本文旨在重新驗證公司規模是否會影響股價對盈餘的反應期間與反應幅度。劉維 琪、黃鉦堤與劉玉珍 (民 79 ) 以 Freeman (1987) 的方法論， 並以民國 70 年至民國 75 年之資料探討大、小公司群組之股價對年度盈餘之反應期間及幅度是否有所差異。研究結果 顯示 (1) 大小公司群組的股價反應之時間並無顯著差異； (2) 在相同獲利能力下，大公司 的累積異常報酬較大，顯示公司規模與盈餘之資訊內涵成正相關。劉維琪等作者認為結論與 Freeman 的理論不合，可能肇因於累積異常報酬與公司獲利能力並無關連所致。然而近幾年 來的研究大多認為盈餘具資訊內涵。假若這些新的證據是正確的，則時機假說與幅度假說必 須再度加以檢驗；這是本文動機之一。此外，Freeman 的理論可能也需要加以檢討。實證結 果顯示：(一 ) 會計盈餘具有「資訊內涵」，此結論不同於早期之實證研究。(二 ) 大公司 股價對盈餘反應期間較早開始。(三 ) 大公司股價對盈餘的反應幅度較大。(四 ) 大公司普 通股的資金成本率較高。 這些證據支持本文及 Chaney and Jeter (1992) 的看法， 而與 Freeman 的幅度假說不一致。

　　　　　Liu, Hwang, and Liu (1990) find that firm size and information content of earnings are uncorrelated. They propose a possible reason that the earnings of firms listed on Taiwan Stock Exchange (TSE) has no information content. This explanation is consistent with early empirical evidence in the literature. However, many later research results successfully document the information content of earnings number. Therefore, it is imperative to clarify that whether there exists firm size effect, as proposed by Atiase (1980), in the TSE market. Using more recent data, our major findings are as follows: I. Earnings number contains information content. II. The response period of larger firms starts earlier than that of smaller firms. III. Earnings response coefficients are positively correlated with firm size. IV. Cost of capital is positively correlated with firm size. The evidence is consistent with Chaney and Jeter (1992) and our arguments, and is inconsistent with Atiase (1980) and Freeman (1987).