無形資產對分析師預測特性的影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：35

、訪客IP：18.118.154.25

姓名

蘇怡芳(Yi-Fang Su) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

無形資產對分析師預測特性的影響
(The Impact of Intangibles on Property of Analysts’ Forecasts)

相關論文

★ 我國中小企業貸款門檻操縱行為分析 -以某銀行授信戶為例	★ 董事會結構與自願性財務預測之關聯性
★ 國際化、創新活動與公司績效：台灣上市公司董事會結構論析	★ 國際化對公司經營績效的影響：資訊透明度的中介效果
★ 內部人持股與會計師選擇關聯性之研究-以馬來西亞上市公司為例	★ 利用吸引力因子進行嚴重服務失誤補救之成效
★ 提升企業價值之永續發展策略－以H公司資源回收為例	★ 組織變革對業務人員銷售力的影響-以電子零組件通路商為例
★ 會計保守性與法說會的關聯性	★ 探索產品品牌、品牌個性與人格特質的對應關係
★ 復徵證券交易所得稅對台灣股市之影響	★ 法人說明會對國際化績效與創新的影響
★ 投資人情緒與資訊透明度關聯性之研究	★ 公司股權結構與內部人交易關聯性之研究
★ 分析師是否高估應計項目的價值-兼論其對現金增資偏低訂價之影響	★ 分析師預測與新上市公司新股折價關聯性之研究

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

本文研究分析師預測與無形資產之間的關聯性，希望藉此瞭解無形資產對分析師預測特性的影響。由於無形資產具有不確定之未來經濟效益，不確定性因素使得投資者對於分析師預測有更多需求，增加分析預測的有用性。另外，資訊不對稱因素影響各個分析師擁有一般和特殊不同的資訊，可能造成分析結果有差異性。本文援引Barron, Kim, Lim and Stevens（1998）模型，分別計算分析師預測誤差及一致性。實證結果指出公司無形資產愈多，分析師之間預測一致性愈低，同時預測誤差也愈大。

摘要(英)

This research examines the association between firms’ intangibles and analysts’ forecasts. This is for realize the impact of intangible expense and capital on properties of the information in analysts’ earnings forecasts. This research will use as Barron, Kim, Lim and Stevens（1998）model, to examine the properties of the information contained in analysts’ earnings forecasts, focus on two dependent variables: Consensus and squared error in individual forecasts averaged across analysts and the squared error in the mean forecast. The empirical result indicates that lower degree of consensus and higher forecast error exists among for high-intangible firms than low-intangible firms.

關鍵字(中)

★ 預測誤差
★ 一致性
★ 分析師預測
★ 無形資產

關鍵字(英)

★ Consensus
★ Analysts’ forecast
★ Forecast error
★ Intangible asset

論文目次

第壹章緒論................................. 1
第貳章文獻探討............................. 3
第參章研究方法............................. 9
第肆章研究設計............................. 12
　第一節　樣本選取與資料來源..................12
　第二節　實證模型及變數定義................. 12
第伍章實證結果............................. 18
　第一節　敘述性統計分析..................... 18
　第二節　假說檢測........................... 21
第三節敏感性分析........................... 25
第陸章結論................................. 28
參考文獻..................................... 29
附錄專利權價值之估計....................... 33

