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標題: 借殼上市公司盈餘管理之探討
The Study of Earnings Management for the Reverse Merger Firms
作者: Chia-Yung Lee 李嘉芸
關鍵字: Reverse Merger
Seasoned Equity Offerings
Private Placement
Accrual-based Earnings Management
Real Earnings Management
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摘要: Reverse merger is a shortcut of going public. Through reverse merger, the company can enter the public market without listing review. Reverse merger is a faster and less costly way to access public market, but it also has more opportunity of earnings management, which lead to poor earning quality. This study compares the earnings management of reverse merger firms and IPO firms. Moreover, this study explores the difference between Seasoned Equity Offerings (SEO) and Private Placement (PPM) in reverse merger firms. The accrual-based earnings management indicator is discretionary accruals from Modified Jones Model, and real earnings management indicators are abnormal operating cash flow, abnormal production costs, abnormal discretionary expenses and a comprehensive indicator which developed by Roychowdhury (2006). The empirical results show that reverse merger firms' degree of accrual-based earnings management and degree of real earnings management are higher than IPO firms, and reverse merger firms' degree of accrual-based earnings management would be the largest when the first year to be the reverse merger firms. In the reverse merger firms ,both of the Seasoned Equity Offerings and Private Placement are no significant relationship between accrual-based earnings management within three years after reverse merger, while the reverse merger firms conduct private placement would have positive real earnings management within three years after reverse merger.
借殼上市(Reverse mergers)是一條上市的捷徑,未上市公司可以經由反向收購股權的方式,在不經由上市審查的情況下取得上市的資格,這也讓借殼上市公司相較於普通IPO公司,可以節省許多上市的時間與成本,但同時也讓借殼上市公司有較大的誘因進行盈餘管理,進而造成財務品質較差。本研究比較借殼上市公司與IPO公司之盈餘管理程度,此外本研究更進一步探討借殼上市公司採用現金增資及私募之盈餘管理情形。本文以Modified Jones Model估算裁決性應計數為應計盈餘管理衡量指標及參考Roychowdhury(2006)之研究,以異常營運活動現金流量、異常生產成本、異常裁決性費用及綜合指標做為實質盈餘管理衡量指標。 實證結果顯示,借殼上市公司之應計盈餘管理及實質盈餘管理程度會大於IPO公司,且借殼上市公司應計盈餘管理程度會在借殼當年度最大。借殼上市公司於借殼後三年內進行現金增資或私募與應計盈餘管理之間無顯著關聯性。而於借殼後三年內進行私募之借殼上市公司會有正向的實質盈餘管理行為。
文章公開時間: 10000-01-01
Appears in Collections:會計學系所



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