臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：初次公開發行公司強制性盈餘預測與策略性會計報導決策的價值傳遞效果
書刊名：管理學報
作者：陳慶隆 引用關係／張寶光 引用關係／陳昱安
作者(外文)：Chen, Ching-lung／Chang, Bao-guang／Chen, Yuan
出版日期：2010
卷期：27:2
頁次：頁123-147
主題關鍵詞：初次公開發行；價值傳遞；裁決性應計數；盈餘預測；Initial public offerings；Value signaling；Discretionary accruals；Earnings forecast
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(4) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:4
  • 共同引用共同引用:75
  • 點閱點閱:47
本文以初次公開發行公司 (簡稱 IPO公司)的會計報導決策為核心，檢測裁決性應計數與強制性盈餘預測兩項指標在我國 IPO市場的評價角色；其次，國外文獻顯示公司管理者會以不同訊號傳遞工具傳遞公司價值的私有訊息，如果 IPO公司以策略性會計報導傳遞公司價值的私有資訊，那裁決性應計數與強制性盈餘預測之間係相輔相成搭配運用？抑獨立行使？ 實證結果顯示： IPO公司強制揭露的盈餘預測數額越高，掛牌交易後之公司價值越大，顯示強制盈餘預測存在價值攸關性。正裁決性應計數與 IPO公司的掛牌交易後價值呈現顯著的正向關係，負裁決性應計數與 IPO公司的掛牌交易後價值呈現負向關係，然未達統計顯著水準，此結果意味裁決性應計數具備 IPO公司的評價攸關性，然必須區分動機係積極性或保守性會計報導。兩階段最小平方法迴歸分析顯示，正裁決性應計數 (負裁決性應計數)與盈餘預測呈現顯著的正向 (負向)關係，顯示裁決性應計數與強制性盈餘預測呈現相輔相成的關係。本文進行若干額外測試，證實研究結果具有相當穩固性。
This study focuses on initial public offerings (IPOs) firms’ strategic accounting reporting and examines whether IPO firms use both discretionary accruals and mandatory earnings forecast to signal their stock value in Taiwan. Additionally, prior studies suggest that signals act as either substitute or complement in a multiple-signaling environment. As managers choose both discretionary accruals and mandatory earnings forecast in conveying their private information, it is interested to examine such signals independently or jointly (substitution vs. complements) interact in IPO valuation. The results evidence that positive discretionary accruals and mandatory earnings forecast are all credible (value-relevant) signals for IPO firms’ signal their values. However, the negative discretionary accruals show moderate value signaling in the samples. It is also found that there is a complement positive/negative association between discretionary accruals and mandatory earnings forecast, yet, distinguished the incentives of IPO firms’ reporting is necessary. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.
期刊論文
1.Arya, A., Glover, J.,、Sunder, S.(1998)。Earnings management and the revelation principle。Review of Accounting Studies，3(1/2)，7-34。  new window
2.Ritter, Jay R.(1984)。Signaling and the Valuation of Unseasoned New Issues: A Comment。The Journal of Finance，39(4)，1231-1237。  new window
3.Demski, J.、Sappington, D. E. M.(1987)。Delegated Expertise。Journal of Accounting Researcht，25(1)，68-89。  new window
4.Feltham, Gerald A.、Hughes, John S.、Simunic, Dan A.(1991)。Empirical Assessment of the Impact of Auditor Quality on the Valuation of New Issues。Journal of Accounting and Economics，14(4)，375-399。  new window
5.Downes, D. H.、Heinkel, R.(1982)。Signaling and the Valuation of Unseasoned New Issues。Journal of Finance，37，1-10。  new window
6.Fan, Q.(2007)。Earnings management and ownership retention for initial public offering firms: theory and evidence。Accounting Review，82(1)，27-64。  new window
7.洪振虔、吳欽杉、陳安琳(19990600)。The Relationship between Price Performance and Operating Performance of IPO Firms。國立屏東商業技術學院學報，1，141-155。new window  延伸查詢new window
8.林象山(19950700)。承銷商安定操作對新上市股票之影響。管理科學學報，12(2)，247-266。  延伸查詢new window
9.Gong, G.、Li, L. Y.、Xie, H.(2009)。The Association between Management Earnings Forecast Errors and Accruals。The Accounting Review，84(2)，497-530。  new window
10.Louis, H.、Robinson, D.(2005)。Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits。Journal of Accounting and Economics，39(2/3)，361-380。  new window
