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題名 | 資訊環境對盈餘預測資訊內涵之影響=The Effect of Information Environment on Information Content of Earnings Forecast |
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作者 | 李建然; 鄭雅綾; Lee, Jan-zan; Cheng, Yea-ling; |
期刊 | 東吳經濟商學學報 |
出版日期 | 20041200 |
卷期 | 47 2004.12[民93.12] |
頁次 | 頁1-32 |
分類號 | 563.54 |
語文 | chi |
關鍵詞 | 自願性盈餘預測; 強制性盈餘預測; 資訊內涵; 資訊環境; 交易市場效果; 規模效果; 交易量效果; 發布意願效果; Voluntary earnings forecast; Mandated earnings forecast; Information content; Information environment; Exchange listing effect; Size effect; Trading volume effect; Announcement willingness effect; |
中文摘要 | 本研究探討台灣上市上櫃公司宣布盈餘預測的資訊內涵,是否因為資訊環境的差異而有所不同。本文分別以公司股票交易的市場別、規模大小、產業別及發布意願衡量盈餘預測資訊環境的差異,探討在不同的資訊環境下,盈餘預測宣告對股價變異性 (U統計量) 及異常報酬率的影響是否有明顯的差異。實證結果顯示:市場別、產業別及發布意願各自捕捉到不同的資訊環境特徵'上櫃公司、屬電子業的公司及自願性的盈餘預測,其資訊內涵分別較上市公司、非屬電子業的公司及強制性的盈餘預測大。但是,在美國文獻中常發現的規模效果,在台灣的環境下並不存在,即規模小的公司,其盈餘預測的資訊內涵並沒有明顯大於規模大的公司,這可能是因為台灣股市上市上櫃公司家數並不像美國那麼多。因此,媒體的曝光率,並不因為公司規模的大小而有明顯的差異。本研究的發現提供了在探討盈餘預測資訊內涵時,資訊環境是一個不可忽略的因素。 |
英文摘要 | This study explores the effect of environment on information content of earnings forecast announced by firms listed on Taiwan Stock Exchange (TSE) and over-the-counter (OTC). Four proxy variables are used to measure the difference of information environment among firms: listing market, firm size, industry, and mandatory vs. voluntary earnings forecast. This paper then examines the stock price variability and abnormal returns in the context of information environmental disparity. Earnings forecast is found to possess more information content in the cases of firms being listed on the OTC, firms in the electrical sector, and issuing voluntary forecast. In contrast to the significant size effect found in most U.S. literature, smaller firms in Taiwan do not exhibit higher information content of their earnings forecast. This is speculated that the extent of a firm's media exposure or analyst following does not bear a relationship with the firm size. The findings provide evidences that information environment disparity could not be overlooked when we explore the information content of earnings forecast. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。