劉嘉雯Wang, Taychang;Liu, Chiawen臺灣大學:會計學研究所于智帆Yu, Chih-FanChih-FanYu2010-05-052018-06-292010-05-052018-06-292008U0001-0406200815030900http://ntur.lib.ntu.edu.tw//handle/246246/179943公司上市櫃前是否進行盈餘管理一直是會計研究的熱門議題，台灣的相關文獻中有支持盈餘管理假說者，亦有支持無盈餘管理假說者。本研究之樣本包含西元1992年至2006年在台灣證券交易所新上市之公司(499家)以及在櫃臺買賣中心新上櫃之公司(744家)。本研究採用橫斷面modified Jones model估計裁量性流動應計項目 (discretionary current accruals)，作為盈餘管理之代理變數。Ball and Shivakumar (2007) 提到公司IPO當年底之裁量性流動應計項目存在一些潛在的問題，造成如果採用IPO當年底之裁量性流動應計項目去判斷公司是否進行盈餘管理會產生偏差。本文除了檢視公司上市櫃當年底之裁量性流動應計項目外，更深入檢視組成流動應計項目之變數個別變動。本研究認為公司上市櫃當年底之裁量性流動應計項目乃取決於公司對於營運資本配置之決定，並認為以公司上市櫃前兩年之裁量性流動應計項目作為公司上市櫃前是否進行盈餘管理的代理變數更為合適。實證結果顯示公司上市櫃前並未進行盈餘管理，並且在上市櫃前一年以及前二年比其他已經上市櫃公司更為條件保守。This study examines whether newly listed firms engage in earnings management before their listing. The sample includes 499 newly listed firms in the Taiwan Stock Exchange (TSE) market and 744 newly listed firms in the GreTai Securities (GTS) market between 1992 and 2006. This paper uses the cross-sectional modified Jones model to estimate discretionary current accruals as the proxy for earnings management behavior. The study illustrates some potential biases related to the discretionary current accruals in the event year mentioned by Ball and Shivakumar (2007) and examines the fluctuations of individual working capital components. The discretionary current accruals in the event year are influenced by firms’ decision to deploy their working capital level, and this paper assumes the discretionary current accruals in the event year -1 and -2 are more suitable to test if newly listed firms manipulate their earnings. The empirical results are consistent with that newly listed firms do not engage in earnings management before their listing and even report more conditionally conservatively in event year -1 and -2.Contenthapter 1. Introduction 1-1 Research Motivations and Purposes 1-2 Research Contributions 3-3 Research Structure 4hapter 2. Literature Review 7-1 Accruals Estimation Related Literatures 7-2 Earnings Management around IPO process Literatures 12-3 Earnings Management for Newly Listed Firms in Taiwan 16hapter 3. Research Methodology 20-1 Hypothesis Development 20-2 Variables Measurement 25-3 Analysis Methodology 27-4 Sample Selection and Data 33hapter 4. Empirical Results and Analysis 37-1 Pair-wise Correlations 37-2 Cross-Sectional Modified Jones Model 38-3 Time-Series and Cross-sectional Characteristics of DCA 44-4 Current Accruals Components for sample firms in year 0 49-5 Discretionary Current Accruals in the event year -1 and -2 57-6 Profitability index for newly listed firms around the event year 59-7 Conditional Conservatism in event year -1 and -2 61-8 Out-of-sample test 64hapter 5. Conclusions and Suggestions 67-1 Research Conclusions 67-2 Research Constraints 70-3 Research Suggestions 71iguresigure 1.2: Research Flow Chart 6igure 3.1: Listed Process Flow Chart 23igure 3.2: Time Line 27igure 4.6: Profitability index trend for newly listed firms 60ablesable 3.1: Criteria for applicant firms to be listed in TSE and GTS markets 24able 3.4.1: Sample selection 34able 3.4.2: Sample Characteristics (Industry Distribution) 34able 3.4.3: Sample Characteristics (Time Distribution) 35able 3.4.4: Industry Adjustments 36able 4.1: Pair-wise correlations 38able 4.2: Descriptive statistics of modified Jones Model estimations by industries 40able 4.3: Time-Series and Cross-sectional Characteristics of DCA 46able 4.4: Current Accrual Components in the newly listed year 52able 4.5: Discretionary Current Accruals in event year -1 and -2 for sample firms 58able 4.6: Profitability index for newly listed firms around the event year 60able 4.7: Conditional conservatism in event year -1 and -2 63able 4.8: Out-of-sample estimation biases in the event year 66application/pdf480861 bytesapplication/pdfen-US盈餘管理上市上櫃裁量性流動應計項目條件保守earnings managementIPOnewly listeddiscretionary current accrualsconditional conservatismhttp://ntur.lib.ntu.edu.tw/bitstream/246246/179943/1/ntu-97-R95722019-1.pdf