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題名：會計資訊對外資持股調整影響之研究
書刊名：中山管理評論
作者：高蘭芬 引用關係
作者(外文)：Kao, Lanfeng
出版日期：2004
卷期：12:3
頁次：頁441-464
主題關鍵詞：外資；外資持股；盈餘公開；財務報表變數；QFII；QFII share holding；Earnings announcement；Financial variables
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(8) 博士論文(4) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:8
  • 共同引用共同引用:27
  • 點閱點閱:43
本研究探討外資持股調整與財務報表變數之間的關係。觀察83年至88年間上市公司第一次公開年度盈餘數字前外資持股的調整，結果發現：年度盈餘公開前外資已經透過公司季報以相關訊息的取得，形成對年度盈餘的好壞預期，並開始反應，大約在年度盈餘數字公開100天前外資持股對負面盈餘消息的調整幾乎全部完成，至於對正面盈餘消息的反應，則在緊餘公開日50天以前反映完畢，且外資對盈餘資訊的反應優於一般投資人。 在非盈餘的財務報表變數方面，外資的持股調整與公司調整銷貨變動後的存貨增加有正相關，而與調整銷貨後的銷管費用增加則為負相關，至於調整銷貨變動後的應收帳款變動及毛利變動對外資而言並非重要觀測變數。此外。外資對盈餘資訊的反應程度與公司是否為電子業、公司之BETA值高低以及受外資偏好程度有關。外資對於高科技產業、高BETA以及其資金配置較多的公司盈餘消息的反應顯著高於其他非高科技產業，低BETA以及其資金配置較少的公司。
This paper examines the relationship between the share holding of qualified foreign institutional investors (QFII) and the financial variables. With the sample of annual earnings announcements during 1994-1999, we find the QFII adjust their share holding early before the announcements probably due to the quarterly earnings or other related information. Basically, QFII start to decrease (increase) their share holding 140 days before bad (good) annual earnings announcement and stop holding adjustments ground 100 (50) days before the announcements. QFII adjust their share holding with respect to the annual earnings announcements more efficiency than individual investors. We also find that adjustments of QFII holding are positively related to increase of inventory and negatively related to increment of selling and administrative expenses. The changes of account receivables and gross margin are not significantly related to the adjustments of QFII share holding. Finally, evidence shows that the adjustments of QFII holding are related to industry, beta and QFII preference of the earnings announcing firms.
期刊論文
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2.Kim, J. B.、Krinsky, I.、Lee, Jason(1997)。Institutional Holdings and Trading Volume Reactions to Quarterly Earnings Announcements。Journal of Accounting Auditing & Finance，12(1)，1-14。  new window
3.蔡彥卿、葉疏、李淑華(1997)。股價對盈餘之反應幅度與期間是否受公司規模影響。管理學報，14(2)，227-240。new window  延伸查詢new window
4.Lev, B.(1988)。Toward a theory of equitable and efficient accounting policy。The Accounting Review，63(1)，1-22。  new window
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6.Shiller, R. J.、Pound, J.(1989)。Survey Evidence on Diffusion of Interest and Information among Investors。Journal of Economic Behavior and Organization，12(1)，44-66。  new window
7.Bamber, Linda S.、Cheon, Youngsoon(1995)。Differential price and volume reactions to accounting earnings announcements。The Accounting Review，70(3)，417-441。  new window
8.Beaver, William H.(1968)。The Information Content of Annual Earnings Announcement。Journal of Accounting Research，6(Suppl.)，67-92。  new window
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11.游智賢、賴育志(19991200)。外資資訊領先地位之探討。中國財務學刊，7(3)，1-26。new window  延伸查詢new window
12.Falkenstein, Eric G.(1996)。Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings。Journal of Finance，51(1)，111-135。  new window
13.Utama, S.、Cready, W. M.(1997)。Institutional ownership, differential predisclosure precision and trading volume at announcement dates。Journal of Accounting and Economics，24(2)，129-150。  new window
14.謝秀津、陳一如、熊漢琳(19990100)。外資在對單一公司持股比例高低與股價變動程度之實證研究：以臺灣證券市場為例。證券公會，18，25-49。  延伸查詢new window
15.黃嘉興、許月瑜(1999)。外資對臺灣股票市場的影響。臺北銀行月刊，29(4)=342，58-71。  延伸查詢new window
