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題名 | 法人說明會內容對未來盈餘反應係數的影響=The Effect of Conference Calls' Contents on Future Earnings Response Coefficient |
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作者 | 黃劭彥; 張森河; 王登仕; 李怡葶; | 書刊名 | 會計審計論叢 |
卷期 | 4:2 2014.12[民103.12] |
頁次 | 頁29-58 |
分類號 | 494.7 |
關鍵詞 | 法人說明會; 未來盈餘反應係數; 財務預測; Conference call; Future earnings response coefficient; FERC; Management financial forecast; |
語文 | 中文(Chinese) |
中文摘要 | 本研究提供書面證據證明法人說明會所揭露的資訊,可以改變投資人對未來盈餘的期望,進而反應在股價上。本研究發現有召開法人說明會的公司、法人說明會召開頻率愈高的公司、受券商等機構邀請而召開法人說明會的公司以及每年召開法人說明會的公司,其未來盈餘反應係數 (future earnings response coefficients, FERCs)會比較高。另外,本研究亦發現當組織績效比較差時,法人說明會內容多揭露額外財務資訊與未來盈餘反應係數會有正向的顯著關聯性。 |
英文摘要 | This study provides evidence that the information disclosed during conference call can change investors’ earnings expectation, affecting the stock price. It also discovers that the future earnings response coefficients (FERCs) are relatively high for those firms that hold conference call, hold conference call annually, hold conference call by request of brokerages or other institutions, or hold conference call more frequently. Besides, this study finds that the contents of conference calls are positively and significantly correlated with FERCs when firms have poor performances. The empirical results confirm that investors in Taiwan pay attention to the contents of conference calls. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。