本研究主要為探討新上市公司上市後長期績效與損益平穩化行為的關聯，進一步了解裁決性應計項目與新上市公司損益平穩化行為之關係。
本研究係以民國76年初至民國82年底，經證管會核准初次於台灣證券交易所上市之公司為研究對象，扣除已下市的、資料不全的及變異比率大於50之新上市公司，最後總計有138家新上市公司。
實證研究過程可分為三大部份：第一部份是以橫斷面的觀點，探討新上市公司損益平穩化行為、公司規模、財務槓桿率變化量、公司成立年數、非預期盈餘、上市家數、盈餘持續係數與產業別等，對新上市公司上市後股價變動的影響和關係。第二部份則是從資訊內涵的角度上來看是否平穩化的損益將增加市場對此盈餘資訊內涵的評估能力，進而反應在公司的股價上。第三部份是從新上市公司來看，管理當局似乎會為了損益平穩化的目的而使用裁決性應計項目來進行盈餘管理，其兩者間之關係為何？而裁決性應計項目與上市後股價變動的關係又是如何？
實證結果顯示：新上市公司上市後的長期績效與損益平穩化行為之間並沒有顯著的關係。此外，長期（五年）盈餘反應係數與損益平穩化行為之間亦沒有顯著正向關係。然而，本研究發現新上市公司會根據去年盈餘水準的高低，使用裁決性應計項目來平穩損益；損益平穩化程度高的新上市公司在報導裁決性應計項目上會比損益平穩化程度低的新上市公司來得高。

The main purpose of this thesis is to examine the long-term relation between income smoothing and firm performance of newly listed firms. This study also extends the previous examination by considering the relation between discretionary accruals and income smoothing of newly listed firms.
The sample consists of all newly listed firms between 1987 and 1993 in Taiwan Stock Exchange. After excluding some firms whose information are incomplete and some firms with variance ratios in excess of 50, the final sample size is made of 138 newly listed firms.
The study is organized as follows. First, the empirical analysis tests the association between the market performance of newly listed firms and the variability of cash flows relative to earnings, a smoothing proxy, by controlling for industry factors, firm age, firm size, capital structure differences, earnings persistence, and unexpected earnings. Second, the analysis tests the association between a long-horizon earnings（cash flow）response coefficient（which measures the market''s responsiveness to earnings）and the variance ratio to see whether the market makes better assessments of the information contained in relatively smooth earnings. Finally, the analysis tests whether firms will use discretionary accruals to smooth the current year''s earnings toward the prior year''s level of earnings and that firms with higher variance ratios will engage in this activity to a great extent.
The empirical results show that, the relation between a proxy for income smoothing and firm performance is insignificant. That is, firms that perform well do not tend to report earnings with less variability relative to cash from operations compared to other firms as the study suggested. In addition, there is no significant positive association between the five-year earnings response coefficient and the variance ratios. This result is inconsistent with the hypothesis that the market makes better assessments of the information content of earnings for firms with smoother earnings. Finally, the study shows that, on average, newly listed firms tend to use discretionary accruals to smooth income relative to the prior year''s earnings and that newly listed firms with higher variance ratios engage in this activity to an even greater extent.

第一章 緒論 1
第一節 研究動機 1
第二節 研究目的與貢獻 6
第三節 研究架構與流程 7
第二章 文獻探討9
第一節 新上市公司上市後的價格績效研究 9
第二節 新上市公司盈餘管理的相關研究 15
第三節 損益平穩化的相關研究 19
第四節 應計項目衡量之相關研究 24
第三章 研究方法30
第一節 假說推導 30
第二節 變數與樣本的選取 35
第三節 樣本與資料來源 45
第四章 實證結果及分析 48
第一節 樣本之敘述性統計分析 48
第二節 單變量分析 52
第三節 迴歸模型分析結果－股票報酬與損益平穩化之關聯性 54
第四節 迴歸模型分析結果－市場報酬、盈餘與現金流量之關聯性 57
第五節 迴歸模型分析結果－裁決性應計項目與損益平穩化之關聯性
61
第五章 結論及建議 63
第一節 研究結論 63
第二節 研究限制 65
第三節 研究建議 67
參考文獻 69

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