臺灣博碩士論文加值系統

財務報表重編宣告，對投資人所造成之影響為何？對同產業公司股價之有無影響力？近年來對於同產業股價影響之研究，多針對於盈餘資訊宣告，在重編資訊上探討不多。美國General Accounting Office（GAO）於2002年發佈一份報告，彙總美國上市櫃公司1997年至2002年重編宣告資訊供學者作研究，仔細探究報告之分類，發現部分公司重編資訊並非如同報告中所述為違法重編，故本研究動機為深入探究GAO樣本，重新分類重編宣告，檢視對同產業是否具資訊移轉之影響。
在實證結果方面，第一項假說的無方向性測試結果，發現重編資訊具有資訊移轉之關係，且在分類違法重編樣本與非違法重編樣本後，證實兩者之間資訊移轉效力不一致。第二項假說的方向性測試結果，透過Spearman之等級相關係數測試，發現同產業內非重編公司之累積異常報酬會隨重編公司累積異常報酬之正負，產生同方向之變動，在迴歸測試上結果亦符合預期，另在分類GAO樣本後，結果與假說一致，兩樣本間結果確實存在資訊移轉效果不一致性。

This study is based on the GAO restatement sample, which consists of 919 restatements of financial statements by listed corporations from the period between 1997 through June 30, 2002. This database has been employed by many studies to examine various aspects of financial restatements. However, all these studies have treated the entire sample group as homogeneous. On a closer examination based on Lexis Nexis news search shows that many of these restatements are innocuous, for example, restatements were made to adopt new pronouncements while many restatements were not published by news media. These study aims to investigate if these innocuous restatements are different from the restatement firms due to accounting frauds and irregularities from the perspective that if the negative information from restatements impact on other firms in the same industry.
First I perform the non-directional test. The result supports the notion that restating announcements information reflected in the announcing firms’ security returns influences the security returns of other firms in the same industry and there are different intra-information transferring effects between these two group of firms. Secondly, the directional test is performed. There is statically significant evidence to support the notion that the direction and magnitude of the impact of a firms’ restating announcement on its own stock price is a determinant of both the direction and magnitude of security prices of other firms in its industry and there are different intra-information transferring effects between innocuous restatements and restatements due to accounting frauds and irregularities. Overall, this study provides evidence that GAO restatement firms are not homogenous and future research planning to employ GAO database can increase power by carefully distinguishing innocuous restatements from those due to accounting frauds and irregularities.

目錄
摘 要 I
英文摘要 II
誌 謝 III
目 錄 IV
表 目 錄 V
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 論文架構 2
第二章 文獻探討 3
第一節 資訊移轉 3
第二節 重編 7
第三章 研究假說 11
第一節 資訊移轉假說 11
第二節 資料來源及樣本選取標準 12
第三節 研究模型之建立 13
第四章 實證結果與分析 17
第一節 敘述性統計 17
第二節 無方向性（NON-DIRECTIONAL TEST）結果與迴歸分析 21
第三節 方向性（DIRECTIONAL TEST）結果與迴歸分析 26
第四節 深入測試方向性資訊移轉 34
第五章 結論與限制 39
第一節 研究結論 39
第二節 研究限制 39
參考文獻 41

參考文獻
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