異常報酬一直是學術界及實務界的研究焦點，許多國內外學者的研究發現，初次公開發行公司(Initial Public Offerings, IPOs)在上市櫃後都有相當大的異常報酬。台灣市場於2005年3月1日實施初次上市櫃普通股首五個交易日無漲跌幅限制，新制度後影響異常報酬的因子也變成學術研究的方向與重點。

本研究提出IPOs公司當年度盈餘管理的操縱是否對初期、短期、長期異常報酬都有顯著性影響之看法，並以裁決性應計項目作為盈餘管理的替代變數進行實證分析。本研究以2006~2009年台灣IPOs公司為樣本，經篩選後得到163家樣本公司，裁決性應計項目使用Friedlan(1994)提出之方法計算並與初期異常報酬1天、初期異常報酬5天、短期異常報酬30天、長期異常報酬360天進行迴歸分析，實證結果顯示：

一、IPOs公司當年度裁決性應計項目與期初異常報酬1天存在顯著關係，並呈現正相關。

二、IPOs公司當年度裁決性應計項目與期初異常報酬5天存在顯著關係，並呈現正相關。

三、IPOs公司當年度裁決性應計項目與短期異常報酬30天存在顯著關係，並呈現正相關。

四、IPOs公司當年度裁決性應計項目與長期異常報酬360天無存在顯著關係。

Abnormal returns is an important topic for academics and practical research, many domestic and foreign scholars found that the IPOs company (Initial Public Offerings, IPOs) has a large abnormal returns after the listing. Taiwan market on March 1, 2005 implementation of the first all listed common shares in the first five trading days without price limits ,in the new rules, the affect factors of the abnormal returns is also be the focus by the direction and academic research.

In this study we propose whether the manipulation of earnings management have significant relationship on the IPOs initial, short-term and long-term abnormal returns. And use the discretionary accruals as an alternative variable to earnings management, the evidence indicate the discretionary accruals have a significant relationship between the initial, short-term and long-term abnormal returns .

The sample examined consists of 163 IPOs firms in Taiwan Stock Exchange between 2006 and 2009. and use the Friedlan’s model（1994）to calculate discretionary accruals and test the relationship between the initial 1 day、initial 5 days、short-term 30 days and long-term 360 days abnormal returns. the results show that：

First, the IPOs initial 1 day abnormal return has the significant relationship between the earnings management, and has the positive relationship

Second, the IPOs initial 5 day abnormal return has the significant relationship between the earnings management, and has the positive relationship

Third, the IPOs short-term 30 days abnormal return has the significant relationship between the earnings management, and has the positive relationship

Fourth, the IPOs long-term 360 days abnormal return not has the significant relationship between the earnings management

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