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題名 | 從產業特性、公司特質與企業盈餘看見成長新未來 |
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作 者 | 張竹萱; 陳妙盈; 蘇怡君; | 書刊名 | 產業管理評論 |
卷期 | 9:2 2017.12[民106.12] |
頁次 | 頁27-47 |
分類號 | 494.7 |
關鍵詞 | 產業特性; 無形資產; 益本比; 盈餘持續性; Industry specifics; Intangible assets; E/P ratio; Earnings persistence; |
語文 | 中文(Chinese) |
中文摘要 | 本研究從四種產業特性觀察,包含:(1)需求穩定度;(2)進入障礙難易性;(3)資本密集度;與(4)無形資產強度等,與企業未來盈餘成長持續關聯;並進一步地探究個別公司特質與產業特性間,對於企業盈餘成長持續之互補或替代特性,冀望透過結合產業特性與公司特質角度,對於企業未來盈餘成長與營運績效表現,提供更多解釋與預測力。本研究以2003年至2012年美國上市公司為觀察對象,並以企業益本比作為公司特質替代變數,實證結果發現:(1)單就產業特性觀察,需求穩定度較高之非耐久財製造業及服務業,及高進入障礙、高資本密集與高無形資產強度之產業,所屬公司未來經營績效的成長持續性較高;(2)結合產業特性與公司特質觀察時,高需求穩定、高進入障礙及高資本密集等產業特性所彰顯之盈餘持續效果能被市場合理評價及預測。但是,對於電子零組件與企業服務等無形資產強度高之產業,建議可搭配個別公司益本比表現,增益對於公司未來經營績效預測能力。 |
英文摘要 | This paper aims to explore both industry-specific effects and firm-specific determinants of firm's growth of earnings. We explore a wide variety of industry specifics, such as types of products, barriers to entry, capital and intangible intensities, and investigate the influence of these industry effects of firms' earnings persistence. Moreover, combined with firm characteristics, we further examine whether those firm- and industry-specific factors help us to predict firm's future growth of earnings. During the period of 2003 to 2012, we find that firms with industry specifics provide significant explanatory and predictability of their earnings. The firms which provide nondurable goods and services, belong to the higher barriers-to-entry industry, with higher capital intensities or intangible intensities, can diminish the speed of mean reversing earning. However, if we link firm-specific indicators of earnings persistence with industry specifics, the earnings predictability of some industry phenomena seems to disappear. The empirical results indicate that only high intangible intensity firms combine with their firm-specific earnings persistence factors, earnings-to-price ratios, add in predicting future firm performance. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。