影響上市櫃公司於公開資訊觀測站自願申報自結損益的決定因素

The Determinants of Voluntary Disclosure of Unaudited Earnings by Listed Company on Market Observation Post System

10.6226/NTUMR.202204_32(1).0004

李建然(Jan-Zan Lee)；廖秀梅(Hsiu-Mei Liao)；馬心屏(Hsin-Ping Ma)

自願性揭露 ； 自結損益 ； 自結損益申報頻率 ； 自結損益申報平台 ； voluntary disclosure ； unaudited earnings ； disclosure frequency of unaudited earnings ； unaudited earnings reporting system

臺大管理論叢

32卷1期（2022 / 04 / 01）

127 - 152

繁體中文;英文

本研究以2009年至2017年之上市櫃公司為研究對象，探討在2009年公開資訊觀測站自結損益平台申報制度實施後，影響管理當局自願性申報自結損益的決定因素。此外，本研究將申報自結損益的行為區分為「按月申報」、「按季申報」以及「未申報」三種不同頻率，分析影響管理當局不同揭露頻率的經濟動機。實證結果顯示，當公司有募集資金的需求、公司規模越大、買進並持有異常報酬越低、經營績效越好、非家族企業、董事會規模越大以及獨立董事席次越低，管理當局較願意自願性申報自結損益，而且申報自結損益的頻率亦會越高。

The study collects data of public listed companies in Taiwan from 2009 to 2017 to examine the determinants that influence these company managements' voluntary disclosures of unaudited earnings after the implementation of the unaudited earnings reporting system on the TSE Market Observation Post System (MOPS). This study further divides the sample into three different disclosure frequencies, namely ＂Monthly,＂ ＂Quarterly,＂ and ＂None,＂ to analyze the economic motivation behind managements' decision-making on disclosure frequency. The empirical results show that companies are more likely to voluntarily disclose their unaudited earnings and have higher disclosure frequency when falling in the following conditions: in the need of raising funds, of larger scales, with lower buy-and-hold abnormal return, showing better operating performance, non-family controlled, with larger board size, and with lower ratio of independent directors.

