會計師與承銷商對現金增資公司從事盈餘管理之影響

The Impact of CPA and Underwriters on SEO Firms' Earning Management

10.30003/JRM.200607.0003

林問一(Wen-Yi Lin)；楊和利(Ho-Li Yang)；方滋聰(Tzu-Tsung Fang)

現金增資 ； 盈餘管理 ； 會計師 ； 承銷商 ； 裁決性應計項目 ； Seasoned Equity Offering (SEO) ； Earnings Management ； CPA ； Underwriter ； Discretionary Accrual

風險管理學報

8卷2期（2006 / 07 / 01）

157 - 176

繁體中文

本文主要探討，在台灣股市，知名度高的承銷商或會計師是否會減低現金增資公司從事盈餘管理，以避免道德風險。由Jones Model、Modified Jones Model和Rangan Model三個模型發現，公司在現金增資上有利用裁決性應計項目從事盈餘管理現象。而找知名度高承銷商承銷的SEO公司，其從事盈餘管理的程度相對較不嚴重。

This article investigates whether certification by reputable accountants or use of reputable underwriters mitigate the moral hazard problems associated with earning management. According to Jones model, Modified Jones model and Rangan model, we find that SEO firms raise reported earning by altering discretionary accruals. However, the SEO firms which employ reputable underwriters will alleviate the moral hazard problems associated with earning management relatively.

1. 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，19(2)，1-33。
   連結：
2. Akerlof, G.(1970).The Market for "Lemons": Qualify Uncertainty and the Market Mechanism.Quarterly Journal of Economics,488-500.
3. Bartov, E.,F. A. Gul,J. Tsui(2000).Discretionary-accrual Models and Audit Qualifications.Journal of Accounting and Economics,30,421-452.
4. Beatty, R.,J. Ritter(1986).Investment Banking, Reputation, and the Underpricing of Initial Public Offerings.Journal of Financial Economics,15,213-232.
5. Becker, C. L.,M. L. Defond,J. Jiambalvo,K. R. Subramanyam(1998).The effect of audit Quality on Earning Management.Contemporary Accounting Research.
6. Booth, J.,R. Smith(1986).Capital Rasing, Underwriting and the Certification Hypothesis.Journal of Financial Economics,15,267-281.
7. Working paper
8. Brous, P. A.(1992).Common Stock Offering and Earnings Expectations: A Test of the Release of Unfavorable Information.Journal of Finance,1517-1536.
9. Carter, R.,F. Dark,A.Singh(1998).Underwriting Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks.Journal of Finance,53,285-311.
10. Carter, R.,S. Manaster(1990).Initial Public of Offerings and Underwriter Reputation.Journal of Finance,45,1045-1067.
11. Chen, Ken Y.,Kuen-Lin Lin,Jain Zhou(2005).Audit quality and earnings management for Taiwan IPO firm.Managerial Auditing Journal,20,86-104.
12. DeAngelo, H.,L. DeAngelo,D. J. Skinner(1994).Accounting Choice in Troubled Companies.Journal of Accounting and Economics,17,113-143.
13. Dechow, P. M.,R. Sloan,A. Sweeney(1995).Detecting Earnings Management.Journal of Accounting and Economics,70,193-225.
14. Defond, M. L.,C. W. Park(1997).Smoothing Income in Anticipation of Future Earnings.Journal of Financial Economics,23,115-139.
15. Holthausen, R.W.,D.F. Larcker,R.G. Sloan(1995).Annual Bonus Schemes and the Manipulation of Earnings.Journal of Accounting and Economics,19,29-74.
16. Jain, B. A.,O.Kini(1994).The Post-Issue Operating Performance of IPO Firms.Journal of finance,1669-1726.
17. Jelic R.,Saadouni B.,Briston R.(1998).The Accuracy of Earnings Forecast in IPO Prospectuses on Kuala Lumper Stock Exchange.Accounting and Business Research,29,57-72.
18. Jones, J.J.(1991).Earnings Management During Import Relief Investigations.Journal of Accounting Research,29,193-228.
19. Klien, B.,K. Leffler(1981).The Role of Market for as in Assuring Contractual Performance.Journal of Political Economy,89,615-641.
20. Working paper
21. Loughran, T.,J. R. Ritter(1995).The New Issues Puzzle.Journal of Finance,50,23-51.
22. Masulis, R.W.,A. Korwar(1986).Seasoned Equity Offerings: An Empirical Investigation.Journal of Financial Economics,14,165-194.
23. McConomy, B.(1998).Bias and Accuracy of Management Earning Forecast: An Evaluation of the Impact of Auditing.Contemporary Accounting Research,15,167-195.
24. McNichols, M. F.(2000).Research Design Issues in Earnings Management Studies.Journal of Accounting and Public Policy,19,313-345.
25. Michaely, R.,W. Shaw(1995).Does the Choice of Auditor Convey Quality in an Initial Public Offerings.Financial Management,24,15-30.
26. Rangan, S.(1998).Earning Management and the Performance of Seasoned Equity Offerings.Journal of Financial Economics,50,101-122.
27. Scott, W. R.(1997).Discussion of "Two models of the auditor-client interaction: Tests with united kingdom data".Contemporary Accounting Research,14,51-53.
28. Spiess, K.,J. Affeck-Graves(1995).Underperformance in Long-run Stock Returns Following Seasoned Equity Offerings.Journal of Financial Economics,38,243-267.
29. Teoh, S. H.,I. Welch,T. J. Wong(1998).Earning Management and the Underperformance of Seasoned Equity Offerings.Journal of Financial Economics,50,63-99.
30. Watts and Zimmerman(1978).Towards a Positive Theory of the Determination of Accounting Standard.The Accounting Review,52-77.
31. Willenborg, M.(1999).Empirical Analysis of the Economic Demand for Auditing in the Initial Public Offerings Market.Joural of Accounting Research,37,225-238.
32. 朱家萱(1996)。國立中正大學會計學研究所。
33. 何承哲(1998)。國立中正大學財務金融研究所。
34. 林亭亭(1994)。國立政治大學企業管理研究所。
35. 林問一、曾啓文(2000)。臺灣股票市場的股本膨脹效應。證券市場發展季刊，11(4)，91-110。
36. 林問一、楊和利(2004)。股本膨脹效應與臺灣股市的過度反應。東吳經濟商學學報，45，1-13。
37. 林嬋娟、薛敏正、蘇逸穎(2002)。預期盈餘與盈餘平穩化實證研究。證券市場發展季刊，14(1)，139-148。
38. 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，8(4)，709-744。
39. 柯君衛(1997)。淡江大學會計研究所。
40. 張以燐(1995)。國立成功大學會計學研究所。
41. 陳建偉(1997)。國立交通大學管理科學研究所未出版碩士論文。
42. 黃書楣(1997)。國立彰化師範大學商業教育研究所。
43. 劉宏彥(1998)。國立台灣大學會計學研究所。

1. 陳韋儒(2016)。公司治理特性與現金增資盈餘管理行為之關聯性研究。長榮大學經營管理研究所學位論文。2016。1-67。