16.Easton, Peter D.、Zmijewski, Mark E.(1989)。Cross-Sectional Variation in the Stock Market Response to Accounting Earnings Announcements。Journal of Accounting and Economics，11(2/3)，117-141。  new window
17.Kormendi, Roger、Lipe, Robert(1987)。Earnings Innovations, Earnings Persistence, and Stock Returns。Journal of Business，60(3)，323-345。  new window
18.Amir, Eli、Lev, Baruch(1996)。Value-relevance of Nonfinancial Information: The Wireless Communications industry。Journal of Accounting and Economics，22(1-3)，3-30。  new window
19.張麗娟(19980400)。臺灣股市自營商及外資鉅額交易對股票報酬率之影響。企銀季刊，21(4)，57-70。  延伸查詢new window
20.張麗娟(19980700)。臺灣股市自營商及外資鉅額交易對股票報酬率之影響。企銀季刊，22(1)，101-114。  延伸查詢new window
21.Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research，6(2)，159-178。  new window
22.Beaver, William H.、Lambert, Richard、Ryan, Stephen G.(1987)。The Information Content of Security Prices: A Second Look。Journal of Accounting and Economics，9(2)，139-157。  new window
23.Bamber, L. S.(19870700)。Unexpected earnings, firm size, and trading volume around quarterly earnings announcements。The Accounting Review，62(3)，510-532。  new window
24.Kiger, J. E.(1972)。An Empirical Investigation of NYSE Volume and Price Reactions to the Announcement of Quarterly Earnings。Journal of Accounting Research，10(1)，113-128。  new window
25.Ziebart, D. A.(1990)。The Association between Consensus of Beliefs and Trading Activity surrounding Earnings Announcements。The Accounting Review，65(2)，477-488。  new window
26.Ou, Jane A.、Penman, Stephen H.(1989)。Financial Statement Analysis and the Prediction of Stock Returns。Journal of Accounting and Economics，11(4)，295-329。  new window
27.郭敏華、紀鈞中(20000100)。亞洲金融風暴前後外資投資行為暨報酬差異之探討。管理評論，19(1)，81-118。new window  延伸查詢new window
28.Beaver, William H.、Clarke, Roger、Wright, William F.(1979)。The Association between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors。Journal of Accounting Research，17(2)，316-340。  new window
29.Collins, D. W.、Kothari, S. P.(1989)。An Analysis of Intertemporal and Cross-sectional Determinants of Earnings Response Coefficients。Journal of Accounting and Economics，11(2/3)，143-181。  new window
30.Sloan, Richard Geoffrey(1996)。Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?。The Accounting Review，71(3)，289-315。  new window
31.歐雲蘭、李存修(1995)。外資與股市波動性關係之探討。基層金融，31，45-75。  延伸查詢new window
32.Cready, W. M.(1988)。Information value and investor wealth: The case of earnings announcements。Journal of Accounting Research，26(1)，1-27。  new window
33.Cready, W. M.(1994)。Determinants of Relative Investor Demand for Common Stocks。Journal of Accounting, Auditing & Finance，9(3)，487-509。  new window
34.Greig, A. C.(1992)。Fundamental analysis and subsequent stock returns。Journal of Accounting & Economics，15(2/3)，413-442。  new window
35.Lee, Charles M.(1992)。Earnings news and small traders: An intraday analysis。Journal of Accounting & Economics，15(2/3)，265-302。  new window
36.Morse, D.(1981)。Price and trading volume reaction surrounding earnings announcements: A closer examination。Journal of Accounting Research，19(2)，374-383。  new window
37.Stober, T. L.(1992)。Summary financial statement measures and analysts' forecasts of earnings。Journal of Accounting & Economics，15(2/ 3)，347-372。  new window
研究報告
1.Ramakrishnan, R. T.、Thomas, J. K.(1991)。Valuation of Permanent, Transitory and Price-irrelevant Components of Reported Earnings。Columbia University。  new window
學位論文
1.高妮瑋(2000)。機構投資人持股偏好與績效之研究(碩士論文)。國立中正大學。  延伸查詢new window
2.喬慧雯(1995)。上市公司季盈餘宣告資訊內涵之實證研究，0。  延伸查詢new window
3.王慧雲(1999)。年度盈餘宣告資訊效果的實證研究，沒有紀錄。  延伸查詢new window
4.張桂鳳(1998)。外資買賣超訊息與股票報酬之研究，沒有紀錄。  延伸查詢new window
 
 
 
 
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