台灣上市公司公布自行結算盈餘影響之研究
Date Issued
2002
Date
2002
Author(s)
DOI
902416H002013
Abstract
Under the current regulation, Taiwan public companies, after disclosing the third
quarterly reports in October, provide no financial statements information until next
April. That is, there is a six-month blackout on information of earnings. To
remedy the defect, Taiwan SEC plans to require the public companies to file and
disclose their unaudited preliminary earnings of prior year before the end of every
January. Additionally, the differences between preliminary earnings and audited
reported earnings that are over 10%, NT 30 millions and 0.5% of capital stock will
exceed the materiality threshold. Under those conditions, the filing companies must
explain why material differences exist. Keywords ：
The proposed filing deadline and material difference threshold of
preliminary earnings are being on the debate now. Since the act has not been
enacted yet, we are lack of the available data to examine these proposals
empirically. However, most Taiwan public companies voluntarily disclose the
unaudited earnings estimates recently. In fact, the earnings estimates are the
same as preliminary earnings called by Taiwan SEC, and the disclosures are
popular enough to supply the sufficient data for empirical study.
Using the Taiwan public companies’ earnings estimates from 1992 to 2000,
the project explores the feasibility and impact of disclosing the preliminary
earnings information. The research includes two parts. First, we apply the
sensitivity analysis on two issues: filing deadline and material difference threshold.
Second, we examine the usefulness of preliminary earnings and of reported
earnings by their association with stock price returns. Also we observe the stock
price return reactions of the differences between preliminary earnings and reported
earnings. The results shall be able to assist us in setting the material difference
threshold in practice and in evaluating the investors’ ability to use the preliminary
earnings information properly when there are material differences between
preliminary earnings and audited reported earnings.
Subjects
Preliminary Earnings
Reported Earnings
Stock Price Returns
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
other
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