AccountingReview, NOV 2018

持续经营不确定性的管理披露：首次公开募股的情况

作者：Bochkay,K (Univ Miami)

Chychyla,R (Univ Miami)

Sankaraguruswamy,S (Natl Univ Singapore)

Willenborg,M (Univ Connecticut)

摘要：本文研究了IPO发行人自愿管理披露持续经营（GC）不确定性的信息内容和决定因素。在信息内容方面，本文审查了IPO价格修正和初始回报，并找到了强有力的证据表明管理GC披露与IPO报价的下调相关，并且当考虑价格修订的中介效应时，也与较低的初始回报相关联；在决定因素方面，控制其他因素（例如，发行人困境，启动状态，规模，资金消耗率）之后，我们发现管理GC披露的存在与发行人扣留“坏消息”的财务动机的代理变量负相关，与风险因素披露的程度正相关。总体而言，本文研究结果为IPO发行人对GC不确定性的自愿管理披露的信息内容提供了支持，其存在与代理和风险动机相关。

关键词：关注管理披露；关注审计意见；首次公开募股；局部调整现象；价格修订；抑价

ManagementDisclosures of Going Concern Uncertainties: The Case of Initial PublicOfferings

Bochkay, K (Univ Miami); Chychyla, R (Univ Miami);Sankaraguruswamy, S (Natl Univ Singapore); Willenborg, M (Univ Connecticut)

ABSTRACT

We study the information content and determinantsassociated with voluntary management disclosures of going concern (GC)uncertainties by IPO issuers. In terms of information content, we examine IPOprice revision and initial return and find robust support that management GCdisclosures are associated with downward revisions in the IPO offer price and,upon considering the mediating effects of the price revision, also associatedwith lower initial returns. In terms of determinants, and after controlling forother factors (e.g., issuer distress, start-up status, size, cash burn), wefind that the presence of a management GC disclosure is negatively associatedwith a proxy for issuer financial incentives to withhold "bad news'' andpositively associated with the extent of risk factors disclosure. Overall, ourresults provide support for the information content of voluntary managementdisclosures of GC uncertainties by IPO issuers, the presence of which isassociated with agency and risk motivations.

Keywords:Going concern management disclosures; Going concern auditopinions; Initial public offerings; Partial adjustment phenomenon; Pricerevision; Underpricing  

原文链接：

https://aaajournals.org/doi/abs/10.2308/accr-52027

翻译：谭丰林