臺灣博碩士論文加值系統

本研究旨在探討美國證管會於2001年起加強對擬制性盈餘監管之影響。我們手動蒐集2009年至2013年S&P 500公司擬制性盈餘揭露之資訊。敘述統計及相關係數結果顯示於美國證管會提高擬制性盈餘監管後，擬制性盈餘之揭露具有一致性，而非視當期績效決定是否揭露擬制性盈餘。我們發現在美國證管會加強監管後仍自願且持續提供擬制性盈餘資訊之公司，較有可能達到或打敗分析師預期。我們亦檢視公司是否利用擬制性盈餘排除金額從事盈餘管理，結果顯示，管理階層仍會利用擬制性盈餘排除項目的裁量空間進行盈餘平穩化。我們也發現擬制性盈餘的調整和應計項目盈餘管理具有替代關係。此結果說明美國證管會提高對擬制性盈餘之監管後，雖使公司不再以當期績效決定是否揭露擬制性盈餘，資訊品質有所提升，但公司仍有動機在裁量空間內透過擬制性盈餘的排除強度進行盈餘管理。

This paper investigates the impact of the SEC’s scrutiny on non-GAAP reporting. We use hand-collected non-GAAP earnings disclosures from S&P 500 firms with fiscal period starts in 2009 and ends in 2013. Based on the finding that the propensity to disclose non-GAAP earnings becomes a more consistent behavior post related SEC’s regulations, our results show that firms voluntarily and persistently disclose non-GAAP earnings are more likely to meet or beat the mean analysts’ consensus forecast. When we employ the difference between non-GAAP and GAAP earnings to explore whether firms disclose non-GAAP earnings opportunistically through non-GAAP exclusions, we find that firms take advantage of discretion on non-GAAP exclusions for purpose of income smoothing. We also find a substitute association between non-GAAP exclusions and accruals management. The results indicate that the SEC’s oversight is effective only in partly curtailing the misuse of non-GAAP reporting.

Chinese Abstract i
English Abstract ii
Contents iii
List of Tables iv
Section 1 Introduction 5
Section 2 Prior literature 8
2.1. Real earnings management 9
2.2. Accruals management 10
2.3. Classification shifting 10
2.4. Non-GAAP earnings 11
Section 3 Hypothesis development 17
Section 4 Data and sample selection 19
Section 5 Research design 20
5.1. Variables definition 20
5.2. The relation between the propensity to disclose non-GAAP earnings and meeting or beating the mean analysts’ consensus forecast 22
5.3. The relation between non-GAAP exclusions and income
smoothing 27
Section 6 Results 28
6.1. Descriptive statistics, correlations, and summary statistics 28
6.2. Results for H1 30
6.3. Results for H2 32
Section 7 Robustness analysis 32
Section 8 Additional analysis 33
Section 9 Conclusion 33

References 45
Appendix 47

U.S. Securities and Exchange Commission (U.S. SEC)., 2002. Final Rule: Conditions for Use of Non-GAAP Financial Measures.
U.S. Securities and Exchange Commission (U.S. SEC)., 2002. SEC Brings First Pro Forma Financial Reporting Case: Trump Hotels Charged With Issuing Misleading Earnings Release.
U.S. Securities and Exchange Commission (U.S. SEC)., 2011. Comment Letters.
Barton, J., Simko, P.J., 2002. The balance sheet as an earnings management constraint. The Accounting Review 77, 1-27.
Bartov, E., Givoly, D., Hayn, C., 2002. The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics 33, 173-204.
Behn, B.K., Choi, J.-H., Kang, T., 2008. Audit quality and properties of analyst earnings forecasts. The Accounting Review 83, 327-349.
Bhagat, S., Bolton, B., 2008. Corporate governance and firm performance. Journal of Corporate Finance 14, 257-273.
Bhattacharya, N., Black, E.L., Christensen, T.E., Larson, C.R., 2003. Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics 36, 285-319.
Bhattacharya, N., Black, E.L., Christensen, T.E., Mergenthaler, R.D., 2004. Empirical evidence on recent trends in pro forma reporting. Accounting Horizons 18, 27-43.
Black, E.L., Christensen, T.E., Joo, T.T., Schmardebeck, R., 2016. The Relation Between Earnings Management and Non‐GAAP Reporting. Contemporary Accounting Research 34, 750-782
Bradshaw, M.T., Sloan, R.G., 2002. GAAP versus the street: An empirical assessment of two alternative definitions of earnings. Journal of Accounting Research 40, 41-66.
Brown, L.D., 1997. Analyst forecasting errors: Additional evidence. Financial Analysts Journal, 81-88.
Curtis, A.B., McVay, S.E., Whipple, B.C., 2013. The disclosure of non-GAAP earnings information in the presence of transitory gains. The Accounting Review 89, 933-958.
Davis, L.R., Soo, B.S., Trompeter, G.M., 2009. Auditor tenure and the ability to meet or beat earnings forecasts. Contemporary Accounting Research 26, 517-548.
Dichev, I.D., Tang, V.W., 2009. Earnings volatility and earnings predictability. Journal of Accounting and Economics 47, 160-181.
Doyle, J.T., Jennings, J.N., Soliman, M.T., 2013. Do managers define non-GAAP earnings to meet or beat analyst forecasts? Journal of Accounting and Economics 56, 40-56.
Doyle, J.T., Lundholm, R.J., Soliman, M.T., 2003. The predictive value of expenses excluded from pro forma earnings. Review of Accounting Studies 8, 145-174.
Eng, L.L., Mak, Y.T., 2003. Corporate governance and voluntary disclosure. Journal of accounting and Public Policy 22, 325-345.
Feng, M., Li, C., McVay, S., 2009. Internal control and management guidance. Journal of Accounting and Economics 48, 190-209.
Heflin, F., Hsu, C., 2008. The impact of the SEC''s regulation of non-GAAP disclosures. Journal of Accounting and Economics 46, 349-365.
Kolev, K., Marquardt, C.A., McVay, S.E., 2008. SEC scrutiny and the evolution of non-GAAP reporting. The Accounting Review 83, 157-184.
Lee, Y.J., Chu, C.P., 2016. Causes and consequences of firms'' decision to discontinue
non-GAAP earnings disclosure in earnings releases. Journal of Accounting Review 63, 1-46.
Lougee, B.A., Marquardt, C.A., 2004. Earnings informativeness and strategic disclosure: An empirical examination of “pro forma” earnings. The Accounting Review 79, 769-795.
Markov, S., Tamayo, A., 2006. Predictability in financial analyst forecast errors: Learning or irrationality? Journal of Accounting Research 44, 725-761.
Matsumoto, D.A., 2002. Management''s incentives to avoid negative earnings surprises. The Accounting Review 77, 483-514.
McVay, S.E., 2006. Earnings management using classification shifting: An examination of core earnings and special items. The Accounting Review 81, 501-531.
Myers, J.N., Myers, L.A., Omer, T.C., 2003. Exploring the term of the auditor-client relationship and the quality of earnings: A case for mandatory auditor rotation? The Accounting Review 78, 779-799.
Ronen, J., Yaari, V., 2008. Earnings management: Springer.
Roychowdhury, S., 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42, 335-370.
Trueman, B., Titman, S., 1988. An explanation for accounting income smoothing. Journal of Accounting Research, 127-139.