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外文摘要
引文資料
題名:
其他綜合淨利項目及股權交易溢折價之市場效率性探討
書刊名:
證券市場發展季刊
作者:
王瑄
/
葉疏
作者(外文):
Wang, Hsuan
/
Yeh, Shu
出版日期:
2015
卷期:
27:3=107
頁次:
頁1-30
主題關鍵詞:
其他綜合淨利
;
淨剩餘關係式
;
超淨剩餘關係式
;
股權交易溢折價
;
Other comprehensive income
;
Clean surplus relation
;
Super clean surplus relation
;
Discount or premium on equity transactions
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
1
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
1
共同引用:
4
點閱:39
本研究檢驗我國上市櫃公司股價是否適切反映兩類盈餘項目:(1)其他綜合淨利項目(2)股權交易溢折價。其他綜合淨利項目為會計準則中允許繞過損益表而直接認列於股東權益之損益項目,其資料可直接由股東權益變動表中取得;股權交易溢折價為企業股權交易價格與市價差額,此差額在目前會計準則下並未認列,故無法由財務報表中直接取得、較有可能被投資人忽視。本研究以我國1991年至2008年除金融服務業外之所有上市櫃公司為樣本,運用盈餘預測模型與評價模型聯合檢驗,發現其他綜合淨利不具盈餘預測能力,但有正向的價值攸關性;股權交易溢折價與未來盈餘具正向關連性,然於企業價值評估時被低估。本研究亦以建立避險投資組合之方式檢驗前述結果,發現投資人可以藉由買入股權交易溢折價相對於帳面價值比值高的公司,並賣出該比值低的公司股票之方式而獲致超額報酬;但無法藉由其他綜合淨利資訊建立避險投資組合獲得超額報酬。本研究之實證結果支持我國投資人能適切地對其他綜合淨利予以評價,但卻低估股權交易溢折價之評價。
以文找文
This study addresses whether firms' share prices correctly reflect the valuation implications of two accounting measures, other comprehensive income and the discount or premium on equity transactions. Other comprehensive income, which bypasses income statements and enters directly into owners' equity, is observable from the financial statements, while the discount or premium on equity transactions, which arises from recognizing equity transactions at other than fair market value, is not readily observable and thus more likely to be mispriced. We estimate a pair of abnormal earnings forecasting and valuation equations, using a sample of Taiwan listed non-financial companies in 1991-2008. Findings show that other comprehensive income is irrelevant for forecasting abnormal comprehensive income, but is positively valued. However, findings indicate that the discount or premium on equity transactions is positively associated with future abnormal comprehensive income, but it appears to be undervalued. Hedge returns are insignificant when portfolios are formed based on other comprehensive income, but are significantly positive based on the discount or premium on equity transactions. Taken together, the findings are consistent with that investors correctly price other comprehensive income items but under-value the discount or premium on equity transactions.
以文找文
期刊論文
1.
Landsman, W. R.、Miller, B. L.、Peasnell, K.、Yeh, S.(2011)。Do investors understand really dirty surplus?。The Accounting Review,86,237-258。
2.
Barth, Mary E.(1994)。Fair value accounting: Evidence from investment securities and the market valuation of banks。The Accounting Review,69(1),1-25。
3.
葉疏、王瑄(20090400)。員工分紅配股會計處理之價值攸關性探討。證券市場發展季刊,21(1)=81,163-194。
延伸查詢
4.
Barth, Mary E.、Beaver, William H.、Hand, John R. M.、Landsman, Wayne R.(2005)。Accruals, accounting-based valuation models, and the prediction of equity values。Journal of Accounting, Auditing & Finance,20(4),311-345。
5.
Bartov, E.(1997)。Foreign Currency Exposure of Multinational Firms: Accounting Measures and Market Valuation。Contemporary Accounting Research,14,623-652。
6.
Black, F.(1993)。Choosing Accounting Rules。Accounting Horizons,7,1-17。
7.
Carroll, T. J.、Linsmeier, T. J.、Petroni, K. R.(2003)。The Reliability of Fair Value versus Historical Cost Information: Evidence from Closed-end Mutual Funds。Journal of Accounting, Auditing & Finance,18(1),1-24。
8.
Collins, D. W.、Salatka, W. K.(1993)。Noisy Accounting Earnings Signals and Earnings Response Coefficients: The Case of Foreign Currency Accounting。Contemporary Accounting Research,10,119-160。
9.
Doyle, J. T.、Lundholm, R. J.、Soliman, M. T.(2003)。The Predictive Value of Expenses Excluded from Pro Forma Earnings。Review of Accounting Studies,8(2/3),145-174。
10.
Johnson, L.、Reither, C.、Swieringa, R.(1995)。Toward Reporting Comprehensive Income。Accounting Horizons,9,128-137。
11.
Landsman, W. R.、Peasnell, K.、Pope, P. F.、Yeh, S.(2006)。Which Approach to Accounting for Employee Stock Options Best Reflects Market Pricing?。Review of Accounting Studies,11(2/3),203-245。
12.
