初次上市前盈餘管理的資訊內涵

The Information Content of Pre-IPO Earnings Management

初次上市前，在發行公司與投資人間存在著嚴重資訊不對稱的情況下，盈餘管理是在傳遞與公司價值有關的資訊，或是誤導投資人產生錯誤評價？目前並沒有一致的結論。基於盈餘分佈的一、二級動差，本文將上市前盈餘管理分為盈餘提高與盈餘平穩兩方式，實證發現上市前利用裁決性應計項目提高盈餘乃是在使未來較佳的獲利反應於發行價，因此具有公司價值相關的資訊；然而，上市前盈餘提高卻也會導致上市初期之投資人對於公司價值產生過度樂觀的評價。至於上市前盈餘平穩的程度，則是具有與未來投資風險相關的資訊，但是，與發行公司定價和投資人評價則都無明顯的關連。

There is severe information asymmetry between the investors and the issuers for initial public offerings. Hence, the argument on that pre-IPOs earnings management conveys information or noise is continuous. Taking the first and the second moment of earning distribution into consideration, this study classifies earnings management into income increasing and income smoothing. The results point out that the issuers make use of discretionary accruals in the year prior to IPO to set offer price adjusted for future earnings, which are higher than the counterparts; therefore, income-increasing is related to information about the quality of the firms. Nevertheless, pre-IPOs income-increasing causes investors' overreaction in the early market. The issuers with more income-smoothing before IPOs experience less volatility of long-term price performance. This evidence indicates that income-smoothing conveys information about investment risk. But, there are no obviously relationships between income-smoothing and both of offering price and aftermarket price.