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研究生： 陳奕伶
Chen, Yi-Ling
論文名稱： 反向併購公司財務報表品質之研究
Research on the Reporting Quality of Reverse Merger Companies
指導教授： 林囿成
Lin, Yu-Chen
學位類別： 碩士
Master
系所名稱： 管理學院 - 會計學系
Department of Accountancy
論文出版年： 2012
畢業學年度： 100
語文別： 英文
論文頁數： 51
中文關鍵詞： 反向併購 、財務報表品質 、裁決性應計項
外文關鍵詞： reverse merger, financial reporting quality, discretionary accruals
相關次數： 點閱：100  下載：8 
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    • 這幾年有越來越多的企業選擇以反向併購的模式在美國市場上市，但同時也出現了不少關於反向併購公司之財務醜聞，其中多數是來自於中國之反向併購公司，引起主管機關的注意且特定對此類公司訂定新規定。本篇文章針對反向併購公司之財務報表品質做研究，採用裁決性應計項目來衡量財報品質，發現這類反向併購公司之財報品質的確較其他公司差。而來自於中國之反向併購公司的財報品質也比其他非中國之反向併購公司差。而在反向併購公司中，由四大事務所查核之公司財務報表品質會比其他非由四大事務所查核之品質更好。這些發現可提醒大眾及主管機關更加注意這些反向併購公司，而這些公司自然也應該更加注重自己的財務報表品質，以降低大眾對反向併購公司之懷疑。

    More and more companies choose to go public through reverse merger in recent years. From 2010, there are also break out some bad financial news of these reverse merger companies, especially the companies from China. To examine whether the financial reporting quality of these companies is really worse or not, this paper uses performance-adjusted discretionary accruals as a proxy to measure financial reporting quality. This paper finds that the financial reporting quality of reverse merger companies is really worse than other non-reverse merger companies, and the financial reporting quality of China reverse merger companies is also worse than other non-China reverse merger companies. The financial reporting quality of reverse merger companies audit by Big 4 is better than others audit by non-Big 4 audit firm. These findings will help to remind the public and the authorities pay more attention to these reverse merger companies. To reduce the suspicion of reverse merger, these companies should also pay more attention to the quality of their own financial statements.

    摘要 I Abstract II 誌謝 III 目錄 IV TABLES VI FIGURES VII 1.Introduction 1 2.LITERATURE REVIEW and Hypotheses Development 5 2.1 About Reverse Mergers 5 2.2 The Regulations for Reverse Merger Companies 5 2.3 The Motivations and Characteristics of Reverse Merger Companies 7 2.4 The Performance of Reverse Merger Companies 9 2.5 Financial Reporting Quality of Reverse Merger Companies 9 3.Research Design and Sample Selection 14 3.1 Measurement of Financial Reporting Quality 14 3.2 Methods of Empirical Tests 15 3.3 Sample Selection 17 4.EMPIRICAL RESULTS 21 4.1 Descriptive statistics 21 4.2 The relation between reverse merger companies and discretionary accruals 25 4.3 The relation between China reverse merger companies and discretionary accruals 28 4.4 The relationship among audit firm type, reverse merger companies and discretionary accruals 31 4.5 The relationship among audit firm type, China reverse merger companies and discretionary accruals 35 4.6 Additional Test 38 5.CONCLUSIONS 49 6.REFERENCES 51

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