前瞻性資訊揭露與企業資訊環境

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：34

、訪客IP：3.144.104.29

姓名

李林翰(Lin-Han Lee) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

前瞻性資訊揭露與企業資訊環境
(Forward-looking disclosures and corporate information environment)

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 (2029-6-18以後開放)

摘要(中)

本研究旨在探討企業股東會年報中的敘述性前瞻性資訊揭露多寡對企業資訊環境的影響，此處所謂企業資訊環境是指股票報酬的訊息效率，即股票報酬對企業未來盈餘的預測能力。本研究蒐集2012到2014年度的臺灣上下市櫃公司股東會年報資料，在消除可能同時影響前瞻性資訊揭露與股票報酬訊息效率的企業特徵干擾之後，以改良前瞻性資訊揭露作為衡量前瞻性資訊揭露多寡的變數。本研究將股票報酬率分為三個期間檢驗改良前瞻性資訊揭露對其與公司未來盈餘間關係的影響，實證結果表明，在股東會年報揭露更多前瞻性資訊的公司，年報發佈前的股票報酬反映未來盈餘資訊的能力較差，即年報發佈前的資訊環境較差。而在年報發佈後，雖然股票報酬的訊息效率得到改善但無法完全消除其較差的資訊環境，證據也不足以表明股票報酬訊息效率改善的原因來自於更多的前瞻性資訊揭露。

摘要(英)

The goal of this study is to review the impact of narrative forward-looking information disclosures in annual reports on corporate information environment. The so-called corporate information environment refers to information efficiency of stock returns, meaning the capability of stock returns to predict companies’ future earnings. We collect annual reports of Taiwan′s listed companies in 2012-2014. After eliminating the interference of corporate characteristics that may affect forward-looking disclosures and stock returns’ information efficiency, abnormal forward-looking disclosures are used as variables to measure quantity and intensity of forward-looking information disclosures. We divide stock returns into three periods to test the impact of abnormal forward-looking information on correlation between stock returns and companies’ future earnings. We find that those companies unveiling more abnormal forward-looking information in annual reports have pre-filing stock returns that less strongly reflect future earnings information, i.e., those with more forward-looking disclosures have poor information environment before annual reports. After release of annual reports, companies with more abnormal forward-looking disclosure have improved information efficiency of stock returns but still less strongly reflect future earnings information. This means the poor information environment is mitigated, but not completely. There is no significant evidence to conclude that more forward-looking information disclosures lead to the improvement of stock returns’ information efficiency.

關鍵字(中)

★ 前瞻性資訊揭露
★ 資訊環境
★ 股價訊息效率

關鍵字(英)

★ forward-looking information
★ information environment
★ stock returns’ information efficiency

論文目次

摘要 i
Abstract ii
目錄 iii
表目錄 iv
第一章緒論 1
1-1 研究動機 1
1-2 研究目的 3
1-3 研究架構 3
第二章文獻探討 4
2-1 前瞻性資訊揭露 4
2-1-1 近代前瞻性資訊定義緣起 4
2-1-2 前瞻性資訊揭露相關研究 6
2-2 企業資訊揭露與股票報酬的盈餘預測特性 10
第三章假說發展 12
3-1 前瞻性資訊揭露與企業資訊環境 12
第四章研究方法 14
4-1 樣本選擇與資料來源 14
4-2 實證模型與變數定義 18
4-2-1 改良前瞻性資訊揭露 18
4-2-2 前瞻性資訊揭露與股票報酬訊息效率 21
第五章實證結果 23
5-1 敘述性統計與相關性分析 23
5-2 迴歸分析 27
5-2-1 改良前瞻性資訊揭露之衡量 27
5-2-2 前瞻性資訊揭露與股票報酬訊息效率 29
第六章研究貢獻、結論與建議 32
6-1 研究貢獻 32
6-2 研究結論 33
6-3 研究限制與建議 34
參考文獻 35

