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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/111745


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    題名: 探究反向收購公司之財報品質於上市規則修訂前後
    Examining the financial reporting quality of reverse merger firms prior and post listing rules revision
    作者: 郭容華
    貢獻者: 江彌修
    郭容華
    關鍵詞: 反向收購
    財務報表品質
    借殼上市規則修訂
    Reverse mergers
    Financial reporting quality
    Listing rule revision
    日期: 2017
    上傳時間: 2017-08-10 09:46:50 (UTC+8)
    摘要: 本研究主要探討借殼上市公司之財報品質是否與差異一般上市公司有明顯差異，分析中國借殼上市公司財務報表品質是否較其他公司差，並進一步驗證借殼上市規則修訂是否對公司之財報品質造成顯著影響。研究樣本以2005年至2015年在美國紐約證券交易所(NYSE)、全美證券交易所(AMEX)與那斯達克證券市場(NASDAQ) 159家借殼上市公司為研究對象，並以相同產業、相同公司規模配對159家一般上市公司。本研究以裁決性應計項目作為財報品質的代理變數，並將借殼上市公司拆分成中國借殼上市公司及非中國之借殼上市公司，再加入規範修訂因子，藉以衡量中國借殼上市公司於修訂借殼上市相關規範後財報品質提升幅度是否大於非中國之借殼上市公司。實證結果顯示借殼上市的財務報表品質明顯差於配對公司，且中國借殼上市公司的財務報表品質明顯劣於非中國之借殼上市公司。在加入借殼上市規則修訂因子後，借殼上市公司財報品質改善幅度明顯大於配對之一般上市公司；比較中國借殼上市公司、非中國之借殼上市公司及配對公司在借殼上市規則修訂前後本身財報品質變化，發現三類公司前後財務報表品質皆有顯著提升，然而在提升幅度上中國借殼上市公司與非中國之借殼上市公司並無顯著差異。
    Based on a study sample consisting of 159 reverse merger firms and their matching U.S. public companies (according to industry and firm size) listed in NYSE, AMEX, and NASDAQ from 2005 to 2015, we study the impacts of the 2011 listing-rule revision on the financial reporting quality of reverse merger firms in the US. More important, using discretionary accruals as the proxy of financial reporting quality, we ask if the financial reporting quality of Chinese reverse merger firms is worse than the non-Chinese reverse merger firms. Our empirical results show that the financial reporting quality of reverse merger firms is out-performed by their matching U.S. counterparts, and the financial reporting quality of Chinese reverse merger firms is, in general, inferior to the non-Chinese reverse merger firms. Post the 2011 listing-rule revision, we find that the financial reporting quality of reverse merger firms is better than their matching U.S. firms after controlling for the regulatory factor; in particular, we find that the China reverse merger firms, the non-Chinese reverse merger firms, and the matching U.S firms, all exhibit significant improvements in their financial reporting quality. However, this incremental gain in financial reporting quality seems indifferent between the China reverse merger firms and the non-Chinese reverse merger firms.
    參考文獻: 英文部分
    Adjei, F., Cyree, K. B., & Walker, M. M. (2008). The determinants and survival of reverse mergers vs IPOs. Journal of Economics and Finance, Vol. 32, pp. 176-194.
    Arellano Ostoa, A., & Brusco, S. (2002). Understanding reverse mergers: a first approach. Business Economics Series 11.
    Chen, K.-C., Cheng, Q., Lin, Y., Lin, Y.-C., & Xiao, X. (2016). Financial Reporting Quality of Chinese Reverse Merger Firms: The Reverse Merger Effect or the Weak Country Effect? The Accounting Review, Vol. 91, No. 5, pp. 1363-1390.
    Chen, Y., Hu, G., Lin, L., & Xiao, M. (2015). GAAP Difference or Accounting Fraud? Evidence from Chinese Reverse Mergers Delisted from U.S. Markets. Journal of Forensic & Investigative Accounting, Vol. 7, Issue 1, pp. 122-145.
    Chen, Y.-R., Chiang, D., & Wang, C.-H. (2016). Value Relevance of Information Risk? Evidence from the Financial Reporting Quality of Chinese Reverse-Merger Firms, Working Paper.
    Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, Vol. 70, No. 2, pp. 193-225.
    Dichev, P. M. (2002). The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. The Accounting Review, Vol. 77, pp. 35-59.
    Floros, I. V., & Shastri, K. (2009). A Comparison of Penny Stock Initial Public Offerings and Reverse Mergers as Alternative Mechanisms to Going Public, Working Paper.
    JONES, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, Vol. 29, No. 2, pp. 193-228.
    Kothari, S., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, Vol. 39, pp. 163-197.
    Lee, C. C., Li, K. K., & Zhang, R. (2015). Shell Games: The Long Term Performance of Chinese Reverse Merger Firms. The Accounting Review, Vol. 90, No. 4, pp. 1547-1589.
    Office of Research and Analysis. (2011). Activity Summary and Implications for Reverse Mergers Involving Companies from the China Region: January 1, 2007 through March 31, 2010. Public Company Accounting Oversight Board.
    Ohlson, J. A. (1980). Financial Ratios and the Probabilistic Prediction of Bankruptcy. Journal of Accounting Research, Vol. 18, No. 1, pp. 109-131.
    PCAOB. (2010). Staff Audit Practice Alert No. 6 - Auditor Considerations Regarding Using the Work of Other Auditors and Engaging Assistants from Outside the Firm.
    Teoh, S., Welch, I., & Wong, T. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50(1), pp. 63-99.

    中文部分
    任中美. (2011). 中國企業在美上市財報揭露弊端綜論. 證交資料594期, 頁 45-74.
    高于婷. (2014). 借殼上市櫃監理規範之研究. 未出版之碩士論文. 國立政治大學法律研究所.
    莫冬燕. (2013). 綠諾財務事件的原因分析及對策建議. 新會計, 頁 32-34.
    描述: 碩士
    國立政治大學
    金融學系
    104352009
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0104352009
    資料類型: thesis
    顯示於類別:[金融學系] 學位論文

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