:::

詳目顯示

回上一頁
題名:現金增資盈餘操弄與股市反應--理論與實證
書刊名:中山管理評論
作者:李春安 引用關係賴藝文 引用關係蕭小芬
作者(外文):Li, Chun-anLaih, Yih-wennHsiao, Hsiao-fen
出版日期:2009
卷期:17:1
頁次:頁115-157
主題關鍵詞:盈餘操弄現金增資市場效率Earnings manipulationSeasoned equity offeringsMarket efficiency
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(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:64
  • 點閱點閱:48
本研究以台灣股票上市公司於1989年至2005年間,曾經進行現金增資之公司為實證對象,探討以下三個問題:(1)上市公司盈餘操弄與市場報酬之關係;(2)投資人是否會因盈餘操弄之財務資訊揭露,而有過度推斷(over-extrapolate)盈餘成長,從而導致增資前期會計報酬愈高,增資後期市場報酬愈低之現象;以及(3)股價是否會因為盈餘操弄,而有過度反應現象。研究結果發現:(1)上市公司操弄會計帳面價值證據愈強,則操弄過後之會計報酬對同期間市場報酬之解釋力愈低;(2)不論有沒有盈餘操弄,投資人不會有過度推斷公司過去盈餘成長的現象;(3)最後,本研究發現,不論有沒有盈餘操弄,在現金增資後,股價皆會受到市場雜訊或投資人對非公開訊息過度反應之影響,導致現金增資前期之帳面值對市值比對後期市場報酬呈顯著正向解釋關係。
In this paper, we use Taiwan listed companies undertaking seasoned equity offerings during 1989-2005 as empirical subject. The purposes of this paper are aimed at (1) Examining the relationship between firms earnings manipulation and current stock returns; (2) Exploring whether investors are led to over-extrapolate a firm's earnings growth along with the availability of its accounting information; and (3) Testing whether the market is over-react or not. We find that the accountings earnings of non-earning-manipulating firms have more explanatory power for their stock return variations in term of the P-value of our regression. In addition, we find that no matter the firms manipulate their earnings or not, the investors do not over-extrapolate a firm's earnings growth. Finally, we show that the stock prices of seasoned equity offerings firms would be influenced by market noise and investors over-reaction.
期刊論文
1.Teoh, S. H., I. Welch, and T. J. Wong(1998)。Earnings Management and the Underperformance of Initial Public Offerings。Journal of Financial Economics,50,no.1,pp.63-99。  new window
2.Lopez, T. J.、Regier, P. R.、Lee, T.(1998)。Identifying Tax-induced Earnings Management around TRA 86 as a Function of Prior Tax-aggressive Behavior。The Journal of the American Taxation Association,20(2),37-56。  new window
3.McWilliams, Abigail、Siegel, Donald(1997)。Event studies in management research: theoretical and empirical issues。Academy of Management Journal,40(3),626-657。  new window
4.張文瀞(20011100)。審計品質對上市公司盈餘管理之影響。當代會計,2(2),195-214。new window  延伸查詢new window
5.Beaver, William H.(1968)。The Information Content of Annual Earnings Announcement。Journal of Accounting Research,6(Suppl.),67-92。  new window
6.DeBondt, W. F. M.、Thaler, R. H.(1989)。A Mean-reverting Walk Down Wall Street。Journal of Economic Perspectives,3,189-202。  new window
7.Marquardt, Carol A.、Wiedman, Christine I.(2004)。The effect of earnings management on the value relevance of accounting information。Journal of Business Finance & Accounting,31(3/4),297-332。  new window
8.Daniel, Kent D.、Hirshleifer, David、Subrahmanyam, Avanidhar(2001)。Overconfidence, arbitrage, and equilibrium asset pricing。Journal of Finance,56(3),921-965。  new window
9.Dechow, Patricia M.(1994)。Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals。Journal of Accounting and Economics,18(1),3-42。  new window
10.Chaney, P. K.、Devinney, T. M.、Winer, R. S.(1991)。The Impact of New Product Introductions on the Market Value of Firms。Journal of Business,64(4),573-610。  new window
11.金成隆、林修葳、黃書楣(2000)。國內現金增資企業盈餘管理之實證研究。中山管理評論,8(4),709-744。new window  延伸查詢new window
12.Kim, Y.、Park, M. S.(2005)。Pricing of seasoned equity offers and earnings management。Journal of Financial and Quantitative Analysis,40(2),435-463。  new window
13.Rangan, Srinivasan(1998)。Earnings Management and the Performance of Seasoned Equity Offerings。Journal of Financial Economics,50(1),101-122。  new window