參考文獻

〔1〕 Wang, M., & Hussainey, K. (2013). Voluntary forward-looking statements
driven by corporate governance and their value relevance. Journal of Accounting and Public Policy, 32(3), 26-49.
〔2〕 Al-Najjar, B., & Abed, S. (2014). The association between disclosure of forward-looking information and corporate governance mechanisms: Evidence from the UK before the financial crisis period. Managerial Auditing Journal, 29(7), 578-595.
〔3〕曹壽民, & 林哲弘 (2012).家族企業與自願性財務預測.會計學報, 4(2), 71-113.
〔4〕 Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1-3), 405-440.
〔5〕 Muslu, V., Radhakrishnan, S., Subramanyam, K. R., & Lim, D. (2014). Forward-looking MD&A disclosures and the information environment. Management Science, 61(5), 931-948.
〔6〕黃朝琮(2013)。美國案例法中詐欺市場理論之脈絡與發展─從Basic到Amgen。證券暨期貨月刊，31(5)，29-48。
〔7〕 Mahoney, P. G. (1992). Precaution costs and the law of fraud in impersonal markets. Va. L. Rev., 78, 623.
〔8〕 Langevoort, D. C. (2009). Basic at twenty: Rethinking fraud on the market. Wis. L. Rev., 151.
〔9〕 Weiss, E. J., & Beckerman, J. S. (1994). Let the money do the monitoring: How institutional investors can reduce agency costs in securities class actions. Yale LJ, 104, 2053.
〔10〕 Meek, G. K., Roberts, C. B., & Gray, S. J. (1995). Factors influencing voluntary annual report disclosures by US, UK and continental European multinational corporations. Journal of international business studies, 26(3), 555-572.
〔11〕 Hussainey, K. S. M. (2004). Study of the Ability of (partially) Automated Disclosure Scores to Explain the Information Content of Annual Report Narratives for Future Earnings. University of Manchester.
〔12〕 Lim, S., Matolcsy, Z., & Chow, D. (2007). The association between board composition and different types of voluntary disclosure. European Accounting Review, 16(3), 555-583.
〔13〕 Securities and Exchange Commission (1987) Concept Release on Management′s Discussion and Analysis of Financial Condition and Results of Operations. Securities Act Release No. 33-6711. Washington, D.C.
〔14〕 Garmong S (2007) Management Discussion and Analysis in Accountants’ Handbook, Volume One: Financial Accounting and General Topics. (John Wiley and Sons, New Jersey).
〔15〕 Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting review, 323-349.
〔16〕 Lang, M., & Lundholm, R. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of accounting research, 31(2), 246-271.
〔17〕 Welker, M. (1995). Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary accounting research, 11(2), 801-827.
〔18〕 Bens, D. A., & Monahan, S. J. (2004). Disclosure quality and the excess value of diversification. Journal of Accounting Research, 42(4), 691-730.
〔19〕 Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1-3), 237-333.
〔20〕 Pava, M. L., & Epstein, M. J. (1993). How good is MD&A as an investment tool?. Journal of Accountancy, 175(3), 51.
〔21〕 Bryan, S. H. (1997). Incremental information content of required disclosures contained in management discussion and analysis. Accounting Review, 285-301.
〔22〕 Verrecchia, R. E. (1983). Discretionary disclosure. Journal of accounting and economics, 5, 179-194.
〔23〕 Newman, P., & Sansing, R. (1993). Disclosure policies with multiple users. Journal of Accounting Research, 31(1), 92-112.
〔24〕 Ho, S. S., & Wong, K. S. (2001). A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation, 10(2), 139-156.
〔25〕 Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting research, 43(3), 453-486.
〔26〕 Lang, M. H., & Lundholm, R. J. (1996). Corporate disclosure policy and analyst behavior. Accounting review, 467-492.
〔27〕 Barron, O. E., Kile, C. O., & O′KEEFE, T. B. (1999). MD&A quality as measured by the SEC and analysts′ earnings forecasts. Contemporary Accounting Research, 16(1), 75-109.
〔28〕 Clarkson, P. M., Kao, J. L., & Richardson, G. D. (1999). Evidence that management discussion and analysis (MD&A) is a part of a firm′s overall disclosure package. Contemporary accounting research, 16(1), 111-134.
〔29〕 Ahmed, K., & Courtis, J. K. (1999). Associations between corporate characteristics and disclosure levels in annual reports: a meta-analysis. The British Accounting Review, 31(1), 35-61.