1. 范宏書, Hung-Shu,陳慶隆, Ching-Lung,李淑華, Shu-Hua,謝永明, Yung-Ming(2008)。總審計調整數對公司財務報表公佈時效性之影響。輔仁管理評論，15(1)，73-104。
   連結：
2. 張森河, Shen-Ho,黃劭彥, Shaio-Yan,王登仕, Teng-Shih,康照宗, Chao-Chung(2018)。經理人過度自信與審計能力對自結盈餘資訊揭露決策的影響。管理與系統，25(2)，145-188。
   連結：
3. 陳瑞斌, Jui-Pin,許崇源, Chung-Yuan(2007)。公司治理結構與資訊揭露之關聯性研究。交大管理學報，27(2)，55-109。
   連結：
4. 黃麗津, Li-Jin,林穎芬, Ying-Fen(2020)。經理減薪效應、公司治理與家族企業。臺大管理論叢，30(1)，65-102。
   連結：
5. 廖益興, Yi-Hsing,陳彥綺, Yan-Chi,王貞靜, Chen-Chin(2011)。年報資訊揭露與資訊不對稱：來自私有資訊交易之證據。經濟研究，47(1)，45-96。
   連結：
6. Ajinkya, B.,Bhojraj, S.,Sengupta, P.(2005).The association between outside directors, institutional investors and the properties of management earnings forecasts.Journal of Accounting Research,43(3),343-376.
7. Baek, H. Y.,Johnson, D. R.,Kim, J. W.(2009).Managerial ownership, corporate governance, and voluntary disclosure.Journal of Business & Economic Studies,15(2),44-61.
8. Bushee, B. J.,Matsumoto, D. A.,Miller, G. S.(2003).Open versus closed conference calls: The determinants and effects of broadening access to disclosure.Journal of Accounting and Economics,34(1-3),149-180.
9. Chen, S.,Chen, X.,Cheng, Q.(2008).Do family firms provide more or less voluntary disclosure?.Journal of Accounting Research,46(3),499-536.
10. El-Gazzar, S. M.(1998).Predisclosure information and institutional ownership: A cross-sectional examination of market revaluations during earnings announcement periods.The Accounting Review,73(1),119-129.
11. Eng, L. L.,Mak, Y. T.(2003).Corporate governance and voluntary disclosure.Journal of Accounting and Public Policy,22(4),325-345.
12. Healy, P. M.,Palepu., K. G.(2001).Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature.Journal of Accounting and Economics,31(1-3),405-440.
13. Jensen, M. C.(1993).The modern industrial revolution, exit, and the failure of internal control systems.The Journal of Finance,48(3),831-880.
14. Jensen, M. C.,Meckling, W. H.(1976).Theory of the firm: Managerial behavior, agency costs and ownership structure.Journal of Financial Economics,3(4),305-360.
15. Kasznik, R.,Lev, B.(1995).To warn or not to warn: Management disclosures in the face of an earnings surprise.The Accounting Review,70(1),113-134.
16. King, R.,Pownall, G.,Waymire, G.(1990).Expectations adjustment via timely management forecasts: Review, synthesis, and suggestions for future research.Journal of Accounting Literature,9(1),113-144.
17. Klein, A.(2002).Audit committee, board of director characteristics, and earnings management.Journal of Accounting and Economics,33(3),375-400.
18. Lang, M.,Lundholm, R.(1993).Cross-sectional determinants of analyst ratings of corporate disclosures.Journal of Accounting Research,31(2),246-271.
19. Lev, B.,Penman, S. H.(1990).Voluntary forecast disclosure, nondisclosure, and stock prices.Journal of Accounting Research,28(1),49-76.
20. Lim, S.,Matolcsy, Z.,Chow, D.(2007).The association between board composition and different types of voluntary disclosure.European Accounting Review,16(3),555-583.
21. Manski, C. F.,Lerman, S. R.(1977).The estimation of choice probabilities from choice based samples.Econometrica,45(8),1977-1988.
22. Miller, G. S.(2002).Earnings performance and discretionary disclosure.Journal of Accounting Research,40(1),173-204.
23. Miller, M. H.,Rock, K.(1985).Dividend policy under asymmetric information.The Journal of Finance,40(4),1031-1051.
24. Myers, S. C.,Majluf, N. S.(1984).Corporate financing and investment decisions when firms have information that investors do not have.Journal of Financial Economics,13(2),187-222.
25. Pound, J.(1988).Proxy contests and the efficiency of shareholder oversight.Journal of Financial Economics,20,237-265.
26. Ruland, W.,Tung, S.,George, N. E.(1990).Factors associated with the disclosure of managers’ forecasts.The Accounting Review,65(3),710-721.
27. Skinner, D. J.(1994).Why firms voluntarily disclose bad news?.Journal of Accounting Research,32(1),38-60.
28. Wasley, C. E.,Wu, J. S.(2006).Why do managers voluntarily issue cash flow forecasts?.Journal of Accounting Research,44(2),389-429.
29. Yermack, D.(1996).Higher market valuation of companies with a small board of directors.Journal of Financial Economics,40(2),185-211.
30. 吳安妮, Anne(1991)。經理人員自願揭露盈餘預測資訊給外界之決定因素─實證研究。會計評論，25，1-24。
31. 李建然, Jan-Zan(2000)。影響台灣上市公司自願性盈餘預測頻率之研究。會計評論，32，49-79。
32. 李懿洋, Yi-Yang(2016)。從薪酬監督外部治理看機構投資人之盡責管理。會計師季刊，268，67-74。
33. 黃姵瑄, Pei-Hsuan(2007)。影響預測盈餘、強制性自結盈餘與公告盈餘間一致性因素之研究。管理與資訊學報，12，91-127。
34. 楊孟萍, Meng-Ping,林瑞青, Ruey-Ching,盧怡倫, I-Lun(2004)。自結盈餘與公告盈餘間差異之影響因素研究。臺大管理論叢，14(2)，135-160。
35. 廖益興, Yi-Hsing(2010)。董事會組成、股權結構與年報資訊揭露水準。臺大管理論叢，20(2)，209-250。
36. 劉啟群, Chi-Chun,陳建樺, Them-Humn(1998)。上市公司管理當局自願性盈餘預測揭露及揭露時點之影響因素 - 台灣地區之實證分析。中國財務學刊，6(1)，1-44。