:::

詳目顯示

回上一頁
題名:會計師與承銷商對初次上市櫃公司財務預測與盈餘管理之影響
作者:曹常鴻
作者(外文):Tsao, Charng Horng
校院名稱:國立中正大學
系所名稱:企業管理研究所
指導教授:劉亞秋
林問一
學位類別:博士
出版日期:2004
主題關鍵詞:初次上市櫃財務(盈餘)預測盈餘管理會計師承銷商IPOFinancial(Earnings) ForecastingEarnings ManagementCPAsUnderwriters
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(1) 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:1
  • 共同引用共同引用:0
  • 點閱點閱:35
本研究發現,初次上市櫃公司確實會公佈比較樂觀的財務預測,並有進行盈餘管理之現象。而初次上市櫃公司無論找知名度高或低的會計師或承銷商,都會作出樂觀的財務預測及盈餘管理;但是找知名度較佳承銷商主辦的初次上市櫃公司,其財務預測樂觀程度及盈餘管理程度較不嚴重。同時,我們也發現成立歷史短、上市前有盈餘衰退和董監事持股比率低的公司,其財務預測較為樂觀。另外,我們也發現公司規模大的公司其盈餘管理程度較高,而總承銷金額高的初次上市櫃公司其盈餘管理程度較大。本文在政策涵義方面,支持金管會取消初次上市櫃公司強制財測的規定;同時,也支持金管會加重會計師責任且施行承銷商的分級管理制度。
The results of this study indicate that IPO firms would in general announce over- optimistic financial forecasting and conduct earnings management, regardless of the reputation of CPA firms and/or underwriters. However, the aforementioned phenomena are observed to be less serious in firms that were underwritten by more reputable underwriters. We also find that firms with shorter history, exhibiting earnings dropping prior to IPO, and having lower share holding ratio for board members tend to have over-optimistic financial forecasting. In addition, firms of larger size and having greater initial underwriting value are more likely to conduct earnings management. From the policy perspective, the results of this study support the ruling of the Financial Supervisory Commission as to the repeal of the mandatory financial forecasting policy for IPO firms as well as its policy of imposing stronger accountabilities of CPA and establishing the classification system for underwriters.
一、中文部份
王昱欣(2002),「新上市盈餘管理與異常報酬之關連性研究」,輔仁大學管理學研究所碩士論文。
李建然及羅文銘,(2002)《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,第10卷第1期,23-52頁。
林象山 (1995) 《承銷商信譽對新上市股票之影響》中國財務學刊第3卷第1期,119-143頁。new window
林嬋娟、薛敏正與蘇逸颖 (2002) 《預期盈餘與盈餘平穩化實證研究》證券市場發展季刊第14卷第1期,139-148頁。new window
李首賢 (1997) 「承銷商聲譽新上市公司風險特性與承銷商的選擇」 台灣大學會計學研究所碩士論文。
金成隆、林修葳、黃書楣(2000)《國內現金增資企業盈餘管理之實證研究》,中山管理評論,第8卷4期,709-744頁。new window
簡志明(2004)「初次上市(櫃)公司盈餘預測精確度及影響因素之研究」 國立台灣科技大學財務金融研究所未出版碩士論文。
許瀚崴 (2003) 「新上市(櫃)公司財務預測精確度之研究」 東吳大學會計學系未出版碩士論文
夏侯欣榮 (1993)「台灣地區新上市普通股承銷價格之研究」,政治大學企業管理研究所博士論文。new window
夏侯欣榮(2000)《台灣增資新股(SEO)上市後長期績效之整體研究》,管理評論,第19卷2期,1-33頁。
陳佳芬(2002)「新上市盈餘管理與續後績效之實證研究」,逢甲大學會計與財稅研究所碩士論文。
陳家齊(1997)「我國新上市公司實質盈餘管理之研究 」,國立政治大學會計研究所未出版碩士論文。
連靜仙(1993)「新上市公司盈餘管理之研究 」,國立政治大學會計研究所未出版碩士論文。
曾國陽(1995)「上市後業績衰退與盈餘管理關係之研究」 國立政治大學會計研究所未出版碩士論文。
鄭丁旺,康榮寶,李建然,金成隆,劉正田(1992)上市承銷與盈餘管理 第四屆會計理論與實務研討會。
蘇慧芬(1992)「新上市公司上市前後年度盈餘窗飾之研究」國立政治大學未出版碩士論文。
顧廣平(2002)《台灣新上市股票短期與長期績效再探討》,證券市場發展季刊,第15卷1期,1-39頁。new window
嚴美英(1992)「承銷商聲望與新上市股票異常報酬關係之實證研究」台灣大學會計學研究所碩士論文。
二、英文部份
Aharony, J., C. Lin, and M. Loeb. (1993) Initial public offerings, accounting choices and earnings management. Contemporary Accounting Research 10 : 61-82.
