (i.e., forced-restating firms and voluntarily restating firms), the paper performs logistic models to examine the association between restatements and accruals. The results indicate that firms announcing to restate their financial statements are more likely to engage in accrual management not only in the restating year, but also in the year prior to restatements than non-restating firms, and accruals of forced-restating firms in the year prior to restatements have the largest impact on the incident of restatements. In addition, restating firms engage in more accrual management from their operating activities and financing activities than non-restating firms, and forced-restating firms make more use of working capital accruals to engage in earnings management than voluntarily restating firms.
Second, this study investigates the association between real earnings management activities and the incidence of restatements, following Roychowdhury’s (2006) method. The results indicate that firms with restatements are likely to have more deficient cash flows from operating activities and frugal discretionary expenditures than non-restating firms, while firms with forced restatements are likely to have more deficient cash flows from operating activities and overproduction than firms that voluntarily issue restatements.
Third, the paper uses two-stage least squares (2SLS) models to explore market reaction to the announcement of restatements. Announcing restatements is highly likely to negatively influence stock returns in the time window (-1, +1), whereas no significant association occurs in the time window (-1, +3). Market reaction to restatements may have become less negative in recent years.
Finally, it is hypothesized that disciplining misstatements for a restating firm may result in the high likelihood of CEO turnover, CFO turnover, and auditor switch. The empirical results demonstrate that, although the incident of restatements appears to have no significant association with CEO turnover, the likelihood of CEO turnover is enhanced when CFO turnover follows the restatements and the restatements are involved in revenue recognition and inflated income. Meanwhile, CFO turnover has a direct and positive association with the incident of restatements, especially when CEOs also resign from their position in the same year as the restatement and the restatement pertains to revenues recognition and inflated income. Auditor switch shows no predicted association with the incident of restatements, but changes in the CEOs or CFOs during the restating year have the largest impact on auditor switch.
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