頁籤選單縮合
題名 | 營業外淨利增額資訊內涵之研究=The Incremental Information Content of the Components of Non-operating Income |
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作者 | 陳育成; 蔡秀麗; | 書刊名 | 中山管理評論 |
卷期 | 8:4 民89.冬 |
頁次 | 頁745-773 |
分類號 | 494.7 |
關鍵詞 | 盈餘組成項目; 資訊內涵; 股價關聯性; 季營業淨利; 季營業外淨利; Earnings component; Information content; Security returns; Operating income; Non-operating income; |
語文 | 中文(Chinese) |
中文摘要 | 本研究探討營業外淨利在台灣資本市場之資訊內涵,測試營業外淨利與報酬間之關聯性,以瞭解台灣資本市場對營業外淨利的反映。此外,亦探討營業外淨利組成項目是否具增額資訊內涵,以瞭解投資人是否只關注最終盈餘數字,而忽略盈餘的組成項目。主要結論如下: 一、營業淨利、營業外淨利與報酬之問皆具有關聯性。 二、依季別分組,各季營業淨利與報酬間皆具關聯性,營業外淨利在第二季及第四季達到1%的顯著水準, 第三季只達到10%的顯著水準,且第一季的營業外淨利與報酬無關聯性。顯示半年報及年報之營業外淨利較具資訊內涵。 三、即使公司營業淨利為負數,營業外淨利與報酬間仍存有顯著相關。顯示公司的本業即使虧損,營業外淨利仍是投資人重視的資訊。 四、營業外淨利佔正常所得比重愈大,其營業外淨利與報酬間之關聯性亦愈大,反之,營業外淨利佔正常所得比重小,則與報酬問之關聯性亦低。 五、若將營業外淨利細分成利息、淨收益、投資淨收入、處分投資淨損益、處分資產淨損益、匯兌損益及其它淨收入後,較未細分前,對報酬解釋力增加20.03%,即營業外淨利之組成項目具增額資訊內涵。 |
英文摘要 | This study examines the association between security returns and non-operating income, and whether components of non-operating income have incremental information content. Since the prior accounting research has not focused on the impacts of non-operating income, the main purpose of this study is to explore the information content of security prices with quarterly non-operating income in the Taiwan securíty market. Samples of this study include 303 companies, listed in Taiwan Stock Exchange from 1996 to 1998. The main results are as follows : 1. Both operating income and non-operating income are associated with security returns significantly. 2. In the second and fourth quarter, companies utilize non-operating income to window dress their financial statements. 3. In spite of operating losses, non-operating gains are significantly associated with security returns. 4. The association in result 1 is positively related to the percentage of nonoperating income to normal income. 5. The association between security returns and components of non-operating income is stronger than result 1. Adj-R2 increase 20.03%, indicates the components of non-operating income have incremental information content. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。