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來源資料
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題 名 | 臺灣上市公司月盈餘揭露行為之實証研究=The Monthly EPS Disclosure Policies of Firms Listed on the Taiwan Stock Exchange |
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作 者 | 金成隆; 林修葳; | 書刊名 | 證券市場發展季刊 |
卷 期 | 10:3=39 1998[民87.] |
頁 次 | 頁31-63 |
分類號 | 563.54 |
關鍵詞 | 月盈餘變異性; 揭露頻率; 經常性自願揭露; 選樣偏鋘; Monthly EPS variability; Disclosure frequency; Selection bias; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究以民國七十八至八十五年資料,實證檢視國內上市公司自願性月盈餘揭露 行為,暨資本市場對月盈餘揭露頻率不同企業未預期月盈餘值的反應差異。本研究特點是( 1 )因自願性揭露環境的特殊性, 這項檢測係針對國內公司資料( 2 )提出克服選樣偏誤 的實證設計。 研究結果為( 1 )月盈餘變異性較小(大)的公司,較傾向於經常(非經常 )作月盈餘揭露, ( 2 )非經常揭露者會選擇業績較佳月份作自願性盈餘揭露的假說未獲 支持,( 3 )股價被資本市場評為不佳, 但同期間業績較過去良好時,非經常性揭露者的 揭露頻率, 並未顯著高於經常性揭露者,( 4 )採行經常性月盈餘揭露政策的公司,其反 應係數顯著高於非經常揭露者。 |
英文摘要 | This study examines the monthly EPS disclosure decisions of firms listed on the Taiwan Stock Exchange (TSE) during 1989-1996 and documents the followings: (1) Firms with greater earnings variability disclose the EPS's on a less frequent basis. (2) There exists no corroborative evidence that firms with greater earnings volatility choose to disclose their EPS in months with more positive earnings surrprises. (3) When they are with unfavorable prior-period security returns but positive monthly earnings surprises, less frequently disclosing firms do not have signficantly stronger incentives to disclose their EPS's than more frequently disclosing ones. (4) Consis tent with the notion that the market perceives the less frequent disclosure providers as more cyclical firms, EPS reporting frequency serves as a variable to earnings response coefficient. Aiming at TSE firms' unique disclosure environment, this study also contributes to research work in the related fields via identifying the potential of two types of selection biases and presenting measures to mitigate them. |
本系統中英文摘要資訊取自各篇刊載內容。