Landsman, W. R.、Miller, B. L.、Yeh, S.(2007)。Implications of Components of Income excluded from Pro Forma Earnings for Future Profitability and Equity Valuation。Journal of Business Finance and Accounting,34(3/4),650-675。
13.
Petroni, K. R.、Wahlen, J. M.(1995)。Fair Values of Equity and Debt Securities and Share Prices of Property-Liability Insurers。Journal of Risk and Insurance,62(4),719-737。
14.
Robinson, L.(1991)。The Time Has Come to Report Comprehensive Income。Accounting Horizons,5,107-112。
15.
Soo, B. S.、Soo, L. G.(1994)。Accounting for the Multinational Firm: Is the Translation Process Valued by the Stock Market?。The Accounting Review,69,617-638。
16.
Aboody, D.、Barth, M. E.、Kasznik, R.(2004)。Firms' Voluntary Recognition of Stock-Based Compensation Expense。Journal of Accounting Research,42(2),123-150。
17.
Ahmed, A. S.、Takeda, C.(1995)。Stock Market Valuation of Gains and Losses on Commercial Banks' Investment Securities: An Empirical Analysis。Journal of Accounting and Economics,20(2),207-225。
18.
Biddle, Gary C.、Choi, Jong-Hag(2006)。Is Comprehensive Income Useful?。Journal of Contemporary Accounting & Economics,2(1),1-32。
19.
Ohlson, James A.(1999)。On Transitory Earnings。Review of Accounting Studies,4(3/4),145-162。
20.
Peasnell, K. V.(1982)。Formal Connections between Economic Values and Yields and Accounting Numbers。Journal of Business Finance & Accounting,9(3),361-381。
21.
Barth, M. E.、Beaver, W. H.、Hand, J. R. M.、Landsman, W. R.(1999)。Accruals, cash flows, and equity values。Review of Accounting Studies,4(3),205-229。
22.
Bell, Timothy B.、Landsman, Wayne R.、Miller, Bruce L.、Yeh, Shu(2002)。The Valuation Implications of Employee Stock Option Accounting for Profitable Computer Software Firms。The Accounting Review,77(4),971-996。
23.
Nelson, K. K.(1996)。Fair Value Accounting for Commercial Banks: An Empirical Analysis of SFAS No. 107。The Accounting Review,71(2),161-182。
24.
Dechow, Patricia M.、Hutton, Amy P.、Sloan, Richard G.(1999)。An Empirical Assessment of the Residual Income Valuation Model。Journal of Accounting & Economics,26,1-34。
25.
Dhaliwal, D.、Subramanyam, K. R.、Trezevant, R.(1999)。Is comprehensive Income Superior to Net Income as a Measure of Firm Performance?。Journal of Accounting & Economics,26(1-3),43-67。
26.
Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research,11(2),661-687。
27.
Andersen, Torben G.、Bollerslev, Tim、Diebold, Francis X.、Ebens, Heiko(2001)。The Distribution of Realised Stock Return Volatility。Journal of Financial Economics,61(1),43-76。
28.
Maines, Laureen A.、McDaniel, Linda S.(2000)。Effects of comprehensive-income characteristics on nonprofessional investors' judgments: The role of financial-statement presentation format。The Accounting Review,75(2),179-207。
29.
Chambers, D.、Linsmeier, T. J.、Shakespeare, C.、Sougiannis, T.(2007)。An Evaluation of SFAS No. 130 Comprehensive Income Disclosures。Review of Accounting Studies,12(4),557-593。
30.
Hirst, D. Eric、Hopkins, Patrick E.(1998)。Comprehensive Income Reporting and Analysts' Valuation Judgments。Journal of Accounting Research,36,47-75。
31.
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。
32.
Fama, Eugene F.、French, Kenneth R.(1998)。Value Versus Growth: The International Evidence。The Journal of Finance,53(6),1975-1999。
學位論文
1.
陳奕卉(2005)。外幣換算調整數價值攸關性之研究(碩士論文)。國立政治大學。
延伸查詢
2.
羅夏虹(2000)。綜合淨利及其組成項目與股票報酬之關連性(碩士論文)。國立中正大學。
延伸查詢
3.
孫幸琪(1994)。營業淨利、淨利及綜合淨利於解釋股票報酬有用性之比較:臺灣股市之實證研究(碩士論文)。國立政治大學。
延伸查詢
圖書
1.
Christensen, P.、Feltham, G. A.(2003)。Economics of Accounting。Boston, MA:Kluwer Acadmic Publishers。
2.
Financial Accounting Standards Board(1985)。Concepts Statement No. 6: Elements of financial statements。Stamford, CT:FASB。
3.
Financial Accounting Standards Board(1997)。Statement of financial accounting standards No. 130: Reporting comprehensive income。Stamford, CT:FASB。
4.
International Accounting Standards Board(2007)。International Accounting Standards No. 1: Presentation of Financial Statements。London:IASB。
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