非預期淨利對股價之影響－對在美國上市之加拿大及亞洲公司之測試

Abstract

會計上已有許多學者研究過股票價格對非預期淨利之反應，但過去這些研究主要集中於來自同一資訊系統(指相同之一般公認會計原則)之各位司。由於不同國家的一般公認會計原則不一樣，因而對於證券上市公司看不同的要求。本篇研究即在探討對這些來自不同會計資訊系統的公司所發佈之會計資訊，股票價格是否會有不同的反應。美國證券管理委員會允許符合一定條件之外國公司在美國發行股票，這些外國公司可以依美國之一般公認會計原則重新編製其財務報表，也可以仍舊採用其本國之會計原則，而僅將與美國會計原則間差異之影響數以附註補充說明。因此，本研究即選用在美國接證券市場公開上市但採用不同一般公認會計原則(即不同會計資訊系統)的兩組樣本，一為與美國會計原則極為接近之加拿大註冊公司，一為在亞洲註冊之公司，加以測試美國市場對此二組公司之會計資訊是否有不同反應。本研究發現股價對這兩組公司之非預期盈餘有不同之反應，但其原因除可能來也不同會計資訊系統外，亦可能係規模大小，風險、國籍之不同，這些原因與股價之關係則留待未來再進一步加以探討。

The purpose of this paper is to examine stock market responses to accounting earnings information for Canadian and Asian companies traded in the U.S. stock markets. Inherent differences between Canadian and Asian companies include differences related to operational complexity and accounting information systems. The SEC`s requirement of size for international companies other than the Canadian companies is much larger than that for the domestic companies. The GAAP under the Canadian accounting system is considered similar to the U.S. GAAp`. The difference of earnings responses between the Canadian and Asian companies can only be attributed to the difference in the accounting systems indirectly. The conclusion only applies to firms that have similar attributes and can not be extended, in general, to all of the Asian and Canadian firms. I found that market responses are different for the Asian and Canadian firms in my sample. The difference may be due to many factors, such as size, risk, nationality, and accounting system. This paper does not try to evaluate the causes of differential market responses but the differences between the two types of companies with respect to some firm specific characteristics will be reported.