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題 名 | 臺灣經理人員主動揭露盈餘預測之實證研究=The Empirical Investigation of Voluntary Management Earnings Forecasts |
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作 者 | 方智強; 吳安妮; | 書刊名 | 會計評論 |
卷 期 | 30 1997.03[民86.03] |
頁 次 | 頁253-269 |
分類號 | 494.7 |
關鍵詞 | 經理人員盈餘預測; 分析師盈餘預測; 好消息; 壞消息; 中性消費; 資訊內涵; Management earnings forecasts; Analyst's earnings forecasts; Good news; Bad news; Neutral news; Information content; |
語 文 | 中文(Chinese) |
中文摘要 | 本文使用較新的資料,並以經理人員揭露盈餘預測前的分析師預測,當作市場的 盈餘預期,重新探討臺灣經理人員主動揭露盈餘預測的資訊內涵。 實證結果發現:( 1 ) 臺灣經理人員主動揭露的盈餘預測並非全為有利於公司的「好消息」,過半數的盈餘預測比 市場預期的還低;( 2 )經理人員揭露之盈餘預測較揭露前之分析師預測更準確;( 3 ) 當盈餘預測屬於「中性消息」或「壞消息」時, 預測值有過分樂觀(高估)的傾向; ( 4 )揭露期間的股價調整,與未預期盈餘(經理人員之預測與市場預期的差距)成正相關,顯 示經理人員之盈餘預測帶來有用的資訊,使股價做相應的調整。 |
英文摘要 | Focusing on recent data and using analyst's earnings forecasts before management earnings forecasts as market earnings expectations, this study reinvestigates the information content of Taiwanese management earnings forecasts. The empirical results suggest the followings:(1)Taiwanese management does not voluntarily disclose only good news. More than half of the forecasts is lower than the market expectations.(2) Management earnings forecasts are more accurate than the analyst's earnings forecasts before management forecasts.(3)When the management earnings forecasts are not good news, the forecasts tend to be optimistic (overstated).(4)The stock price revision during the disclosure period is positively correlated to unexpected earnings which are the difference between management earnings forecasts and market expecation. This study suggests that management earnings forecasts convey useful information and bring about the reaction of stock price. |
本系統中英文摘要資訊取自各篇刊載內容。