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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 葉疏 | |
| dc.contributor.author | Shu-Chun Chen | en |
| dc.contributor.author | 陳書雋 | zh_TW |
| dc.date.accessioned | 2021-06-16T02:26:02Z | - |
| dc.date.available | 2017-08-16 | |
| dc.date.copyright | 2015-08-16 | |
| dc.date.issued | 2015 | |
| dc.date.submitted | 2015-08-05 | |
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/53587 | - |
| dc.description.abstract | 本研究拆解盈餘中的現金組成要素，並分析其持續性特徵以及定價意涵，並特別著重現金變化此一要素。公司會因為營運基本需求改變而使得現金變化到達某一最佳水準。另一方面，來自於代理問題的次佳現金變化造成經理人的作為會侵蝕股東的最大財富。本研究預期不論是次佳的現金增加或減少將預告較低的次期盈餘，而實證結果符合此預期。事實上，當不考慮應計數及歸屬於股東及債權人之分配時，本研究發現次佳的現金增加（減少）時具有最低(高)的盈餘持續性。在市場效率測試中，本研究發現市場並不會嚴重處罰(符合理性定價)有次佳現金減少的公司，然而，本研究發現並足以支持市場會過度反應未經授權的現金增加此一盈餘意涵之自負假說。 | zh_TW |
| dc.description.abstract | This paper decomposes the cash component of earnings and analyzes persistence characteristic and pricing implications of various subcomponents, with particular attention to changes in cash. Changes in underlying fundamentals might dictate changes in cash to new optimal levels. Alternatively, suboptimal changes in cash might result from agency costs allowing managers’ actions to diverge from the best interests of shareholders. We predict and find that both suboptimal increases and decreases in cash bode poorly for future earnings. In fact, we find that suboptimal increases (decreases) in cash have less (greater) persistence than any the earnings components we study, not including accruals and net distributions to both shareholders and debt holders. Market efficiency tests indicate that the market do not severely punishes firms with suboptimal decreases in cash, but we find evidence to support the hubris hypothesis that the market overreacts to the earnings implications of unwarranted increases in cash. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-16T02:26:02Z (GMT). No. of bitstreams: 1 ntu-104-R02722036-1.pdf: 1433954 bytes, checksum: 9c464d7aa81ee6977b97fa530b2e88d2 (MD5) Previous issue date: 2015 | en |
| dc.description.tableofcontents | 謝辭……………………………………………………………………………..Ⅰ
中文摘要……………………………………………………………………….Ⅱ Abstract………………………………………………………………………..Ⅲ 表目錄………………………………………………………………………….Ⅴ 第一章 緒言…………………………………………………………………….1 第二章 文獻回顧與研究假說………………………………………………….5 第一節 相關文獻探討…………………………………………...........................5 第二節 建立研究假說…………………………………………………………10 第三章 研究方法………………………………………………………………12 第一節 研究設計……………………………………………………………12 第二節 研究樣本……………………………………………………………18 第四章 敘述性統計及正常和異常現金變化之估計…………………………20 第五章 實證結果………………………………………………………………27 第一節 盈餘持續性……………………………………………………………27 第二節 市場定價………………………………………………………………32 第三節 現金變化組成要素與次期投資之關聯性……………………………37 第四節 現金變化組成要素之序列相關性……………………………………41 第六章 結論……………………………………………………………………44 參考文獻…………………………………………………………………….....45 附錄………………………………………………………………………….....50 | |
| dc.language.iso | zh-TW | |
| dc.subject | 定價意涵 | zh_TW |
| dc.subject | 現金變化 | zh_TW |
| dc.subject | 持續性 | zh_TW |
| dc.subject | 市場效率 | zh_TW |
| dc.subject | persistence | en |
| dc.subject | pricing implication | en |
| dc.subject | market efficiency | en |
| dc.subject | change in cash | en |
| dc.title | 現金變化:盈餘持續性和股市反應 | zh_TW |
| dc.title | Change in cash:Persistence of Earning and Market Pricing | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 103-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳坤志,王瑄 | |
| dc.subject.keyword | 現金變化,持續性,市場效率,定價意涵, | zh_TW |
| dc.subject.keyword | change in cash,persistence,market efficiency,pricing implication, | en |
| dc.relation.page | 50 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2015-08-05 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 會計學研究所 | zh_TW |
| 顯示於系所單位： | 會計學系 | |
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