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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Title:	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
Authors:	徐詩華;Xu, Shi-Hua
Contributors:	企業管理學系
Keywords:	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;forward-looking information;intangible assets;analysts’ earnings forecast accuracy;analysts’ earnings forecast dispersion
Date:	2018-07-10
Issue Date:	2018-08-31 11:51:23 (UTC+8)
Publisher:	國立中央大學
Abstract:	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。;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.
Appears in Collections:	[Graduate Institute of Business Administration] Electronic Thesis & Dissertation

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