Antle Rick., (1982) The auditor as an economic agent. Journal of Accounting Research 20 (2 ): 503-527.
Antle, R., and R. Nalebuff. (1991) Conservatism and audit-client negotiations. Journal of Accounting Research 29(Supplement): 31-59.
April Klein.,(2002)Audit committee, board of director characteristics, and earnings management Journal of Accounting and Economics 33:375-400.
Baiman, S., J. Evans, and J. Noel. (1987) Optimal Contract with a utility maximizing auditor. Journal of Accounting Research, 25(2): 217-244.
Balvers Ronald J., Bill McDonald , and Robert E.Miller. (1988) Underpricing of new issues and the choice of auditor as a signal of investment banker reputation. The Accounting Review(October):605-622.
Barnhart, S. W., and Stuart Rosenstein. (1998) Board Composition, managerial ownership, and firm performance : an empirical analysis. The Financial Review, 33(4): 1-16.
Bartov, E.,(1993) The timing of asset sales and earning manipulation The Accounting Review October: 840-855.
Bartov, E., F. Gul, and A. Tsui.(2001) Discretionary-accruals models and audit qualifications. Journal of Accounting and Economics 30 :421-452
Beatty, R., and J. Ritter. (1986) Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics 15:213-232.
Beatty, R.(1989) Auditor reputation and the pricing of initial public offerings. Accounting Review 64:693-709.
Becker, C. L., M. L. Defond, J. Jiambalvo, and K. R. Subramanyam.(1998) The effect of audit quality on earning management. Contemporary Accounting Research. Spring: 1-24.
Beneish, M.,and E. Press. (1995) The resolution of technical default. The Accounting Review April :337-353.
Bernard, V., and J. Thomas. (1990) Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of Accounting and Economics B: 305-340.
Booth, J., and R. Smith. (1986) Capital raising , underwriting and the certification hypothesis. Journal of Financial Economics 15:267-281.
Brau, J., V, Lambson, and G. McQueen. (2001) Why Lock-ups? Working paper, Brigham Young University.
Brav, A., and P. Gompers. (2003) The role of lock-ups in initial public offerings, The Review of Financial Studies Spring 16 (1):1-29.
Brown, P., G. Foster, and R. C. Morries. (1984) Security analyst multi-year earnings forecasted and Capital market. Studies in Accounting Research .21 American Accounting Association.
Bushman, R., R. Indjejikan, and M. Penno. (2000a) Private pre-decisioninformation, performance measure congruity and value of delegation. Contemporary Accounting Research 17(4)(winter):561-587.
Bushman, R.M., and A. j. Smith. (2001) Financial accounting information and corporate governance. Journal of Accounting and Economics 32:237-333.
Carter, R., and S. Manaster. (1990) Initial public of offerings and underwriter reputation. Journal of Finance 45:1045-1067.
Carter, R., F. Dark, and A. Singh. (1998) Underwriter reputation, initial returns, and the long-run performance of IPO stocks. Journal of Finance 53:285-311.
Chan, A. M.Y., C. L. K. Sit, M. M. L. Tong, D. C. K. Wong, and R. W. Chan. (1996)Possible factors of the accuracy of prospectuses earnings forecast in H. K. International Journal of Accounting 31(3):381-398.
Chong Beng-Soon and Wai Ho Kim. (2002) Lock-up as a Commitment mechanism: The case of voluntary earnings forecast disclosure in IPOs Working paper, Nanyang Technological University.
