台湾股市可转换特别股经营绩效跟盈余管制关联性之探究.docVIP

台灣股市可轉換特別股經營績效與盈餘管理關聯性之研究 樓雍儀 林佳渝 真理大學會計系 真理大學企業管理系 721台南縣麻豆鎮北勢寮70-11號 TEL: 06-5713100 #526 E-Mail: lou@mail1.mt.au.edu.tw 摘要 本研究主要目的是檢定我國上市公司發行可轉換特別股前應計項目進行盈餘管理前裁決性應計項目長期股票報酬率之。t 檢定分析是否存在盈餘管理的現象及其經營績效之變化，利用報酬Fama-French三因子模型迴歸分析裁性流動應計項目結果應計項目進行盈餘管理之現 The Relationship between Operating Performance and Earning Management of Convertible Preferred Stocks in Taiwan Stock Market ABSTRACT The aim of this study is to examine the earnings management of firms listed in the Taiwan Stock Exchange by discretionary accruals (DAs) before issuing convertible preferred stocks (CPSs), and to investigate the relationship between pre-issue DAs, post-issue earnings and long-term stock returns. The sample selected consists of 21 firms issuing CPSs from 1989 to 2000. In order to scrutinize the existence of earnings management and to find the variances of operating performance after issuing, we investigate DAs, nondiscretionary accruals (NDAs), net incomes, and operating cash flow by t test. The relationship between pre-issue discretionary current accruals (DCAs) and post-issue stock returns is inspected by both the Buy-and-Hold analysis and the Fama-French three factors regression analysis. The results reveal that DCAs of firms increase significantly in the year before issuing CPSs, supporting the earnings management hypothesis. After issuing CPSs, the stock returns and the net incomes of issuers drop down, and there is a significantly negative relationship between pre-issue DCAs and post-issue stock returns. Keyword: Earnings Management, Discretionary Accruals, Operating Performance, Convertible Preferred Stocks 壹、前言 在證券市場自由化、國際化之時代潮流中，證券投資已成為社會大眾重要之投資途徑之一。可轉換特別股(Convertible Preferred Stock)屬於權益證券及轉換選擇權之集合體，因而較特別股及普通股具有更大之彈性空間。可轉換特別股對發行公司股權雖具有稀釋作用，每年支付的股息卻遠低於發行特別股，因此上市上櫃公司以發行可轉換特別股籌措資金逐漸形成風潮。台灣可轉換特別股的發展最早於民國46年中國人造纖維股份有限公司開始，當時可轉換特別股的條款非常簡單，除優先股利外，發行四年後自然轉換為普通股，在早期50、60年代企業發行特別股是為了擴充資本，70年代以後除了籌措資金之外也開始利用特別股來償還負債，或替代債券發行。對於投資人而言，特別股不失為另一種獲利的方式，且可轉換特別股具有轉換普通股的