| Summary: | 碩士 === 義守大學 === 財務金融學系碩士班 === 93 === This research emphasizes in IPO performance and abnormal accruals. If companies’ performance decrease after IPO, we infer earnings management with accruals.
Because capital market gets ripe, blaze developing、conveniently recruits employees and borrowed capital after IPO. As a result of these advantages, companies’ performance should be better or stable than before IPO. So we have preceding assumption to assert empirical.
If performance before IPO is better than after, We adduce a doubt that companies begin earnings management before IPO. But too many kinds of tools of earnings management, So we use accruals to assert earnings management. If empirical consequence is significant, we analogize earnings management with accruals. We use modified Jones model to count abnormal accruals.
When consequence is significant, we choose some independent variables to explain relationship between dependent and independent variables.
This research discovers that performance decrease after IPO and evidence of earnings management with accruals. Abnormal accruals relate to auditor、companies’ scale 、cash flows from operation、financial leverage and supervisors. The relationship between auditor and abnormal accruals is negative toward after IPO 5th year, and so does companies’ scale、cash flows from operation、leverage and companies’ scale when IPO and before IPO. However the relationship between auditor and abnormal accruals is positive. The past papers often assume the relationship between auditor、supervisors、cash flows from operation、companies’ scale and abnormal accruals are negative. The relationship between leverage and abnormal accruals is positive.
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