Christle, A, A.,(1990) Aggregation of test statistics:an evaluation of the evidence on Contracting and size hypothesis. Journal of Accounting and Economics 12:15-36.
Clarkson, P., A. Dontoh, G. Richardson, and S. Sefick.(1992) The voluntary inclusion of earnings forecasts in IPO prospectuses. Contemporary Accounting Research 8:601-626.
Clarkson, P., (2000) Auditor quality and the accuracy of management earnings forecast. Contemporary Accounting Research 17(4) winter:595-622.
Collins, W. A. and W. S. Hopwood. (1980) A multivariate analysis of annual earnings forecasts of financial analysis and univariate time-Series models. Journal of Accounting Research Autumn : 390-406.
Cooper, A, and B. Taylor. (1983) How good are stockbrokers earning forecasts?Investment analyst January :14-23.
Courteau. L. C. (1995) Under-diversification and retintion Commitment in IPOS. Journal of Financial and Quantitative Analysis 30 :487-517.
Crasswell, A., J. Francis, and S. Taylor. (1995) Auditor brand name reputations and industry specialization. Journal of Accounting and Economics 20 December:297-322.
Davidson, R.A., and D.Neu. (1993) Note on the association between audit firm size and audit quality. Contemporary Accounting Research 9 Spring :479-88.
Deakin, E. B., (1979) A analysis of difference between non-major oil firms using successful efforts and full cost methods. The Accounting Review. Oct : 722-734.
DeAngelo. L. E., (1981) Auditor size and audit quality. Journal of Accounting and Economics December : 183-199.
_____________ ., (1981) Auditor Independence, Low balling and disclosure regulation. Journal of Accounting and Economics 3 : 113-127.
DeAngelo, L. E., (1986) Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The Accounting Review 61:400-420.
DeAngelo, H. L., DeAngelo, and D.J. Skinner. (1994) Accounting choice in troubled
Companies. Journal of Accounting and Economics 17:113-143.
Dechow, Patricia M., G. Sloan. Richard, and Amy P. Sweeney. (1995) Detecting earnings management. The Accounting Review 70 : 193-225.
Dechow, P. M., and D. J. Skinner. (2000) Eearning management:reconiling the views of accounting academics, practitioners, and regulators. Accounting horizons 14: 235-250.
Defond, M., and J. Jiambalvo. (1991) Incidence and circumstances of accounting errors The Accounting Review 66:643-655.
______________________. (1993) Factors related to auditor-client disagreement over income increasing accounting methods. Contemporary Accounting Research 9 : 415-431.
__________________________. (1994) Debt Covenant Violation and manipulation of Accruals. Journal of Accounting and Economics 23(July):115-139.
_____________ and C. W. park. (1997) Smoothing income in anticipation of future earnings. Journal of Accounting and Economics 23(July):115-139.
Dev, S., and M. Webb. (1972) The accuracy of company profit forecasts. Journal of Business Finance 4 (3):26-27.
Dhaliwal, D., (1980) The effect of the firms capital structure on the choice of accounting methods. The Accounting Review Jan : 78-84.
Dontoh, A., (1989) Voluntary disclosure. Journal of Accounting, Auditing and Finance. Fall : 480-511.
Dopuch, N., and D. Simunic. (1982) The Competition in auditing :An assessment. In Fourth Symposium on Auditing Research. 401-450, Urbana: University of Illinois.
Downers, D. H. and R. Heinkel. (1982) Signalling and the Valuation of unseasoned new issues. The Journal of Finance March : 1-10.
Ducharme, L. L., Paul H. Malatesta, and Stephan E. Sefcik. (2001) Earning management : IPO valuation and subsequent performance. Journal of Accounting, Auditing and Finance. Fall 16 (4) :369-374.
Dye, R., (1986) Proprietary and nonproprietary disclosure. The Journal of Business. 331-366.
Ferris,K. R., And D. C. Hayes. (1977) Some evidence on the determinants of profit forecast accuracy in the United Kingdom. The International Journal of Accounting (Spring):27-36.
Firth M., and A. Smith. (1992) The accuracy of profits in initial public offering prospectuses. Accounting and Business Research 22(87):239-247.
Foster, George., Chris Olsen, and Terry Shevlin. (1984) Earning release, anomalies, and the behavior of security returns. The Accounting Review 59:574-603.
