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題名：上市閉鎖期之盈餘管理行為
書刊名：交大管理學報
作者：黃志仁／吳睿怡
作者(外文)：Huang, Chih-Jen／Wu, Rui-Yi
出版日期：2007
卷期：27:2
頁次：頁275-296
主題關鍵詞：上市；閉鎖期；盈餘管理；裁決性應計項目；Initial public offering；Lockup；Earnings management；Discretionary accruals
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(6) 博士論文(0) 專書(0) 專書論文(1)
  • 排除自我引用排除自我引用:5
  • 共同引用共同引用:98
  • 點閱點閱:103
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。臺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 in lockup period. Significantly discretionary accruals (DA) begin from the IPO quarter to the quarter right after expiration of 1□-stage lockup. Furthermore, the DA in the quarter of 2□-stage lockup expiration is significantly positive. The Results indicate that the lockup provision is crucial to the literature finding 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 1 st-stage lockup.
期刊論文
1.Chan, Konan、Chan, Louis K. C.、Jegadeesh, Narasimhan、Lakonishok, Josef(2006)。Earnings quality and stock returns。The Journal of Business，79(3)，1041-1082。  new window
2.Brav, Alon、Gompers, Paul A.(2003)。The Role of Lockups in Initial Public Offerings。Review of Financial Studies，16(1)，1-29。  new window
3.林嬋娟、官心怡(1996)。經理人員盈餘預測與盈餘操縱之關聯性硏究。管理與系統，3(1)，27-41。new window  延伸查詢new window
4.Bradley, Daniel J.、Roten, Ivan C.、Jordan, Bradford D.、Yi, Ha-Chin(2001)。Venture Capital and IPO Lockup Expiration: An Empirical Analysis。Journal of Financial Research，24(4)，465-493。  new window
5.Field, Laura Casares、Hanka, Gordon R.(2001)。The Expiration of IPO Share Lockups。Journal of Finance，56(2)，471-500。  new window
6.Park, M. S.、Park, T.(2004)。Insider sales and earnings management。Journal of Accounting and Public Policy，23(5)，381-411。  new window
7.黃金發(20010600)。臺灣新上市公司盈餘操作之研究。朝陽學報，6，19-38。new window  延伸查詢new window
8.Hepworth, S. R.(1953)。Smoothing Periodic Income。The Accounting Review，28(1)，32-39。  new window
9.Bergstresser, Daniel、Philippon, Thomas(2006)。CEO incentives and earnings management。Journal of Financial Economics，80(3)，511-529。  new window
10.Bartov, Eli F.(1993)。The Timing of Asset Sales and Earnings Manipulation。The Accounting Review，68(4)，840-855。  new window
11.McNichols, M.、Wilson, G. P.(1988)。Evidence of Earnings Management from the Provision for Bad Debts。Journal of Accounting Research，26(Suppl.)，1-31。  new window
12.Beneish, M. D.、Vargus, M. E.(2002)。Insider trading, earnings quality, and accrual mispricing。The Accounting Review，77(4)，755-791。  new window
13.Aharony, Joseph、Lin, Chan Jane、Loeb, Martin P.(1993)。Initial Public Offerings, Accounting Choices, and Earnings Management。Contemporary Accounting Research，10(1)，61-81。  new window
14.Kasznik, Ron(1999)。On the association between voluntary disclosure and earnings management。Journal of Accounting Research，37(1)，57-82。  new window
15.Friedlan, John M.(1994)。Accounting Choices of Issuers of Initial Public Offerings。Contemporary Accounting Research，11(1)，1-31。  new window
16.Jones, Jennifer J.(1991)。Earnings Management during Import Relief Investigations。Journal of Accounting Research，29(2)，193-228。  new window
17.Barton, Jan(2001)。Does the use of financial derivatives affect earnings management decisions?。The Accounting Review，76(1)，1-26。  new window
18.Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1995)。Detecting earnings management。The Accounting Review，70(2)，193-225。  new window
19.Kothari, Sagar P.、Leone, Andrew J.、Wasley, Charles E.(2005)。Performance matched discretionary accrual measures。Journal of Accounting and Economics，39(1)，163-197。  new window
20.Teoh, Siew Hong、Wong, T. J.、Rao, Gita R.(1998)。Are Accruals during Initial Public Offerings Opportunistic?。Review of Accounting Studies，3(1/2)，175-208。  new window
21.Healy, Paul M.(1985)。The Effect of Bonus Schemes on Accounting Decisions。Journal of Accounting and Economics，7(1-3)，85-107。  new window
22.DeAngelo, Linda E.(1986)。Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders。The Accounting Review，61(3)，400-420。  new window
23.陳錦村、葉雅薰(20020100)。公司改組、監督機制與盈餘管理之研究。會計評論，34，1-29。new window  延伸查詢new window
24.徐清俊、陳宜鋒(20040900)。經理人、分析師盈餘預測準確度與盈餘管理之關聯性研究--以上市電子公司為例。玄奘管理學報，2(1)，25-48。new window  延伸查詢new window
25.林嬋娟、洪櫻芬、薛敏正(19970300)。財務困難公司之盈餘管理實證研究。管理學報，14(1)，15-38。new window  延伸查詢new window
26.Guay, Wayne R.、Kothari, S. P.、Watts, Ross L.(1996)。A Market-Based Evaluation of Discretionary Accrual Models。Journal of Accounting Research，34(Supplement)，83-105。  new window
27.Phillips, John D.、Pincus, Morton、Rego, Sonja O.(2003)。Earnings management: new evidence based on deferred tax expense。The Accounting Review，78(2)，491-521。  new window
28.Wang, Z.、Williams, T. H.(1994)。Accounting Income Smoothing and Stockholder Wealth。Journal of Applied Business Research，10(3)，96-104。  new window
29.Elitzur, R. R.、Yaari, V.(1995)。Executive Incentive Compensation and Earnings Manipulation in a Multi-period Setting。Journal of Economic Behavior & Organization，26(2)，201-219。  new window
30.Chan, K.、Jegadeesh, N.、Sougiannis, T.(2004)。The Accrual Effect on Future Earnings。Review of Quantitative Finance and Accounting，22(2)，97-121。  new window
31.Ronen, J.、Tzur, J.、Yaari, V. L.(2006)。The Effect of Directors' Equity Incentives on Earnings Management。Journal of Accounting and Public Policy，25(4)，359-389。  new window
研究報告
1.徐燕山(2002)。強制集保對股價的影響－以臺灣為例。0。  延伸查詢new window
學位論文
1.林裕雄(1996)。列入全額交割上市公司盈餘管理之實證研究。  延伸查詢new window
2.蘇慧芬(1992)。新上市公司上市前後年度盈餘窗飾之研究(碩士論文)。國立政治大學。  延伸查詢new window
3.黃惠君(1995)。公司上市前後盈餘操縱與上市後營運績效及盈餘操縱動機之關聯性研究(碩士論文)。國立臺灣大學。  延伸查詢new window
4.連靜仙(1993)。新上市公司盈餘管理之研究，0。  延伸查詢new window
5.陳家齊(1997)。我國新上市公司實質盈餘管理之研究，0。  延伸查詢new window
6.高祥恒(2002)。裁決性應計項目、衍生性金融商品與損益平穩化，0。  延伸查詢new window
7.趙正源(2004)。應計項目組成與股票報酬之關聯性，0。  延伸查詢new window
8.洪小芬(2005)。盈餘及盈餘管理特性對分析師預測之影響，0。  延伸查詢new window
 
 
 
 
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