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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 吳淑鈴 | |
dc.contributor.author | YuWei Lee | en |
dc.contributor.author | 李昱緯 | zh_TW |
dc.date.accessioned | 2021-06-17T08:31:04Z | - |
dc.date.available | 2024-08-16 | |
dc.date.copyright | 2019-08-16 | |
dc.date.issued | 2019 | |
dc.date.submitted | 2019-08-12 | |
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/74348 | - |
dc.description.abstract | 10-K中的管理階層討論與分析(Management Discussion and Analysis, MD&A)一直以來都是投資人以及財務報表使用者著重的段落,該段落使投資人能夠以管理階層的立場去分析公司收入、費用及相關損益之變動情形。並藉由該段之資訊判讀盈餘資訊並預測未來會計盈餘。本研究則探討,公司盈餘資訊為壞消息時,是否影響管理階層於MD&A營運結果段使用因果關係文字(Causal Language)意圖影響投資人及財務報表使用者之投資決策。
然而,機構投資人相對一般投資人(或稱散戶投資人),具有專業的分析能力,較能正確地評估公司之真實價值。故本研究進一步探討,機構投資人之持股比例,對於管理階層在MD&A營運結果段使用因果關係文字比例之關聯性。另外,也針對管理階層使用因果關係文字比例的高低對於負面股價反應之趨緩,是否因機構投資人之持股比例而有所減弱進行研究。研究結果顯示,當公司盈餘資訊為壞消息時,機構投資人持股比例較高之公司,在MD&A營運結果段使用因果關係文字相對機構投資人持股比例較低之公司來得低。同時,研究結果也支持散戶投資人持股較高之公司,其因果關係文字對負面股價反應之趨緩相對散戶投資人持股較低之公司較為顯著。 | zh_TW |
dc.description.abstract | This study investigates how institutional investor ownership affects companies’ use of causal language in their MD&A disclosures. Because institutional investors are more sophisticated relative to individual investors, language usages in MD&A are less likely to affect institutional investors’ original judgment on firm value. Therefore, we argue that when firms perform poor, firms with more institutional ownership are less likely to rely on causal language in their MD&A disclosures to change investors’ expectations on firms’ future performance. Consistent with this expectation, this study finds that, when companies have bad news, firms with larger institutional ownership use fewer causal languages in the operating results section of their MD&A disclosures. Moreover, this study shows that causal languages are more effective in reducing negative stock reactions in firms with lower institutional ownerships. The results suggest that institutional ownership is an important factor that shapes companies’ MD&A disclosure behavior. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T08:31:04Z (GMT). No. of bitstreams: 1 ntu-108-R06722030-1.pdf: 1725325 bytes, checksum: 99ec3acb090d8e19c449e07bdfa908f9 (MD5) Previous issue date: 2019 | en |
dc.description.tableofcontents | 誌謝辭 i
摘要 ii Abstract iii 目錄 iv 表格目錄 v 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第三節 論文架構 4 第二章 文獻回顧 5 第一節 10-K文件之資訊內涵 5 第二節 管理階層分析與討論之資訊內涵 6 第三節 因果關係文字對資訊接收者之影響 8 第四節 機構投資人持股比例對於公司之影響 9 第三章 研究方法 10 第一節 研究假說 10 第二節 實證模型及變數定義 12 第三節 樣本選取及資料蒐集 19 第四章 實證結果與分析 22 第一節 敘述統計 22 第二節 迴歸結果 26 第五章 研究結論與限制 29 第一節 研究結論 29 第二節 研究限制 30 參考文獻 31 | |
dc.language.iso | zh-TW | |
dc.title | 財務報表管理階層討論與分析中因果關係文字之使用-機構投資人的影響效果 | zh_TW |
dc.title | Institutional Investors and the Use of Causal Language in the MD&A Disclosures | en |
dc.type | Thesis | |
dc.date.schoolyear | 107-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳宗岡,洪聖閔 | |
dc.subject.keyword | 10-K,管理階層討論與分析,因果關係文字,機構投資人, | zh_TW |
dc.subject.keyword | Form 10-K,Management Discussion and Analysis,Causal Language,Institutional investors, | en |
dc.relation.page | 33 | |
dc.identifier.doi | 10.6342/NTU201903007 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2019-08-12 | |
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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