本研究旨在探討新上市公司為裨益於新股上市承銷價格之計算，是否涉及藉由選擇

會計方法及（或）調整應計項目進行上市前報導盈餘之管理。台灣股市在數年前好

轉後形成的新股「蜜月期」現象，一直是近年來學者研究的焦點。在蜜月期價格形

成的過程中，承銷價是基底，而此基底的形成係由發行公司與承銷商共同協議而成

，協議的基礎乃參考證券管理委員會制定之承銷價格計算公式。由於此公式之主要

變數皆由會計資訊決定，而承銷價格之制定又與上市公司舊股東的財富息息相關，

因此本研究推論新上市公司將操縱上市前報導損益俾影響制定承銷價格之協議基礎

，藉以提高承銷價格之計算、增加發行者之財富。

茲採實證研究設計之方法驗證是等推論。此中以民國70年至民國79年首度於台灣證

券交易所公開發行上市的公司為研究對象，援用統計測試比較其上市前後的會計變

動現象暨應計項目尺度是否呈現顯著差異，俾瞭解公司上市之前係屬異常之盈餘管

理行為。實證研究結果顯示：（一）公司在上市前變動會計方法之現象並不顯著，

是則推論其並不偏好以變動會計方法之手段遂行盈餘管理；（二）公司上市前後應

計項目呈顯著變動，故推論其傾向以調整應計項目之方式操縱上市前損益。針對研

究結果（二）進一步分析尚發現：公司上市前後〝與營業有關之應計項目〞呈顯著

變動，而〝營業外收益（費用）項目〞、〝非常項目〞則無此等現象。職是，公司

〝與營業有關之應計項目〞管理盈餘。另外，為控制產業別、市場景氣差異等因素

，尚針對多頭或空頭市場中上市之公司間、不同產業之公司間其盈餘管理行為進行

比較，實證結果並未發現此二因素對於公司之盈餘管理有重大影響。

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