不同的盈餘組成份導致的盈餘成長對盈餘品質與盈餘反應係數的影響

Abstract

本研究欲探討來自於不同來源的盈餘所帶來的盈餘成長對盈餘品質及盈餘反應係數的影響。針對盈餘品質，以盈餘持續性及盈餘管理作為衡量盈餘品質的指標。本研究欲探索盈餘連續成長源自於收入連續成長的公司，相較於只有盈餘連續成長而非同時伴隨收入成長的公司，是否盈餘持續性較高，盈餘管理的可能性較低，以及是否有較大的盈餘反應係數。 結果顯示，同時擁有盈餘及收入連續成長的公司較只有盈餘連續成長的公司的確有較高的盈餘持續性，較低的管理盈餘的可能性，以及有較大的盈餘反應係數。除此之外，本研究的結果與先前文獻（Ohlson, 1995）的結果一致，也就是說，有較大盈餘反應係數的公司其帳面價值反應係數相對較小。

This study intends to empirically examine the effects of earnings growth from various components of earnings on quality of earnings and earnings response coefficients. In order to measure the quality of earnings, I use both earnings persistence and earnings management. The study explores whether firms with sustained increases in earnings attained by sustained increases in revenues have higher earnings persistence, less possibility of managing earnings, and larger earnings response coefficients. Results indicate that firms with revenue-maintained earnings growth do have higher earnings persistence and less possibility of earnings management and larger earnings response coefficients than those with only earnings growth. In addition, like the results in the previous literature (Ohlson, 1995), the results in this study portrays that the larger the earnings response coefficients firms have, the smaller the book value response coefficients they do.