本研究旨在檢視臺灣IPO公司會計穩健特性，包括IPO公司與同時期非IPO公司穩健程度之比較、公司IPO前後之穩健程度增減變化，以及穩健會造成公司IPO後財務績效衰退。目前文獻將穩健型態分為兩種：非條件穩健與條件穩健。非條件穩健係取決於會計程序的運作，屬於一種與消息無關或事前穩健。條件穩健係取決於市場消息變化，屬於一種與消息有關或事後穩健。因此，不同穩健型態因本質不同，導致其在IPO時點穩健程度之不同。
本文探討不同穩健型態，對於IPO時點前後或橫斷面是否有不同影響。本文使用應計項目和淨值市值比代理穩健程度。有關即將IPO的公司其會計穩健會增加之研究動機，本文發展同時期（IPO前一年和前兩年）IPO公司穩健程度與非IPO公司穩健程度之比較模式，並且使用Ball and Shivakumar（2006a）的模式，進一步探討IPO前盈餘管理和穩健同時存在之情況是否成立。有關公司IPO前後之穩健程度比較，分別使用不對稱認列模式衡量條件穩健之變動，以及發展契約因素在IPO前後對非條件穩健之變動。最後，有關會計穩健會導致公司IPO後財務績效衰退之動機，本文先個別對過去文獻所提及的原因進行單變量檢定；另外，再將各可能的原因對穩健程度設計迴歸式，最後引進Heltzer（2006）的概念，測試非條件穩健與條件穩健之因素。
本文研究成果如下：（1）發現IPO公司在IPO前二、前三年之穩健程度，較同時期非IPO公司，來的高。而即將IPO公司有普遍的盈餘管理跡象。（2）發現公司IPO後較IPO前之穩健程度，條件穩健程度較高，然而非條件穩健較低。（3）發現公司IPO後財務績效衰退的主要原因，除代理問題、盈餘管理、上市時機選擇外，尚有穩健的因素，特別是條件穩健的因素。

The focus of this study is the conservatism of Taiwan’s initial public offerings (IPOs), including the conservatism between IPOs and non-IPOs, the conservatism between pre-IPO and post-IPO, and the conservatism leads to post-issue operating performance decline of IPO firms.
The recent literature classifies conservatism two parts: conditional conservatism and unconditional conservatism. Unconditional conservatism determines on accounting processes, is an ex ante or news independent conservatism. Conditional conservatism counts on market circumstance, also known as ex post or news dependent conservatism. Therefore, I predict different type conservatism varies at the time of IPO. I investigate different type conservatism consequences using time-series and cross-sectional analyses.
I use two proxies as the level of conservatism, one is accruals, and the other is book-to-market ratio. To begin with, I develop the model of conservatism comparing IPOs with non-IPOs; additionally, I discuss earnings management and conservatism before IPO by using Ball and Shivakumar (2006a) model. And next, I develop the model of conservatism comparing pre-IPO and post-IPO using contracting effects. Eventually, I discuss the reason for post-issue operating performance decline of IPO firms and quote form Heltzer (2006) concept.
There are four fertile results in my study: (1) The evidence that the conservatism of IPOs is higher than that of non-IPOs in event year -2; moreover, earning management is an universal at the time of IPO. (2) The evidence that the (un)conditional conservatism of post-IPO higher (lower) than that of pre-IPO at the same firm. (3) The evidence that the decline in operating income after IPO is attributed to the agency problem, pre-IPO earnings management, timing selection, and conservatism of IPO, especially conditional conservatism.

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