創櫃板公司現金增資之盈餘管理;Earnings Management Activities around Seasoned Equity Offerings– Based on GISA Firms

[[abstract]]儘管過去文獻針對上市櫃公司研究已有長足進展，但對於台灣中小企業研究成果仍屬有限。2014年1月，櫃買中心在主管機關支持下籌設「創櫃板」，將其定位為扶植具創新、創意構想之非公開發行微型企業，協助企業未來申請登錄興櫃、上市、上櫃市場。本論文將探討創櫃板公司現金增資之盈餘管理，並檢驗外部治理機制的監督效果。樣本取自創櫃板資訊公開系統，橫跨2014年01月至2016年12月。研究結果指出創櫃板公司有現金增資需求時，可能會透過盈餘管理上調現金增資後之盈餘表現，以避免損及公司價值之長期負面影響。另外，本文顯示，公司實收資本額大於三千萬元、籌資金額較高或公司規模較小者，較傾向提升應計項目盈餘管理。最後，外部治理機制和盈餘管理關聯性結果與文獻一致，公司財報業經會計師或是四大會計師事務所查核，能有效地降低現金增資公司管理階層之盈餘管理行為。 Although a large body of empirical research focuses on listed company, less is done regarding to small and medium-sized enterprises. Under the authorities’ support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This platform is designed to help small-sizes innovative companies grow and to enter the capital market in the future. This research yield insight into earnings management activities around seasoned equity offerings (SEO) based on GISA firms in Taiwan and the effectiveness of external corporate governances. Data for the study come from the GISA Market Observation Post System from January 2014 to December 2016. The result reveals that GISA firms prone to upward accrual-based earnings management during SEO to avoid long-term negative consequences. Especially, firms with paid-in capital more than NT$ 30 million, higher fundraising amounts, or smaller firm size, tend to increase discretionary accruals. Finally, consistent with prior literatures, certificated public accountants and Big4 accounting firms effectively serve as role of external corporate governances on mitigating earnings management