根據Lai(1992)的研究，本論文探討台灣地區潛在稀釋性證券對每股盈餘實際稀釋影響的程度、每股盈餘規則扭曲每股盈餘的程度以及檢視實際影響和潛在稀釋影響的資訊內涵藉以評估新修訂的財務會計準則公報第二十四號是否能夠精確地衡量每股盈餘的稀釋程度。因此，我們首先採用關於公司發行稀釋性證券的程度所提供的資訊去評估擬制性每股盈餘報導的需求，再者我們檢視了稀釋性證券對每股盈餘實際影響的程度。該實際每股盈餘提供的資訊能幫助財務報表使用者自行衡量稀釋程度來計算每股盈餘，以及我們探討了現行每股盈餘準則對報導每股盈餘的扭曲程度來評估目前每股盈餘規則是否合理地包含稀釋性證券的影響並且決定修正目前每股盈餘規則的必要性，最後為了決定財務報表使用者是否採用報導每股盈餘從事投資決策，我們發展三個回歸模型去評估實際影響以及潛潛在稀釋影響這變數的資訊內涵。
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研究結果指出在新財務會計準則公報第二十四號下的如果轉換法與無反稀釋規則低估了一些公司(61家公司中占15家)流通在外可轉換公司債的稀釋程度，因此目前的稀釋性每股盈餘並不是最穩健的。而且目前每股盈餘規則所設算的潛在稀釋性也無法攸關反映股價的預期稀釋性。除此之外，可轉換公司債會對每股盈餘產生實際稀釋、反稀釋或者無任何的影響，由於基本每股盈餘忽略了潛在稀釋性，沒有規則運用於預測可轉換公司債對每股盈餘的實際影響，所以這結果暗示了我們必須發展可靠的規則去預測可轉換公司債對每股盈餘的實際影響。最後回歸式的結果指出投資者的確考慮了稀釋性證券對每股盈餘的實際影響取代了對報導稀釋每股盈餘的使用。
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綜合上述，我們研究顯然是支持擬制性每股盈餘報導的需求，更多攸關於可轉換公司債特性的揭露需要以及有修正目前每股盈餘規範的必要性。如此，當新準則採用了評估稀釋性是分析師和投資者的責任而非財務報表編製者這個觀點時(Jennings, et al, 1997)，分析師及投資者才能夠合理的反應自行評估的可能稀釋程度來計算每股盈餘的衡量。

Based on Lai’s (1992) research, this study examines whether Taiwan’s new SFAS NO.24 can measure the dilution effect of EPS accurately by investigating the magnitude of the actual effect from potentially dilutive securities (PDSs) on EPS in Taiwan, the distortion effects from EPS rules on EPS and the information content of the actual effects and potential dilution effect from EPS rules. Thus, we first adopt the variable concerning the extent to which firms issue PDSs to provide information for assessing the necessity of the pro forma reporting of EPS. Second, we examine the size of the actual effect from PDSs on EPS. The examination of the actual EPS may provide information to help financial statement users compute an EPS measure that reflects their own assessments of the likely extent of dilution. Third, we examine the distortion effects from EPS rules on EPS to assess whether the existing EPS rules can reasonably incorporate the effect from PDSs and then to determine the necessity of the modification of current EPS rules. Finally, to determine whether investors use reported EPS to make their investment decision, we develop three regression models to assess the information content of the independent variables, actual effect and potential dilution effect.
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The results indicate that the if-converted method and the no anti-dilution rule required by Taiwan’s new SFAS NO.24 understate the dilutive effect from CBs for some firms (15 of 61 firms). Thus, current diluted EPS has not been the most conservative. In addition, the characteristic of CBs had actual dilution effect, anti-dilution effect or zero on EPS. Since basic EPS measure ignores potential dilution, no rules are applied to forecast the actual dilution effect from CBs on EPS. The result implies that we must develop reliable rules to anticipate the actual dilution effect from CBs on EPS. Finally, the results of the regression indicate that investors did consider the actual effect of PDSs on EPS rather than using reported diluted EPS.
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To sum up, our study apparently proposes that there may be a need for pro forma reporting of EPS, for more relevant disclosure about the characteristic of CBs, and for the revision of current EPS rules. As a result, when the new standard adopted the position that assessing dilution is the responsibility of analysts and investors, not financial statement preparers (Jennings, et al, 1997), the analysts and investors can reasonably compute an EPS measure that reflects their own assessments of the likely extent of dilution.

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