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1、Managementofproformaearnings:evidencefromemployeestockoptionsABSTRACTThisstudyexaminesthemanagementofproformaearningsinthecontextofSFAS123.Thecentralissueliesintheassumptionthatfirmsmakedecisionsonemployeestockoptionandproformearningssimultaneously.UsingasamplefromFortune1000withdisclosuresfort
2、he1995-1998periodandthree-stageleast-squares,weprovideevidenceconsistentwithourhypothesisonfirms’decisionprocessregardingESOs.Specifically,conditionalonreportedearnings,firmsdecidethelevelofESOandproformaearningssimultaneously.OncethelevelofESOisdecided,firmsinturnschooseasetofvaluationparamete
3、rsbasedonthemodifiedBlack-Scholesoptionpricingmode,maintainingproformaearningsatanacceptablelevel.OurempiricalfindingsalsoshowthatinchoosingahighESOvalue,firmstendtouseshortoptionlifeandlowexerciseprice.Keywords:Earningsmanagement,proformaearnings,employeestockoption,SFAS123.擬制性盈餘管理:員工股票選擇權為例摘要
4、本研究以員工股票選擇權為例探討擬制性盈餘之管理，主要問題在於假設企業員工股票選擇權與擬制性盈餘的決策具有聯立關係。利用財星雜誌1000大1995至1998的揭露為樣本與使用三階段最小平方法。所得實證結果支持本研究之假說。詳言之，擬制性盈餘為報導盈餘減去員工股票選擇權之估計價值，但企業為維持一定水準的擬制性盈餘，其員工股票選擇權的授予將考慮擬制性盈餘的大小，因而影響員工股票選擇權之大小，根據員工股票選擇權的大小，進而決定選擇權之評價參數，實證結果亦發現企業授予高選擇權價值時傾向使用短行使期間與低行使價格。1.IntroductionForlong,managementofreporte
5、dearningshasbeenaheatedresearchtopicinaccountingandanimportantissueforpractitioners,andstandardsetters(DechowandSkinner,2000;HealyandWahlen,1999;McNichols,2000;ThomasandZhang,2000).Respondingtothisissue,theSEChasformedanearningsmanagementtaskforcetocrackdownonfirmsthatmanageearnings.Ontheotherh
6、and,managementofproformaearningsisrelativelyanewissuebuthasdrawnmuchattentioninthepractitioners’community.Researchershavealsobeguntoconsiderthevaluerelevanceandmanagementofproformaearnings.Unlikepreviousworkonearningsmanagement,whichfocusesonreportedearnings,thisstudyisfocusedonproformaearnings
7、inthecontextofSFAS123.Ourstudyismotivatedtherecentmajordevelopmentinfinancialreportingthatfirmsareincreasinglyprovidingproformaearningsandtheanalysisofthisnumberisanimportantactivityintheinvestmentcommunity.Proformaearningsaredesi
