初次公開發行公司強制性盈餘預測與策略性會計報導決策的價值傳遞效果

The Value Signaling of Mandatory Earnings Forecast and Strategic Accounting Reporting by Initial Public Offerings

本文以初次公開發行公司（簡稱IPO公司）的會計報導決策為核心，檢測裁決性應計數與強制性盈餘預測兩項指標在我國IPO 市場的評價角色；其次，國外文獻顯示公司管理者會以不同訊號傳遞工具傳遞公司價值的私有訊息，如果IPO 公司以策略性會計報導傳遞公司價值的私有資訊，那裁決性應計數與強制性盈餘預測之間係相輔相成搭配運用？抑獨立行使？實證結果顯示：IPO 公司強制揭露的盈餘預測數額越高，掛牌交易後之公司價值越大，顯示強制盈餘預測存在價值攸關性。正裁決性應計數與IPO 公司的掛牌交易後價值呈現顯著的正向關係，負裁決性應計數與IPO 公司的掛牌交易後價值呈現負向關係，然未達統計顯著水準，此結果意味裁決性應計數具備IPO 公司的評價攸關性，然必須區分動機係積極性或保守性會計報導。兩階段最小平方法迴歸分析顯示，正裁決性應計數（負裁決性應計數）與盈餘預測呈現顯著的正向（負向）關係，顯示裁決性應計數與強制性盈餘預測呈現相輔相成的關係。本文進行若干額外測試，證實研究結果具有相當穩固性。

This study focuses on initial public offerings (IPOs) firms’ strategic accounting reporting and examines whether IPO firms use both discretionary accruals and mandatory earnings forecast to signal their stock value in Taiwan. Additionally, prior studies suggest that signals act as either substitute or complement in a multiple-signaling environment. As managers choose both discretionary accruals and mandatory earnings forecast in conveying their private information, it is interested to examine such signals independently or jointly (substitution vs. complements) interact in IPO valuation. The results evidence that positive discretionary accruals and mandatory earnings forecast are all credible (valuerelevant) signals for IPO firms’ signal their values. However, the negative discretionary accruals show moderate value signaling in the samples. It is also found that there is a complement positive/negative association between discretionary accruals and mandatory earnings forecast, yet, distinguished the incentives of IPO firms’ reporting is necessary. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.