前瞻性資訊揭露與企業資訊環境

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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)

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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

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指導教授

曹壽民

審核日期

2019-6-18

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