11.Healy, Paul M.、Palepu, Krishna G.(1993)。The Effect of Firms' Financial Disclosure Strategies on Stock Prices。Accounting Horizons，7(1)，1-11。  new window
12.Datar, Srikant M.、Feltham, Gerald A.、Hughes, John S.(1991)。The role of audits and audit quality in valuing new issues。Journal of Accounting and Economics，14(1)，3-49。  new window
13.Banker, Rajiv D.、Das, Somnath、Datar, Srikant M.(1993)。Complementarity of prior accounting Information: The Case of Stock Dividend Announcements。The Accounting Review，68(1)，28-47。  new window
14.胡德中、馬黛(20040300)。由承銷價低估、市價高估與股權結構觀點分析最適釋股策略與IPO折價。經濟論文，32(1)，227-272。new window  延伸查詢new window
15.Beatty, R. P.、Ritter, J. R.(1986)。Investment banking, reputation, and the underpricing of initial public offerings。Journal of Financial Economics，15(1/2)，213-232。  new window
16.Ho, L. C. J.、Liu, C. S.、Ramanan, R.(1997)。Open-market stock repurchase announcements and revaluation of prior accounting information。The Accounting review，72(3)，475-487。  new window
17.Balvers, Ronald J.、McDonald, Bill、Miller, Robert E.(1988)。Underpricing of new issues and the choice of auditor as a signal of investment banker reputation。Accounting Review，63(4)，605-622。  new window
18.馬黛、胡德中(20030400)。承銷配售機制之決定及其對IPO折價之影響：競價拍賣、詢價圈購與公開申購。財務金融學刊，11(1)，1-40。new window  延伸查詢new window
19.陳安琳、李文智、林宗源(19990100)。新上市公司股票之發行折價--代理成本與公司控制之研究。中國財務學刊，6(3)，1-23。new window  延伸查詢new window
20.徐燕山、徐政義(20040400)。Information Content of Investors' Bids in IPO Auctions: Evidence from Taiwan。財務金融學刊，12(1)，27-52。new window  new window
21.Titman, Sheridan、Trueman, Brett(1986)。Information quality and the valuation of new issues。Journal of Accounting and Economics，8(2)，159-172。  new window
22.李春安、劉維琪(20050200)。監督、首次公開上市釋股策略與價格低估現象之研究。管理學報，22(1)，63-84。new window  延伸查詢new window
23.金成隆、林修葳、林美鳳(20020100)。新上市公司股價異常漲跌與財務預測關係之研究。會計評論，34，31-56。new window  延伸查詢new window
24.Carter, Richard R.、Manaster, Steven(1990)。Initial Public Offerings and Underwriter Reputation。The Journal of Finance，45(4)，1045-1067。  new window
25.李建然、羅元銘(20020400)。新上市公司上市後營運績效衰退原因之探討。財務金融學刊，10(1)，23-52。new window  延伸查詢new window
26.Jaggi, Bikki、Chin, Chen-Lung、Lin, Hsiou-Wei Willian、Lee, Picheng(2006)。Earnings Forecast Disclosure Regulation and Earnings Management: Evidence from Taiwan IPO Firms。Review of Quantitative Finance and Accounting，26(3)，275-299。  new window
27.陳軒基、王忠建、楊雅雯(20051000)。IPO閉鎖期滿日之市場反應。證券市場發展季刊，17(3)=67，57-87。new window  延伸查詢new window
28.Beatty, Randolph P.(1989)。Auditor reputation and the pricing of initial public offerings。The Accounting Review，64(4)，693-709。  new window
29.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
30.Leland, Hayne E.、Pyle, David H.、Brealey, Richard(1977)。Informational Asymmetries, Financial Structure, and Financial Intermediation。The Journal of Finance，32(2)，371-387。  new window
31.Ball, R.、Shivakumar, L.(2008)。Earnings Quality at Initial Public Offerings。Journal of Accounting and Economics，45(2/3)，324-349。  new window
32.Ducharme, L. L.、Malatesta, P. H.、Sefcik, S. E.(2001)。Earnings Management: IPO Valuation and Subsequent Performance。Journal of Accounting, Auditing and Finance，16(4)，369-396。  new window
33.Friedlan, John M.(1994)。Accounting Choices of Issuers of Initial Public Offerings。Contemporary Accounting Research，11(1)，1-31。  new window
34.Teoh, Siew Hong、Welch, Ivo、Wong, Tak Jun(1998)。Earnings Management and the Long-run Market Performance of Initial Public Offerings。The Journal of Finance，53(6)，1935-1974。  new window
35.Jones, Jennifer J.(1991)。Earnings Management during Import Relief Investigations。Journal of Accounting Research，29(2)，193-228。  new window
