兩岸三地初次上市櫃公司會計盈餘穩健性之影響因素

THE EFFECT OF IPO SHARE ON ACCOUNTING CONSERVATISM IN TAIWAN, MAINLAND CHINA AND HONG KONG

本文旨在探討兩岸三地初次上市櫃企業對會計盈餘穩健持續性的關係，對通過兩岸三地如何選擇有效籌資是業者所期盼。本研究針對初次上市櫃公司選擇在中、港、台不同地方進行IPO，其會計盈餘穩健性是否因法制體系不同有所差別，並將其實證結果提供給兩岸三地新股上市投資人與法人做為投資決策與公司經營參考之用。本研究通過Khan and Watts（2009）C-Score方法探討兩岸三地初次上市（IPO）公司會計盈餘穩健性差別，樣本研究期間由2011年〜2015年共5年，依據股票報酬率，現金流量組成與應計項目組成、公司規模、負債比率等對於兩岸三地在不同及相同產業別其企業會計盈餘穩健性影響。在盈餘穩健性越高確認壞消息和好消息及時的反應程度，並引用成文法國家及非成文法國家不同法制體系下，進一步探討其條件式盈餘穩健性及非條件盈餘穩健性的差別，實證結果顯示中國及台灣在確認壞消息比好消息慢，香港在確認壞消息比好消息快，因為不同法系國家IPO存在非條件式穩健程度差異，其探討結果中國與台灣非條件穩健程度高於香港，此說明制度環境的管制對會計穩健程度是具有一定的影響。所以IPO公司其營運中心的所在地，而受當地制度的管制對會計穩健程度是有所不同。另外其三地在IPO前會計盈餘穩健性比IPO後會計盈餘穩健性更為穩健。兩岸三地最後檢定結果一致是IPO前比IPO後較為穩健，無論IPO前或後中國大陸盈餘管理綜合指標最高。另一方面台灣實施IFRS前後對首次公開發行公司會計穩健性影響，實證結果強制性IFRS實施之後，公司的盈餘品質變差，因為公司更會使用盈餘平穩化，以及更會採用積極性的會計政策與Ahmed，Neel and Wang（2011）有相同的呼應。 This paper explores the relationship between accounting conservatism and earnings persistence from the point of view in valuation relevance of initial public of offerings (IPOs.) The bussiess go to IPOs.that choose witch countries and the accounting conservatism effect from different legal system. And its empirical results provided to the China, Taiwan and Hong Kong places of investors and legal persons as investment of decision-making and the company operating reference. The Khan and Watts (2009) C-Score method explores the differences in the accounting conservatism of the IPOs. The sample range from year 2011 to year 2015, By the Stock return rate, cash flow component of earnings, Accrual component of earnings, Company Size, Liabilities ratio etc. to effectiveness In different and the same industry of accounting conservatism. The higher and higher of accounting conservaism, the bad news and the good news of the degree of response, and cited the common- law and code law countries under different legal systems. And further discusses the difference between the conditional conservatism and unconditional conservatism. The empirical results show that China and Taiwan are sure that bad news is better than good news. Hong Kong is sure that bad news is better than good news, Because there are unconditional conservatism differences between IPO countries, and the results of china and Taiwan unconditional conservatism higher then Hongkong, This shows that the institutional environment of the control of the accounting conservatism is subject to a certain impact. Other results the accounting conservatism between of pre-IPOs than post-IPOs is more healthy. On the other hand, Taiwan's implementation of IFRS before and after the impact of the IPO of accounting conservatism. The empirical results of mandatory IFRS implementation, the company's earnings quality deterioration, Because the company will use the income smoothing, and will adopt a positive accounting policy and Ahmed, Neel and Wang (2011) have the same echoed.