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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 陳國泰 | |
| dc.contributor.author | Wang-Hua Chu | en |
| dc.contributor.author | 朱婉華 | zh_TW |
| dc.date.accessioned | 2021-06-08T06:08:09Z | - |
| dc.date.copyright | 2011-08-26 | |
| dc.date.issued | 2011 | |
| dc.date.submitted | 2011-08-04 | |
| dc.identifier.citation | 一、中文部分
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'The role of supplementary statements with management earnings forecasts.' Journal of Accounting Research 41(5): 867-890. Ingram, R. W. and K. B. Frazier (1983). 'Narrative disclosures in annual reports* 1.' Journal of Business Research 11(1): 49-60. Jones, M. J. and P. A. Shoemaker (1994). 'Accounting narratives: A review of empirical studies of content and readability.' Journal of Accounting Literature 13(1): 142-184. Kim, Y. and M. S. Park (2005). 'Pricing of seasoned equity offers and earnings management.' Journal of Financial and Quantitative Analysis 40(02): 435-463. Kothari, S., X. Li, et al. (2009). 'The effect of disclosures by management, analysts, and financial press on cost of capital, return volatility, and analyst forecasts: A study using content analysis.' The Accounting Review 84: 1639-1670. Lang, M. and R. Lundholm (1993). 'Cross-sectional determinants of analyst ratings of corporate disclosures.' Journal of Accounting Research 31(2): 246-271. Lebar, M. A. (1982). 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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/25297 | - |
| dc.description.abstract | 對市場參與者而言，企業年報為衡量公司價值之重要依據，因此年報之可靠及攸關性一直是廣受討論之議題。年報組成項目包含數字及文字資訊。數字資訊多係反映企業過往之經營績效，這些資訊固然可作為投資人評估企業價值之參考，但與企業評價可能更為攸關的卻是企業未來的營運展望，而這些資訊絕大多數是以文字敘述呈現。本研究之目的在探討:(1)企業致股東告書中展望性文字資訊是否對市場造成影響；(2)企業營運財務績效是否影響文字資訊之可信程度；以及(3)企業營運財務績效與文字資訊一致性和盈餘持續性之關聯。
採用內容分析法，本研究分析台灣2007年647家上市公司致股東報告書中所呈現之有關未來營運之展望性文字資訊，將其分類為整體經濟環境、產業、以及企業本身之悲觀或樂觀訊息，研究結果顯示：(1)年報發布日之累計異常報酬率不受預期樂觀或悲觀訊息之影響；(2)企業發布之預期悲觀消息可信度顯著高於樂觀訊息，符合不完整揭露假說，但預期樂觀(或悲觀)訊息之可信度高低不因企業營運財務績效而有所差異，不符合管理模糊假說；以及(3) 企業營運財務績效與預期樂觀(或悲觀)訊息一致之企業，其盈餘持續性較佳。 | zh_TW |
| dc.description.abstract | For market participants, annual reports are important information source for valuation of firms. As a result, the reliability and relevance of annual reports have always been popular research issues. Annual reports contain both numeric and narrative information. The numeric information mostly presents past performance and is certainly an important basis for valuation. However, the prospect of future performance of a firm may be even more relevant with valuation. The prospect information is usually presented in narratives. This study attempts to investigate: (1) whether the prospect narrative information contained in president’s letters affects capital market; (2) whether numeric financial performance of a firm influences the credibility of its narrative prospect information, and (3) the relationships between earnings persistence and the consistency between numeric financial performance and prospect information.