36.Barton, Jan(2001)。Does the use of financial derivatives affect earnings management decisions?。The Accounting Review，76(1)，1-26。  new window
37.Bartov, Eli、Gul, Ferdinand A.、Tsui, Judy S. L.(2000)。Discretionary-accruals Models and Audit Qualifications。Journal of Accounting and Economics，30(3)，421-452。  new window
38.Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1995)。Detecting earnings management。The Accounting Review，70(2)，193-225。  new window
39.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
40.Subramanyam, K. R.(1996)。The pricing of discretionary accruals。Journal of Accounting and Economics，22(1-3)，249-281。  new window
41.Botosan, Christine A.(1997)。Disclosure level and the cost of equity capital。The Accounting Review，72(3)，323-349。  new window
42.江淑貞、劉維琪、張玉山(20050600)。公司初次上市承銷方式、股權分配與監督機制。臺大管理論叢，15(2)，1-23。new window  延伸查詢new window
43.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。  new window
44.黃志仁、吳睿怡(20071200)。上市閉鎖期之盈餘管理行為。交大管理學報，27(2)，275-296。new window  延伸查詢new window
45.DeFond, Mark L.、Jiambalvo, James(1994)。Debt Covenant Violation and Manipulation of Accruals。Journal of Accounting and Economics，17(1/2)，145-176。  new window
46.Firth, M.,(1998)。IPO Profit Forecasts and their Role in Signalling Firm Value and Explaining Post-listing Returns。Applied Financial Economics，8(1)，29-39。  new window
47.Hughes, Patricia J.(1986)。Signalling by Direct Disclosure under Asymmetric Information。Journal of Accounting & Economics，8(2)，119-142。  new window
48.Kimbro, Marinilka B.,(2005)。Managing Underpricing? The Case of Pre-IPO Discretionary Accruals in China。Journal of International Financial Management & Accounting，16(3)，229-262。  new window
49.Li, Y. and Bruce J. McConomy,(2004)。Simultaneous Signaling in IPOs via Management Earnings Forecasts and Retained Ownership: An Empirical Analysis of the Substitution Effect。Journal of Accounting, Auditing and Finance，19(1)，1-28。  new window
50.Roosenboom, P., T. Van Der Goot and G. Mertens,(2003)。Earnings Management and Initial Public Offerings: Evidence from the Netherlands。The International Journal of Accounting，38(3)，243-266。  new window
研究報告
1.Ahmad-Zaluki, Nurwati A., K. Campbell and A. Goodacre,(2007)。Earnings Management in Initial Public Offerings: An Investigation of Pervasiveness, Determinants and Long Run Performance。  new window
2.Gul, Ferdinand A., S. Leung and B. Srinidhi,(2003)。Informative and Opportunistic Earnings Management and the Value Relevance of Earnings: Some Evidence on the Role of IOS。  new window
3.Lewis, Melissa F.,(2008)。When Are IPO Firms’ Income-increasing Accruals Informative。  new window
圖書
1.Neter, J.、Wasserman, W.、Kutner, M. H.(1989)。Applied Linear Regression Models。Homewood, IL：New York：Irwin。  new window
2.Watts, Ross L.、Zimmerman, Jerold L.(1986)。Positive Accounting Theory。Prentice-Hall, Inc.。  new window
3.Intriligator, Michael D., Ronald G. Bodkin and C. Hsiao,(1996)。Econometric Models, Techniques, and Applications 2nd ed。NJ。  new window
4.Scott, William R.(2000)。Financial Accounting Theory。Canada：Prentice-Hall。  new window
5.Yen, G., E. C. Yen and H. L. Chen(1995)。Excess Returns of Unseasoned New Issues in Taiwan: An Institutional Perspective。Advances in Pacific Basin Business, Economics, and Finance,。Greenwich, Conn。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1036（臺灣：1028，外國：8） ／ 本年度總使用人次：2017497 ／ 訪客人次（自102年09月）：67830792
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上