〔30〕 Beattie, V., McInnes, B., & Fearnley, S. (2004, September). A methodology for analysing and evaluating narratives in annual reports: a comprehensive descriptive profile and metrics for disclosure quality attributes. In Accounting forum (Vol. 28, No. 3, pp. 205-236). Taylor & Francis.
〔31〕 Hassan, O. A., Giorgioni, G., & Romilly, P. (2006). The extent of financial disclosure and its determinants in an emerging capital market: the case of Egypt. INTERNATIONAL JOURNAL OF ACCOUNTING AUDITING AND PERFORMANCE EVALUATION, 3(1), 41.
〔32〕 Brown, S. V., & Tucker, J. W. (2011). Large‐sample evidence on firms’ year‐over‐year MD&A modifications. Journal of Accounting Research, 49(2), 309-346.
〔33〕 Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and economics, 45(2-3), 221-247.
〔34〕 Davis, A. K., & Tama‐Sweet, I. (2012). Managers’ use of language across alternative disclosure outlets: earnings press releases versus MD&A. Contemporary Accounting Research, 29(3), 804-837.
〔35〕 Li, F. (2010). The information content of forward‐looking statements in corporate filings—A naïve Bayesian machine learning approach. Journal of Accounting Research, 48(5), 1049-1102.
〔36〕 Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of accounting research, 159-178.
〔37〕 Pownall, G., Wasley, C., & Waymire, G. (1993). The stock price effects of alternative types of management earnings forecasts. Accounting Review, 896-912.
〔38〕 Kormendi, R., & Lipe, R. (1987). Earnings innovations, earnings persistence, and stock returns. Journal of business, 323-345.
〔39〕 Warfield, T. D., & Wild, J. J. (1992). Accounting recognition and the relevance of earnings as an explanatory variable for returns. The Accounting Review, 67(4), 821.
〔40〕 Kothari, S. P., & Sloan, R. G. (1992). Information in prices about future earnings: Implications for earnings response coefficients. Journal of Accounting and Economics, 15(2-3), 143-171.
〔41〕 Collins, D. W., Kothari, S. P., Shanken, J., & Sloan, R. G. (1994). Lack of timeliness and noise as explanations for the low contemporaneuos return-earnings association. Journal of Accounting and Economics, 18(3), 289-324.
〔42〕 Gelb, D. S., & Zarowin, P. (2002). Corporate disclosure policy and the informativeness of stock prices. Review of Accounting Studies, 7(1), 33-52.
〔43〕 Lundholm, R., & Myers, L. A. (2002). Bringing the future forward: the effect of disclosure on the returns‐earnings relation. Journal of accounting research, 40(3), 809-839.
〔44〕 Tucker, J. W., & Zarowin, P. A. (2006). Does income smoothing improve earnings informativeness?. The accounting review, 81(1), 251-270.
〔45〕 Schleicher, T., Hussainey, K., & Walker, M. (2007). Loss firms’ annual report narratives and share price anticipation of earnings. The British Accounting Review, 39(2), 153-171.
〔46〕 Hussainey, K., & Walker, M. (2009). The effects of voluntary disclosure and dividend propensity on prices leading earnings. Accounting and business research, 39(1), 37-55.
〔47〕 Athanasakou, V., & Hussainey, K. (2014). The perceived credibility of forward-looking performance disclosures. Accounting and business research, 44(3), 227-259.
〔48〕 Schleicher, T., & Walker, M. (1999). Share price anticipation of earnings and management′s discussion of operations and financing. Accounting and Business Research, 29(4), 321-335.
〔49〕 Ivers M (1991)., The Random House Guide to Good Writing., Random House., New York.
〔50〕 Wang, Y. H., & Lin, C. H. (2004). A multimedia database supports English distance learning. Information Sciences, 158, 189-208.
〔51〕 Hayn, C. (1995). The information content of losses. Journal of accounting and economics, 20(2), 125-153.
〔52〕 Skinner, D. J. (1994). Why firms voluntarily disclose bad news. Journal of accounting research, 32(1), 38-60.
〔53〕 Andersen, T. G. (1996). Return volatility and trading volume: An information flow interpretation of stochastic volatility. The Journal of Finance, 51(1), 169-204.
〔54〕 Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and economics, 15(2-3), 203-227.
〔55〕臺灣證券交易所：上市公司股東會召開品質大幅提升。2016年7月25日，取自http://www.twse.com.tw/zh/news/newsDetail/ACB6C4094BE14E0580D960A70C0FA26E。

指導教授

曹壽民

審核日期

2019-6-18

推文