本研究主係探討首次上市(櫃)公司於初次上市(櫃)時(Initial Public Offerings, IPO)，管理階層是否會進行盈餘管理行為，並分析在承銷新制及承銷舊制下， IPO盈餘管理程度是否有所差異。 研究樣本以民國90年至民國97年首次上市(櫃)公司為研究對象，實證結果顯示，於承銷舊制下，IPO公司於IPO當年度及前一年度之裁決性應計項目皆為顯著大於零，顯示在承銷舊制下可能存在盈餘管理之行為；而於承銷新制下，IPO公司於IPO當年度及前一年度之裁決性應計項目亦為正數，但僅於IPO前一年度顯著異於零，於IPO當年度並不顯著，顯示在承銷新制下盈餘管理行為已經大幅改善。因為在承銷舊制下，IPO的承銷多以老股來銷售，內部人的持股有較大的可能在IPO階段賣出，而在新制之下，法規規定必須以新股銷售，所以內部人較無動機進行盈餘管理。本文的實證結果支持上述的假說。
This paper examines whether the company affect earnings management as IPO and analyzes the difference of earnings management between new and old underwriting system。
We collect the data of IPO firms’ related information during the period from 2001 to 2008. This paper indicates that discretionary accruals are significant more than 0 in the year and last year of IPO as evidence of highly earnings management under old underwriting system. Therefore, it also appears that discretionary accruals are significantly positive more than 0 in the IPO last year and insignificant in the IPO year under new underwriting system. It means that management has less engaged in earnings management. We find evidence suggesting that insiders have highly possibility of selling self shareholdings under old underwriting system. However, insiders have less tendencies to manage earnings as IPO firms are required to issue new shares to public under new underwriting systems.