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題名:公司資訊揭露與投資者信念關係之研究
作者:吳麗皙
作者(外文):Li-Hsi Wu
校院名稱:中國文化大學
系所名稱:國際企業管理研究所
指導教授:謝安田
學位類別:博士
出版日期:2001
主題關鍵詞:資訊揭露投資者信念Information DisclosureInvestors Beliefs
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(4) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:4
  • 共同引用共同引用:0
  • 點閱點閱:36
在公司資訊揭露研究的領域中,大多以公司事件宣告後(例如:盈餘宣告)對證券市場股價及交易量變動的探討,其實當事件揭露後,投資者會先對該公司未來經營狀況有預期的看法,即是信念的產生,然後再反應於投資行為上,因此真正影響股價或交易量的因素為投資者信念,但由於投資者信念是無法觀察的,所以在研究上皆以分析師盈餘預測來代替,然而分析師與真正投資者之投資動機、目的或風險態度不盡相同。故本研究嘗試從投資者對公司資訊揭露後之態度來衡量真正的投資者信念,以補足該知識本體之不足。
本研究蒐集文獻及國內上市、上櫃公司所揭露之重大訊息,採問卷方式調查投資者在公司資訊揭露內容的充分性、公司資訊揭露頻率及媒體的參考程度等方面,對其投資信念的影響大小,採便利樣本,對象為目前有在台灣證券交易市場買賣證券之個人投資者、國內法人投資者及國外投資者,回收有效問卷397份。
研究結果顯示公司資訊揭露內容愈充分則投資者信念受到的影響愈大,至於不同類別之投資者對於公司資訊揭露內容的充分性與投資者信念之關係,只有在裁員宣告、勞資糾紛、重大訴訟案件及主要人員變動上有干擾作用;公司資訊揭露頻率對投資者信念的影響則是無關,不過不同類別之投資者在頻率與信念關係上則有顯著差異;另外,投資者對公司資訊揭露媒體的參考程度愈高,則信念受到的影響也愈大,但是不同類別之投資者對於公司資訊揭露媒體的參考程度與投資者信念之關係卻無干擾作用。
Most of the empirical research on corporate information disclosure examines the relationship between security price and volume reactions around earnings announcements. After the disclosure, however, investors will have an expectation on the corporate operation conditions in the future, which means investors beliefs reflecting investment behaviors. In fact, the real direct factor affecting the price and volume is investors beliefs. Previous research indicates that, owing to the inability to observe investors beliefs, analysts'' forecasts can be used as a proxy for investors'' beliefs. Nevertheless, the motivation, goal, and the attitude towards risk of the analysts are different from investors. This study for expanding the knowledge of corporate information disclosure and investors beliefs attempts to measure true investors beliefs from the investors'' attitude towards corporations'' disclosing their relevant information afterwards.
This study collects important corporate news in the literature and listed or over-the-counter corporations in Taiwan. Data were gathered via a survey method. This study ex-amines how investors beliefs is affected by the disclosure sufficiency of corporate information, the disclosure frequency of corporate information or corporate information communicators. Random samples are selected from individual investors, institutional investors, and foreign investors who buy and sell securities in the Taiwan capital market. A total of 397 valid questionnaires were returned.
The results of this study support the hypothesis that the degree of disclosure sufficiency in corporate information is related positively to the degree of influence in investors beliefs. The various investors moderate the relationship between disclosure sufficiency of corporate information and investors beliefs in the layoff, a dispute of labor and employer, the significant litigation, and changes in key personnel. The disclosure frequency of corporate information is unrelated to investor beliefs. However, the various investors have significant difference between disclosure frequency and investors beliefs. In addition, the results indicate a significant positive association between the degree of reference in communicators reporting corporate information and the degree of influence in investors beliefs. The evidence does not support the moderating effect of the degree of reference in communicators reporting corporate information on investors beliefs in various investors.
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