Francis., Jere R. and Jagan Krishnan. (1999) Accounting accruals and auditor reporting Conservatism. Contemporary Accounting Research 16 (1) Spring : 135-65.
____________, Edward L. Maydew , and H. Charles Spark. (1999) The role of Big6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice& Theory 18 (2) Fall:17-34.
Friedlan, J. M., (1994) Accounting choices by issuers of initial public offerings. Contemporary Accounting Research 11:1-33.
Goodwin, J., (1989) Forecasting in the prospective financial information disclosure by companies listing on the Second Board of the Australian Stock Exchange. Masters Dissertation.Newcastle: University of Newcastle, Australia.
Hagerman, R. L., and W. Ruland. (1979) The accuracy of management forecasts and forecasts of simple alternative models. Journal of Economics and Business Spring : 172-179.
Hartnett, N.A., (1993) Corporate financial forecast accuracy: An Australian study. The International Journal of Accounting 28:248-258.
Hartnett N., and Jennifer Romcke. (2000) The predictability of management forecast error : A study of Australian IPO disclosure. Multinational Finance Journal 4 (1&2):101-132.
Healy, P., (1985) The impact of bonus schemes on the selection of accounting principles. Journal of Accounting and Economics : 85-107.
Healy, P. M., and J. M.Wahlen. (1999) A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13:365-383.
Hirst , E.,(1994) Auditor sensitivity to earnings management. Contemporary Accounting Research 11 Fall:405-422.
Holthausen, R. W.,(1990) Accounting choice, opportunistic behavior, efficient Contracting and information perspectives. Journal of Accounting and Economics. January : 207-218.
Hughes, P. J.,(1986) Signalling by direct disclosure under asymmetric information. Journal of Accounting Economics June :119-142.
Jain., B.A. and O.Kini. (1994) The Post-Issue Operating Performance of IPO Firms,
Journal of Finance Dec:1669-1726.
Jelic, R., B. Saadouni, and R. Briston. (1998) The accuracy of earnings forecast in IPO prospectuses on Kuala Lumper stock exchange. Accounting and Business Research 29 : 57-72.
Jeong Woo Seok., and Rho. Joonhwa. (2004) Big Six auditors and quality:The Korean evidence. The International Journal of Accounting 39(2):175-196.
Johnson, J., and R. Miller. (1988) Investment banker prestige and the underpricing of initial public offerings. Financial Management 17:19-29.
Jones, J.,(1991) Earning management during import relief investigation. Journal of Accounting Research Autumn:193-228.
Keasey, K., and P. McGuinness. (1991) An examination of accuracy and bias of prospectus earning forecasts: UK evidence. The International Journal of Accounting 26(4):252-263.
Kellog. R. I., (1979) An empirical study of rule10b-5 buyers’ suits based on accounting disclosures. Ph.D dissertation. University of Rochester. New York.
Klein, B., and K. Leffler. (1981) The role of market for as in assuring contractual performance. Journal of Political Economy 89:615-641.
Krishnan, I., Rishnan., (1997) Litigation risk and auditor resignation. The Accounting Review 72:539-560.
Krishnan, G. V., (2003) Audit quality and the pricing of discretionary accruals. Auditing 22:109-127.
Lee, P., C. Yee, Taylor; and M. Yee. (1993a) Prospectus earnings forecasts:Evidence and explanations. Australian Accounting Review (May):21-32.
Lee, P., S. J. Taylor, and S. L. Taylor. (2001) Auditor Conservatism and audit quality: Evidence from Australia IPO earnings forecasts. working paper, University of Technology, Sydney.
Leland, H.E., and D. Pyle. (1977) Information asymmetries, financial structure, and financial intermediation. The Journal of Finance May:371-387.
Lev, B., and S. Penman.(1990) Voluntary forecast disclosure, nondisclosure, and stock price. Journal of Accounting Research. Spring:49-76.
Lys, T., and R. L. Watts. (1994) Lawsuits against auditor. Journal of Accounting Research, Supplement: 65-93.
Magee, R., and M. Tseng. (1990) Audit pricing and independence. The Accounting Review 65:315-336.
