| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 84 === The purpose of this thesis is to investigate whether or not
firms manipulate earnings through individual discretionary
accruals or overseas affiliated sales before listed in Taiwan
Stock Exchange. This study further examines the change of
financial conditions and operating performance through the
years before and after listed, and also the relationship
between operating performance and earnings manipulation.
Research data includes 82 firms newly listed in Taiwan from
1990 to 1993. Observation period is six years - from the third
year before listed to the second year after listed. Random
walk model is performed to estimate the components of
variables - acc- ount receivable, inventory, account payable
and affiliated sale. The conclusions of this thesis are as
follows﹕ A. Account receivable and inventory do not increase
before listed, but both increase significantly after listed.
Inventory and account payable decrease significantly in the
year before listed and reverse after listed. Firms might
control inventory and account payable in a very low level
before listed to show better financial conditions. B. The
overseas affiliated sale rate increases significantly from the
second year before listed. The evidence suggests that managers
manipulate earnings through overseas affiliated sales. C. With
four performance indicators, the operating performance of
sample firms grows stable before listed, but fall
significantly since the year that was listed. It is shown that
newly listed firms actually performed worse after listed. D.
Empirical result shows no obvious relationship between
earnings performance and individual discretionary accruals. So
there is no evidence supporting firms manipulate earnings
through individual discretionary accruals before listed in
Taiwan.
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