無形資產、前瞻性資訊揭露與分析師盈餘預測特性

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徐詩華(Shi-Hua Xu) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

無形資產、前瞻性資訊揭露與分析師盈餘預測特性
(Intangible Assets, Forward-Looking Information Disclosure and the Properties of Analysts’ Earnings Forecast)

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至系統瀏覽論文 (2028-7-1以後開放)

摘要(中)

台灣目前已經廢除強制性財務預測制度。在強制性財務預測制度廢除之後，願意揭露財務預測的公司家數逐漸減少，因此，投資人若要得知更多未來的預測資訊，則必須透過公司發布的年報。本研究以2012年至2016年的上市櫃及下市櫃公司為研究對象，利用文本分析的方式，搜尋年報中具前瞻性的關鍵字，並探討無形資產對前瞻性資訊揭露的影響，以及前瞻性資訊揭露對分析師盈餘預測特性的影響。此外，本研究將前瞻性資訊分為兩類，第一類為類似盈餘預測前瞻性資訊，第二類為其他前瞻性資訊。研究結果證實，無形資產越多的公司，會揭露越多的前瞻性資訊，也會揭露越多的其他前瞻性資訊，但會揭露越少類似盈餘預測的前瞻性資訊。另外，分析師盈餘預測特性的部分，實證結果顯示，前瞻性資訊揭露越多，皆會使分析師盈餘預測的精確度越高，而且分析師盈餘預測的離散度會越低。

摘要(英)

Taiwan has abolished mandatory management earnings forecast. After the abolition of mandatory management earnings forecast, the number of firms that are willing to disclose financial forecasts is gradually decreasing. If investors want to know more about future forecast information, they will use the annual reports. The sample includes the public listed and delisted companies ranging from 2012 to 2016. This study uses textual analysis to search for forward-looking keywords in the annual reports and discusses the influences of intangible assets on forward-looking information, as well as the influences of forward-looking information on the properties of analysts’ earnings forecast. Besides, this study distinguish forward-looking information into two categories. The first category is forecast-like forward-looking information, and the second category is other forward-looking information. The results document that firms with more intangible assets will disclose more forward-looking information and more other forward-looking information but less forecast-like forward-looking information. In addition, the empirical results reveal that forward-looking information disclosure leads to greater analysts’ earnings forecast accuracy and lower analysts’ earnings forecast dispersion.

關鍵字(中)

★ 前瞻性資訊
★ 無形資產
★ 分析師盈餘預測精確度
★ 分析師盈餘預測離散度

關鍵字(英)

★ forward-looking information
★ intangible assets
★ analysts’ earnings forecast accuracy
★ analysts’ earnings forecast dispersion

論文目次

摘要 i
Abstract ii
表目錄 iv
第一章、緒論 1
1-1 研究動機與目的 1
1-2 研究貢獻 3
第二章、文獻探討 4
2-1 無形資產對企業資訊揭露的影響 4
2-2 企業資訊揭露對分析師預測的影響 5
2-3 前瞻性資訊揭露之相關文獻 7
第三章、假說發展 9
3-1 無形資產對前瞻性資訊揭露的影響 9
3-2 前瞻性資訊對分析師盈餘預測的影響 11
第四章、研究設計 13
4-1 假說一模型設計與變數定義 13
4-2 假說二及假說三模型設計與變數定義 14
4-3 資料來源及樣本選取 19
第五章、實證結果 23
5-1 敘述性統計 23
5-2 相關係數分析 25
5-3 迴歸分析 28
5-3-1 無形資產對前瞻性資訊揭露之影響 28
5-3-2 前瞻性資訊揭露對分析師盈餘預測精確度之影響 30
5-3-3 前瞻性資訊揭露對分析師盈餘預測離散度之影響 33
第六章、結論與建議 36
6-1 研究結論 36
6-2 研究限制與建議 37
參考文獻 38

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指導教授

曹壽民(Shou-Min Tsao)

審核日期

2018-7-10

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