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題名:公司之自願性盈餘預測揭露對報酬-盈餘關係的影響
書刊名:建國科大社會人文期刊
作者:邱瓊玲
作者(外文):Chiu, Chiung-lin
出版日期:2011
卷期:30:2
頁次:頁53-66
主題關鍵詞:未來盈餘反應係數自願性盈餘預測報酬-盈餘關係Future earning response coefficientVoluntary earning forecast disclosureReturns-earning relation
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(1) 博士論文(0) 專書(0) 專書論文(0)
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  • 點閱點閱:4
本研究檢視公司之自願性盈餘預測揭露是否可以提供台灣股票市場投資人有關未來盈餘的訊息?採用未來盈餘反應係數之實證模型來檢測有自顧性盈餘預測揭露的公司與非自願性盈餘預測揭露的公司相比較下,其當年股票報酬與未來盈餘之關係。研究樣本取自台灣經濟新報社,從2000年到2006年七個會計年度在台灣證券交易所之上市公司或證券櫃檯買賣中心之上櫃公司共1,431個公司-年觀察值。研究結果顯示自願性盈餘預測揭露增進強化了股票報酬與未來盈餘之關係。此結果意涵自願性盈餘預測有助於提高盈餘資訊性,而股價更能反應出未來盈餘資訊,反應在實證模型上就是有自願性盈餘預測的公司具有較高的未來盈餘反應係數。
This paper examines whether the companies' voluntary earnings forecast disclosure provide information to investors about future earnings in Taiwanese stocks market. Employing a future earnings response coefficient methodology, I test the association between current stock returns and future earnings for firms that voluntarily disclose their earnings forecast in the current year as compared to firms that disclose their earnings forecast forced by regulations. Using 1,431 firm-year observations collected from the Taiwan Economic Journal (TEJ) database for companies listed on Taiwan Stock Exchange or Gre Tai Securities Market dated from 2000 through 2006; I find evidence revealing that voluntary earnings forecast disclosure improves the association between current returns and future earnings. This result implies that a firm's voluntary earnings forecast disclosure reveals believable information that is incorporated into the current returns.
期刊論文
1.Pownall, G.、Wasley, C.、Waymire, G.(1993)。The stock price effects of alternative types of management earnings forecasts。The Accounting Review,68(4),896-912。  new window
2.Darrough, M. N.、Stoughton, N. M.(1990)。Financial Disclosure Policy in an Entry Game。Journal of Accounting and Economics,12,219-244。  new window
3.Lipe, R. C.(1990)。The relation between stock returns and accounting earnings given alternative information。The Accounting Review,65(1),49-71。  new window
4.林淑莉(2004)。管理當局盈餘預測態度與自願性盈餘預測資訊內涵的關係。當代會計,5(2),175-206。  延伸查詢new window
5.Collins, D. W.、Kothari, Sagar P.、Shanken, Jay、Sloan, Richard G.(1994)。Lack of Timeliness and Noise as Explanations for the Low Contemporaneous Return-Earnings Association。Journal of Accounting and Economics,18(3),289-324。  new window
6.Collins, Daniel W.、Li, Oliver Zhen、Xie, Hong(2009)。What drives the increased informativeness of earnings announcements over time?。Review of Accounting Studies,14(1),1-30。  new window
7.Francis, J.、Schipper, K.、Vincent, L.(2002)。Expanded Disclosures and the Increased Usefulness of Earnings Announcements。The Accounting Review,7,515-546。  new window
8.Jenkins, E.(1994)。An Information Highway in Need of Capital Improvements。Journal of Accountancy,82,77-80。  new window
9.Johnson, Marilyn F.、Kasznik, Ron、Nelson, Karen K.(2002)。The Impact of Securities Litigation Reform on the Disclosure of Forward-Looking Information by High Technology Firms。Journal of Accounting Research,39,297-327。  new window
10.Landsman, W. R.、Maydew, E. L.(2002)。Has the information content of quarterly earnings announcements declined in the past three decades?。Journal of Accounting Research,40,797-808。  new window
11.Lev, B.、Penman, S. H.(1990)。Voluntary Forecast Disclosures, Nondisclosure, and Stock Prices。Journal of Accounting Research,28,49-76。  new window
12.Lundholm, Russell J.、Myers, Linda A.(2002)。Bringing the Future Forward: The Effect of Disclosure on the Returns-Earnings Relation。Journal of Accounting Research,40(3),809-839。  new window
13.McNichols, M.(1989)。Evidence of Informational Asymmetries from Management Earnings Forecasts and Stock Returns。The Accounting Review,64,1-27。  new window
14.Newman, P.、Sansing, R.(1993)。Disclosure Policies with Multiple Users。Journal of Accounting Research,31,92-112。  new window
15.Rimerman, T. W.(1990)。The Changing Significance of Financial Statements。Journal of Accountancy,79,82-83。  new window
16.Ajinkya, Bipin B.、Gift, Michael J.(1984)。Corporate Managers' Earnings Forecasts and Symmetrical Adjustments of Market Expectations。Journal of Accounting Research,22(2),425-444。  new window
17.Waymire, Gregory(1984)。Additional Evidence on the Information Content of Management Earnings Forecasts。Journal of Accounting Research,22(2),703-719。  new window
18.Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research,6(2),159-178。  new window
19.Beaver, William H.(1968)。The Information Content of Annual Earnings Announcements。Journal of Accounting Research,6,67-92。  new window
20.Aharony, Joseph、Swary, Ithzak(1980)。Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis。Journal of Finance,35(1),1-12。  new window
21.Lev, Baruch、Zarowin, Paul(1999)。The Boundaries of Financial Reporting and How to Extend Them。Journal of Accounting Research,37(2),353-385。  new window
會議論文
1.張文瀞、周玲臺、林修葳(2001)。自願性盈餘預測公司之盈餘管理行為與審計品質之影響。第十屆會計理論與實務研討會,東吳大學會計學系 。  延伸查詢new window
研究報告
1.Gigler, F. B.(1992)。Self-Enforcing Public Disclosures。MN:University of Minnesota。  new window
圖書
1.陳順宇(2000)。迴歸分析。臺北市:華泰。  延伸查詢new window
 
 
 
 
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