14.DuCharme, Larry L.、Malatesta, Paul H.、Sefcik, Stephan E.(2004)。Earnings management, stock issues, and shareholder lawsuits。Journal of Financial Economics,71(1),27-49。  new window
15.Loughran, Tim、Ritter, Jay R.(1995)。The New Issues Puzzle。The Journal of Finance,50(1),23-51。  new window
16.Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research,6(2),159-178。  new window
17.Barberis, Nicholas、Shleifer, Andrei、Vishny, Robert W.(1998)。A model of investor sentiment。Journal of Financial Economics,49(3),307-343。  new window
18.Teoh, Siew Hong、Welch, Ivo、Wong, Tak Jun(1998)。Earnings Management and the Long-run Market Performance of Initial Public Offerings。The Journal of Finance,53(6),1935-1974。  new window
19.Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1995)。Detecting earnings management。The Accounting Review,70(2),193-225。  new window
20.Graham, John R.、Harvey, Campbell R.、Rajgopal, Shiva(2005)。The economic implications of corporate financial reporting。Journal of Accounting and Economics,40(1-3),3-73。  new window
21.Chopra, Navin、Lakonishok, Josef、Ritter, Jay R.(1992)。Measuring Abnormal Performance: Do Stocks Overreact?。Journal of Financial Economics,31(2),235-268。  new window
22.Christie, William G.、Huang, Roger D.(1995)。Following the pied piper: Do individual returns herd around the market?。Financial Analysts Journal,51(4),31-37。  new window
23.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
24.Jegadeesh, Narasimhan、Titman, Sheridan(1993)。Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency。The Journal of Finance,48(1),65-91。  new window
25.Dong, M.、Hirshleifer, D.、Richardson, S.、Teoh, S. H.(2006)。Does Investor Misvaluation Drive the Takeover Market?。The Journal of Finance,61(2),725-762。  new window
26.Daniel, Kent D.、Hirshleifer, David A.、Subrahmanyam, Avanidhar(1998)。Investor Psychology and Security Market under- and Overreactions。The Journal of Finance,53(6),1839-1885。  new window
27.李春安(19990400)。後見之明心理與股市反應不足、過度反應理論。中國財務學刊,7(1),17-58。new window  延伸查詢new window
28.Hong, Harrison、Stein, Jeremy C.(1999)。A Unified Theory of Underreaction, Momentum Trading, and Overreacton in Asset Markets。Journal of Finance,54(6),2143-2184。  new window
29.Guenther, David A.(1994)。Earnings management in response to corporate tax rate changes: Evidence from the 1986 tax reform act。The Accounting Review,69(1),230-243。  new window
30.Bergstresser, D.、Philippon, T.(2006)。YHCEO Incentives and Earning Management。Journal of Financial Economics,80(3),511-529。  new window
31.Choi, J. J.、Hauser, S.、Kopekcy, K. J.(1999)。Does the Stock Market Predict Real Activity? Times Series Evidence From the G-7 Countries。Journal of Banking and Finance,23(12),1771-1792。  new window
32.Jeter, D. C.、Shivakumar, L.(1999)。Cross-sectional Estimation of Abnormal Accruals Using Quarterly and Annual Data: Effectiveness in Detecting Event-specific Earnings Management。Accounting and Business Research,29(4),299-319。  new window
33.Shivakumar, L.(2000)。Do Firms Mislead Investors by Overstating Earnings Before Seasoned Equity Offering?。Journal of Accounting and Economics,29(3),339-371。  new window
34.Yoon, S. S.、Miller, G.(2002)。Earnings Management of Seasoned Equity Offering Firms in Korea。The International Journal of Accounting,37(1),57-78。  new window
會議論文
1.Black, Fisher(1976)。Studies of Stock Price Volatility Changes。The 1976 Meeting of Business and Economic Statistics Section。American Statistical Association。177-181。  new window
研究報告
1.Zarowin, P.(2002)。Does Income Smoothing Make Stock Prices More Informative?。New York University。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關書籍
 
無相關著作
 
無相關點閱
 
QR Code
QRCODE