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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/10140
標題: | 年報文字資訊訊息框架效果之研究 Message Framing Effect of Textual Information in Annual Reports |
作者: | Yen-Ling Liu 劉妍伶 |
指導教授: | 陳國泰(Kuo-Tay Chen) |
關鍵字: | 印象管理,自利歸因,訊息框架,致股東報告書,文字資訊,資訊內涵, Impression management,Self-serving attribution,Message Framing,The president’s letter/The chairman’s statement,Textual information,Information content, |
出版年 : | 2011 |
學位: | 碩士 |
摘要: | 企業年報中的敘述性資訊是管理當局用以向外部關係人溝通企業經營成果的重要工具。本論文在年報文字資訊具有資訊內涵的前提下,探討企業致股東告書中是否存在以印象管理為目的的揭露策略,並研究投資人是否受到管理當局揭露策略之影響。本研究以內容分析法對台灣上市公司2007年度致股東報告書進行訊息框架類目的分類、編碼,以此作為分析之主要資料。分析結果發現管理當局會視營運結果來調整資訊提供的策略,當中含有企業自利歸因的傾向。此外,多元迴歸分析結果顯示,有利之訊息框架在企業盈餘宣告時對於累積異常報酬率具有額外解釋能力;相對地,不利訊息框架則對股價異常報酬無顯著影響。另一方面,被定義為有利框架的背景資訊中,僅有描述企業本年度表現較往年佳之自體比較資訊與累積異常報酬率具有顯著正相關,顯示並非所有具正面框架作用的論述都能實際提升資訊接收者對企業的價值判斷,投資人對資訊的認知與詮釋可能受其他心理效應的影響,而使訊息框架未能產生管理當局所期望的印象管理效果。 Accounting narratives in the annual reports are an important medium for companies to communicate business performance. Under the assumption that narratives are informative, this study attempts to investigate (1) whether the management engage impression management by adopting different disclosure strategies in the president’s letters and (2) whether investors are affected by these strategies. Applying content analysis, we categorize the message frames contained in the president’s letter section in the annual report of Taiwan’s listed companies and use them as the data for analysis. The results show that management would adjust disclosure strategy depending on companies’ operating results. Besides, their selections of information have a systematic pattern consistent with self-serving attribution. On the other hand, the result of multiple regression analysis indicates that favorable message frames can give an extra explanation of cumulative abnormal return during earnings announcement, but unfavorable frames can’t. In addition, among background information defined as favorable message frame, only the self-comparing information that describes company’s operating results are better than past years has significant positive relation to cumulative abnormal returns. The results indicate that not all favorable statements in the president’s letters really have abilities to enhance investor’s valuation of company’s performance. Since investors’ cognition and interpretation of textual information might be influenced by other psychology effects, message frames don’t necessarily bring the effect of impression management conforming to company’s expectation. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/10140 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 會計學系 |
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ntu-100-1.pdf | 1.89 MB | Adobe PDF | 檢視/開啟 |
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