Applying content analysis, this study analyzes president’s letters contained in the 2007 annual reports of the 647 Taiwanese public companies. Narrative prospect information is classified into positive/negative economic environment prospect, industry prospect, or individual firm prospect. The empirical results are as follows. Firstly, the cumulative abnormal returns around earnings announcement are not affected by positive or negative prospect information. Secondly, the credibility of negative prospect information is significantly higher than that of positive prospect information, which is consistent with Incomplete Revelation Hypothesis. However, the credibility of positive/negative prospect information is not related to financial performance, which is inconsistent with Management Obfuscation Hypothesis. Lastly, if a firm has financial operating results consistent with the positive/negative messages, it has better earnings persistence. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T06:08:09Z (GMT). No. of bitstreams: 1 ntu-100-R98722047-1.pdf: 1406841 bytes, checksum: fdff9e06e730142e88392454f37c5ae4 (MD5) Previous issue date: 2011 | en |
| dc.description.tableofcontents | 目錄
第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究架構 3 第二章、文獻探討及假說發展 4 第一節 文字之資訊內涵 4 第二節 文字資訊與盈餘持續性 8 第三節 假說建立 10 第三章 研究方法 14 第一節 內容分析法意涵 14 第二節 內容分析法步驟及過程 15 第三節 假說模型及變數之定義 20 第四章 研究結果 36 第一節 致股東報告書編碼結果 36 第二節 假說一之迴歸實證 39 第三節 假說二之檢定 46 第四節 假說三之迴歸實證 52 第五章 結論與建議 63 第一節 研究結論 63 第二節 研究限制 65 第三節 研究建議 66 參考文獻 67 附錄 71 附錄一、內容分析編碼需知 71 附錄二、內容分析編碼範例 76 附錄三、內容分析編碼表 78 表目錄 表2-1、各意見方向與營運結果之可信度 11 表2-2、意見方向與營運結果之關係及其盈餘持續性 13 表3-1、模型一之變數彙總表 24 表3-2、各意見方向與營運結果之可信度 25 表3-3、意見方向與營運結果之一致性 28 表3-4、模型2-1之變數彙總表 33 表3-5、模型2-2之變數 35 表4-1、未來總體環境資訊之意見分類 36 表4-2、未來自體財務績效資訊之意見分類 37 表4-3、營運結果狀況與未來總體環境資訊之意見分類 38 表4-4、營運結果狀況與未來自體環境資訊之意見分類 38 表4-5、假說一預測性文字資訊與累計異常報酬之敘述性統計 40 表4-6、假說一模型之相關分析 42 表4-7、假說一預測性文字資訊與累計異常報酬之迴歸實證結果 45 表4-8、預期總體/產業環境訊息之各意見可信度情況 47 表4-9、預期自體績效訊息之各意見可信度情況 48 表4-10、總體環境不利意見下不同績效之可信度情況。 50 表4-11、自體中性意見下不同績效之可信度情況 50 表4-12、總體環境有利意見下不同績效之可信度情況。 51 表4-13、自體有利意見下不同績效之可信度情況 51 表4-14、假說三總體環境預測性文字資訊及績效一致性與下期盈餘之敘述性統.53 表4-15、假說三自體預測性文字資訊及績效一致性與下期盈餘之敘述性統計 54 表4-16、模型2-1之相關分析 56 表4-17、模型2-2之相關分析 57 表4-18、總體環境預測性文字資訊及營運結果一致性與下期盈餘迴歸實證結果 59 表4-19、自體預測性文字資訊及營運結果一致性與下期盈餘之迴歸實證結果 61 | |
| dc.language.iso | zh-TW | |
| dc.subject | 致股東報告書 | zh_TW |
| dc.subject | 文字資訊 | zh_TW |
| dc.subject | 不完整揭露假說 | zh_TW |
| dc.subject | 管理模糊假說 | zh_TW |
| dc.subject | 盈餘持續 | zh_TW |
| dc.subject | 內容分析法 | zh_TW |
| dc.subject | the president’s letter | en |
| dc.subject | earnings persistence | en |
| dc.subject | Management Obfuscation Hypothesis | en |
| dc.subject | Incomplete Revelation Hypothesis | en |
| dc.subject | content analysis | en |
| dc.title | 年報展望性資訊與異常報酬、盈餘持續性及管理階層預測可信度之關聯 | zh_TW |
| dc.title | The Relationship between Prospect Information, Abnormal Returns, Earnings Persistence, and Management Forecast Reliability | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 99-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 林世銘,黃美祝 | |
| dc.subject.keyword | 致股東報告書,文字資訊,不完整揭露假說,管理模糊假說,盈餘持續,內容分析法, | zh_TW |
| dc.subject.keyword | the president’s letter,Incomplete Revelation Hypothesis,Management Obfuscation Hypothesis,earnings persistence,content analysis, | en |
| dc.relation.page | 80 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2011-08-05 | |
| 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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