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系統識別號 U0002-2706201112045200
中文論文名稱 盈餘管理是否與至美國第二上市有關:以英國及台灣企業為例
英文論文名稱 Does cross-listing in the U.S.A engage earnings management differently?Evidence from the U.K. and Taiwan
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 99
學期 2
出版年 100
研究生中文姓名 徐婉榕
研究生英文姓名 Wan-Jung Hsu
電子信箱 kady.tw@msa.hinet.net
學號 698600318
學位類別 碩士
語文別 英文
口試日期 2011-06-03
論文頁數 68頁
口試委員 指導教授-顏信輝
委員-范宏書
委員-黃振豊
中文關鍵字 跨國上市  盈餘管理  盈餘平穩化  損失認列即時性 
英文關鍵字 Cross-listing  earnings management  earning smoothing  timely loss recognition 
學科別分類 學科別社會科學商學
中文摘要 本研究探討至美國第二上市(ADR)企業之財務報導品質是否會因為受更嚴謹的法規管制所影響。為了排除不可控制的國家背景既定影響,選擇投資環境與美國同樣具高投資者保護的英國(已開發國家)及台灣(開發中國家)為樣本。研究結果顯示英國有ADR之企業相較於沒有ADR之企業在跨國上市前,較不會從事盈餘管理。而台灣有ADR之企業於跨國上市後持續改善財務報表品質,因此相較於跨國上市前,較不會從事盈餘管理。而英國有ADR之企業在跨國上市後相較於跨國上市前,並沒有顯著差異。此結果顯示當開發中國家之企業受到另一嚴格的監理機關所監督時,較不會從事盈餘管理。在跨國上市後與美國企業及沒有ADR企業之比較結果顯示,英國ADR企業相較於美國企業及沒有ADR之企業有較高的盈餘波動。而台灣ADR企業相較於美國企業及沒有ADR之企業有較平穩之盈餘。以上結果顯示雖然ADR企業都受到美國監理機關監督,但其財務報表品質還是會受到本國環境影響,因此英國ADR企業及台灣ADR企業在跨國上市後相較於美國企業卻有不同之財務報表品質。
英文摘要 This paper examines how cross-listing in highly developed markets with stringent securities laws shape firms’ incentives to report earnings which reflect a firm’s underlying performance. By selecting firms from countries of U.K.(developed) and Taiwan(emerging), with strong investor protection, this study results that UK cross-listed firms show relatively less evidence of earnings management comparing to non-cross-listed firm in the pre-listing period. Taiwan cross-listed firms continuously improve their reporting system by showing lesser evidence of manipulating earnings in the analysis between pre and post-listing period. However, UK CL firms’ behaviour of reporting earnings in the post-listing period remains unchanged in the comparison with pre-listing period. This suggests that firms come from a less developed market will engage less in earnings smoothing when they are under the supervision of two authorities and in compliance with two sets of stringent rules. In the comparison among U.S. matched firms and non-cross-listed matched firms, cross-listed UK firms’ have less smoothed income than other two types of firms in the post-listing period. Meanwhile, cross-listed Taiwan firms show a more smoothed income than US and non-cross-listed firms. Altogether, the result evidences that firms’ earnings management behaviour are still prone to the market which firms operate in, and result in the cross-listed U.K. firms yield a reporting quality that’s comparable to U.S. matched firms while cross-listed Taiwan firms do not.
第三語言摘要 N/A
論文目次 1. Introduction 1
1.1 Research background and motivation 1
1.2 Research objective 5
1.3 Research flow chart 5
1.4 Research framework 6
2. Literature Review and Hypotheses 7
2.1 Introduction to ADR market and regulation 7
2.2 Pre-listing difference 9
2.3 Change around cross-listing 13
2.4 Post-listing difference 15
3. Empirical Design 22
3.1 Sample 22
3.2 Database 25
3.3 Empirical Models 26
4. Empirical Results 31
4.1 Descriptive analysis 32
4.2 Pre-listing difference 34
4.3 Changes around cross-listing 39
4.4 Post-listing differences 43
4.5 Sensitive analysis 49
4.6 Additional Analysis 54
5. Conclusion 62
5.1 Research conclusion 62
5.2 Research contribution and restriction 63
References 66

List of Table
Table 1 Sample selection.............................................................................................. 25
Table 2 Frequencies of CL firms.................................................................................. 32
Table 3 Descriptive statistics........................................................................................ 34
Table 4 Earnings smoothing analysis of UK CL firm versus UK NCL firm in pre-listing period .............................................................................................. 36
Table 5 Timely loss recognition analysis of UK match firms in the pre-listing period .......................................................................................................................... 37
Table 6 Earnings smoothing analysis of TW CL firm versus TW NCL firm in pre-listing period .............................................................................................. 38
Table 7 Earnings smoothing analysis of UK CL firm in the post versus pre listing period ................................................................................................................ 40
Table 8 Timely loss recognition analysis of UK CL firm in the post versus pre listing period ................................................................................................................ 41
Table 9 Earnings smoothing analysis of TW CL firm in the post versus pre listing period ................................................................................................................ 42
Table 10 Earnings smoothing analysis of UK CL firm versus US and UK NCL firm in post-listing period ............................................................................................. 45
Table 11 Timely loss recognition analysis of UK CL firm versus US and UK NCL firm in post-listing period ................................................................................. 46
Table 12 Earnings smoothing analysis of TW CL firm versus US firm and TW NCL firm in post-listing period ................................................................................. 47
Table 13 Timely loss recognition analysis of TW CL firm versus US and TW NCL firm in post-listing period ................................................................................. 48
Table 14 Frequencies of level II/III and level I listing CL firms ................................. 49
Table 15 Analysis of UK Level II/III listing CL firm versus US and UK NCL firm in post-listing period ............................................................................................. 51
Table 16 Analysis of TW Level II/III listing CL firm versus US firm and TW NCL firm in post-listing period ................................................................................. 53
Table 17 Analysis of UK NCL firm in the post versus pre listing period.................... 56
Table 18 Analysis of TW NCL firm in the post versus pre listing period ................... 57
Table 19 Analysis of UK CL firm versus TW CL firm in post-listing period ............. 59
Table 20 Analysis of UK level II/III listing CL firm vs level I listing CL firm in the post-listing period ............................................................................................. 61
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