Mak, Y. T., (1989) The determinants of accuracy of management earnings forecasts: A New Zealand study. The International Journal of Accounting 24(3): 267-280.
Defond, Mark L., and K. R. Subramanyam. (1998) Auditor Changes and discretionary accruals. Journal of Accounting and Economics 25:35-67.
McConomy, B., (1998) Bias and accuracy of management earnings forecast: An evaluation of the impact of auditing. Contemporary Accounting Research 15:167-195.
McNichols, M.F., (2000) Research design issues in earnings management studies. Journal of Accounting and Public Policy 19:313-345.
Megginson,William L., And A. Kathleen. Weiss. (1991) Venture capital certification in initial public offering. Journal of Finance 46:879-903.
Michaely, R., and W. Shaw. (1995) Does the choice of auditor Convey quality in an initial public offerings: Financial Management 24:15-30.
Mohamad, S., A. Nassir, T. K. Kuing, and M. Aritt. (1994) The accuracy of profit forecasts of Malaysian IPOS. Capital Market Reviews 2(2): 46-69.
Palmrose, Z., (1988) An analysis and auditor litigation and audit service quality The Accounting Review 63:55-73.
Pedwell, K., H. Warsame, and D. Neu. (1994) The accuracy of Canadian and New Zealand earnings forecast:A comparison of voluntary versus compulsory disclosure. International Accounting, Auditing and Taxation 3 (2):221-236.
Press, E.G.., and J. B. Weintrop. (1990) Accounting-based constraints in public and private debt agreements:their association with leverage and impact on accounting choice. Journal of Accounting and Economics, 12 January:65-95.
Rangan, S., (1998) Earning Management and the Performance of Seasoned Equity
Offerings. Journal of Financial Economics 50:101-122.
Roosenboom. P., and Van der Goot. Tjalling. (2003) Earning management and initial public offerings: evidence from the Netherlands. The International Journal of Accounting 38:243-266.
Rosenstein, S., and J.G. Wyatt. (1997) Inside directors, board effectiveness, and Share holder wealth. Journal of Financial Economic 44: 229-250.
Scott, W, R., (1997) Financial Accounting Theory. Ontario: prentice-Hall. Canada Inc.,
Schipper. K., (1989) Commentary on earning management. Accounting Horizons 3: 91-102.
Selva, M. MA., and J. Wa. (1994) The reliability of prospectus-based profit forecasts in Hong Kong, Working paper, Hong Kong City University.
Shivakumar. L., (1996) Essays relating to equity offerings and earnings management. Ph. D. dissertation. Vanderbilt University.
Stice, J., (1991) Using financial and market information to identity pre-engagement factors associated with Lawsuit against auditors. The Accounting Review 66: 516-534.
St. Pierre. K.,and J. Anderson. (1984) An analysis of the factors associated with lawsuits against public accountants. The Accounting Review 59: 242-263.
Subramanyam, K.R., (1996 ) The pricing of discretionary accruals. Journal of Accounting and Economics 22: 249-281.
Tan, T. M., (1987) Some evidence on the reliability of profits and dividend forecasts
in prospectuses. Singapore Accountant, October: 21-26.
Titman, Sheridan., and Brett. Trueman. (1986) Information quality and valuation of newissues. Journal of Accounting and Economics 8:159-172.
Teoh, S., I. Welch , and T. Wong. (1998) Earnings management and the long-run market performance of initial public offerings. Journal of Finance 53: 1935-1974.
_______., T.J. Wong, and G. Rao. (1999) Are accruals during an initial public offering opportunistic? Review of Accounting Studies (forthcoming)
Verrecchia, R., (1983) Discretionary disclosure. Journal of Accounting and Economics. December: 173-194.
Watts R. L., and J. L. Zimmerman. (1978) Towards a positive theory of the determination of accounting standards. The Accounting Review : 52-77.
___________________(1980) The market for independence and independent auditors. unpublished manuscript, University of Rochester.
William G.. Heninger., (2001) The association between auditor litigation and abnormal accruals. The Accounting Review 76 (1) January :111-126.
Zmijewski, M., and R. Hagerman.(1981) An income strategy approach to the positive theory of accounting standard setting/choice, Journal of Accounting and Economics. 3 : 129-149.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE