頁籤選單縮合
題 名 | 負盈餘研究--以投資損益觀點分析=Study on Negative Earnings--The Analysis of Investment Income |
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作 者 | 謝美緞; | 書刊名 | 慈濟技術學院學報 |
卷 期 | 13 2009.04[民98.04] |
頁 次 | 頁15-34 |
分類號 | 494.76 |
關鍵詞 | 業外損益; 投資損益; 盈餘反應係數; Non-operating income; Investment income; Earnings response coefficient; |
語 文 | 中文(Chinese) |
中文摘要 | 營業外損益近年來幾乎成為部分上市櫃公司損益的主要因素,一般投資大眾對業外活動的發展往往認為是企業不務正業的表現。現針對負盈餘公司業外損益的顯著性及轉投資損益找出較為寬廣、全面與客觀的看法。 本研究是屬於關聯性研究(association study),採用橫斷面(cross-sectional)的設計,以盈餘跟所解構的盈餘組成成份與股價報酬變數進行迴歸分析,藉由盈餘反應係數不等性的測試來探討報表使用者是否會區分業內損益與業外損益;並將業外損益解構成投資損益與非投資損益的其他業外損益兩項盈餘組成成份,比較解構前後的迴歸模式的R平方,以驗證所解構的盈餘組成成份是否具有增額資訊內涵,以及業外損益中的投資損益項目與營業損益兩者的盈餘反應係數是否具顯著的差異,以瞭解報表使用者是否將投資損益視為業內盈餘。 研究係以台灣上市櫃公司為研究對象,採用其年度盈餘資料與股價報酬來探討負盈餘公司,結果發現業外損益中的投資損益項目與營業損益的盈餘反應係數具有顯著的差異性,即投資人會同等看待投資損益與營業損益;將業外損益再解構為投資損益與非投資損益的其他業外損益兩項盈餘組成成份亦具有增額資訊內涵。 |
英文摘要 | While non-operating income have played an important role in some firm’s total earnings, investors often view non-operating income as negative news. The purpose of this study is to provide evidence on significance and possible drivers of non-operating income, and try to explore more comprehensive and objective view. This work belongs to association study and uses cross sectional design. The regression analyzes the relationship between earnings and stock returns. There are information contents in continued operation segment income, operation income and other income. We found that the earnings response coefficient of other income in company’s financial statements was higher than others. And it did reach statistically significant level. To sum up, investors do care about the information of other income. |
本系統中英文摘要資訊取自各篇刊載內容。