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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15340
標題: | 非GAAP盈餘可比較性、市場反應、分析師跟隨和分析師間預測波動 Non-GAAP Earnings Comparability, Market Reaction, Analysts’ Coverage and Analysts’ Dispersion |
作者: | Yi-Syuan Shih 施宜萱 |
指導教授: | 劉啟群(Chi-Chun Liu) |
共同指導教授: | 尤琳蕙(Lin-Hui Yu) |
關鍵字: | 非GAAP盈餘,可比較性,市場反應,分析師跟隨,分析師間預測波動, non-GAAP earnings,comparability,market reaction,analysts’ coverage,analysts’ dispersion, |
出版年 : | 2020 |
學位: | 碩士 |
摘要: | 本研究旨在探討非GAAP盈餘可比較性與市場反應、分析師跟隨及分析師間對非GAAP盈餘預測波動間之關係。我們首先對非GAAP盈餘可比較性與市場反應之關聯性進行研究。實證結果顯示,當非GAAP盈餘可比較性越高時,資訊品質提高,會提升市場對非GAAP盈餘之信賴程度,進而產生較好的市場反應。另外,我們亦針對非GAAP盈餘可比較性與分析師行為中之兩個面向,即分析師跟隨及分析師預測之特質,進行研究。我們發現,非GAAP盈餘可比較性與分析師的跟隨係呈正向相關,而非GAAP盈餘可比較性與分析師間對非GAAP盈餘的預測波動則係呈反向相關。以上兩個實證結果指出,當非GAAP盈餘可比較性提高時,會降低分析師取得與公司有關資訊之成本,並提升其所取得資訊之質與量。 This paper aims to discuss the relationship between non-GAAP earnings comparability and market reaction, analysts’ coverage and analysts’ dispersion. We first investigated the association among non-GAAP earnings comparability and market reaction. The empirical result shows that as the non-GAAP earnings comparability increases, the quality of information improves, which makes non-GAAP earnings more trustworthy and further leads to better market reaction. Second, we investigated the relationship between non-GAAP earnings comparability and the two dimensions of analysts’ behavior-analysts’ coverage and the property of analysts’ forecasts. We found that non-GAAP earnings comparability is positively related with analysts’ coverage and negatively related with analysts’ dispersion. These two empirical results suggest that the greater the non-GAAP earnings comparability is, the lower the cost for analysts to acquiring firm-related information will be. Furthermore, the quality and the quantity of the information will therefore be enhanced. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15340 |
DOI: | 10.6342/NTU202001230 |
全文授權: | 未授權 |
顯示於系所單位: | 會計學系 |
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U0001-0107202012002600.pdf 目前未授權公開取用 | 1.28 MB | Adobe PDF |
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