參考文獻

1.王慧如，2003年，「分析師推薦與無形資產關係之研究:從企業生命週期論析」，國立中正大學會計學研究所碩士論文。
2.吳心儀，2001年，「分析師預測誤差與公司特性的關聯性」，元智大學管理研究所碩士論文。
3.汪俊揚、余俊憲，2004年，財務分析師盈餘預測誤差與預測行為影響因素之研究」，證券市場發展季刊，第16卷第4期，頁117-144。
4.周佩冠，1995年，「財務分析師預測修正之行為研究」，國立政治大學會計學研究所碩士論文。
5.林宜勉，1996年，「證券價格可以總與傳遞資訊-理性預期在財務會計上之應用」，會計研究月刊，第115期，頁78-83。
6.林宜勉、王曉雯，2004年，「會計盈餘、分析師預測與代理成本對權益評價之影響」，證券市場發展季刊，第16卷第3期，頁41-82。
7.金成隆、林修葳、洪郁珊，2001年，「無形資產、新股折價與內部人持股關係之研究」，會計評論，第36期，頁23-53。
8.范玥琪，1997年，「財務預測誤差決定性因素之研究」，國立彰化師範大學商業教育學研究所碩士論文。
9.楊幼梅，2001年，「研究發展支出與未來股票報酬之關連性研究」，中原大學會計學研究所碩士論文。
10.劉正田，2002年，「無形資產、成長機會與股票報酬關係之研究」，會計評論，第35期，頁1-29。
11.Aboody, D., and B. Lev. 1998. The Value Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research 36, 161-191.
12.Ahmed, A., S. Nainar, and J. Zhou. 2001. Do Analysts’ Forecasts Fully Reflect the Information in Accruals?, Syracuse University. Working Paper.
13.Amir, E., and B. Lev. 1996. Value-relevance of Non-financial Information: The Wireless Communication Industry. Journal of Accounting and Economics 22, 3-30.
14.Atias, R. 1985. Pre-disclosure Information Firm Capitalization and Security Price Behavior around Financial Report Releases. Journal of Accounting Research 23, 21-36.
15.Balkin, D. B., G. D. Markman, and L. R. Gomez-Mejia. 2000. Is CEO Pay in High-technology Firms Related to Innovation? Academy of Management Journal 43, 1118-1129.
16.Barron, O. E., D. Byard, C. Kile, and E. J. Riedl. 2002. High-Technology Intangible and Analysts’ Forecasts. Journal of Accounting Research 40, 289-312.
17.Barron, O. E., O. Kim, S. Lim, and D. Stevens. 1998. Using Analysts’ Forecasts to Measure Properties of Analysts’ Information Environment. The Accounting Review 73, 421–433.
18.Barth, M. E., M. B. Clement, G. Foster, and R. Kasznik. 1998. Brand Values and Capital Market Valuation. Review of Accounting Studies 3, 41–68.
19.Barth, M. E., R. Kasznik, and M. F. McNichols. 2001. Analyst Coverage and Intangible Assets. Journal of Accounting 39, 1-34.
20.Beaver, W.1998. Financial Reporting: An Accounting Revolution, 3th. Prentie Hall.
21.Bhushan, R. 1989. Firm Characteristics and Analyst Following. Journal of Accounting and Economics 11, 39-65.
22.Blair, M., and S. Wallman. 2000. Unseen Weal. SEI-Brookings Joint Center for Regulatory Studies, Washington, D.C.
23.Chan, L., J. Lakonishok, and T. Sougiannis. 2001. The Stock Market Valuation of Research and Development Expenditure. Journal of Finance 56, 2431-2456.
24.Daniel, K. D., S. Titman, and J. Wei. 2001. Cross-sectional Variation in Common Stock Returns in Japan. Journal of Finance 56, 743-766.
25.Darrough, M. N., and T. Russell. A Positive Model of Earnings Forecasts: Top Down versus Bottom Up. Journal of Business 75(1), 127-152.
26.Edvinsson, L., and M. S. Malone. 1997. Intellectual Capital. The Proven Way to Establish Your Company’s Real Value by Measuring Its Hidden Brainpower. Piatkus, London.
27.Fama, E. F., and K. R. French. 1992. The Cross-section of Expected Stock Returns. Journal of Finance 47, 427-465.
28.Greence, W. H. 2003. Econometric analysis, 5th, New York: Prentice Hall.
29.Gu, F., and B. Lev. 2003. Intangible Assets: Measurement, Drivers, Usefulness. University School of Management. Working Paper.
30.Hope, O. K. 2002. Disclosure Practices, Enforcement of Accounting Standards and Analysts' Forecast Accuracy: An International Study. Journal of Accounting Research 41, 235-271.
31.John, G. 2002. Longitudinal Earnings Value Relevance and Intangible Assets: Evidence from Australian Firm, 1975-99. La Trobe University Working Paper.
32.Kallapur, S., and S. Kwan. 2000. The Value of Relevance of Brand Assets Recognized by UK Firms. Purdue University. Working Paper.
33.Katherin S. 1991. Commentary on Analysts Forecasts. Accounting Horizons, 105-121.
34.King, R., G. Pownall, and G. Waymire. 1990. Expectations Adjustment via Timely Management Forecasts: Review, Synthesis, and Suggestions for Future Research. Journal of Accounting 9, 113-144.
35.Kothari, S. P., T. Laguerre, and A. Leone. 1998. Capitalization versus Expensing. Evidence on the Uncertainty of Future Earnings from Current Investment in PP&E and R&D. University of Rochester. Working paper.
36.Kothari, S. P., T. Laguerre, and A. Leone. 2002. Capitalization versus Expensing: Evidence on The Uncertainty of Future Earnings from Capital Expenditures Versus R&D Outlays. The Accounting Review 7, 355 – 382.
37.Lang, M., and R. Lundholm. 1996. Corporate Disclosure Policy and Analyst Behavior. The Accounting Review 71, 467–493.
38.Lev, B., and T. Sougiannis. 1996. The Capitalization, Amortization, and Vale-relevance of R&D. Journal of Accounting and Economics 21, 107-138.
39.O’Brien, P., and R. Bhushan. 1990. Analyst Following and Institutional Ownership. Journal of Accounting Research 28, 55-82.
40.Seethamraju, C. 2003. The Value Relevance of Trademarks. In Hand J., L. Baruch (eds) Intangible Assets. Value, Measures and Risks. Working Paper. Oxford University Press, New York.
41.Stickel, S. 1989. The Timing of and Incentives for Annual Earnings Forecasts Near Interim Earnings Announcements. Journal of Accounting and Economics 11, 275-292.
42.Womack, K. L. 1996. Do Brokerage Analysts' Recommendations Have Investment Value? The Journal of Finance 1, 137-167.

指導教授

曹壽民(Shou-Min Tsao)

審核日期

2006-7-9

推文