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Please use this identifier to cite or link to this item:
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/33568
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| Title: | 損益平穩化與營業績效之資訊內涵 |
| Other Titles: | Information content of income smoothing and operating performance |
| Authors: | 李欣怡;Li, Hsin-yi |
| Contributors: | 淡江大學會計學系碩士班
顏信輝;Yen, Sin-hui |
| Keywords: | 損益平穩化;盈餘反應係數;現金流量反應係數;精明投資人;Income smoothing;earnings response coefficient;cash flow response coefficient;sophisticated investors |
| Date: | 2007 |
| Issue Date: | 2010-01-11 04:17:40 (UTC+8) |
| Abstract: | 本研究探討損益平穩化之程度與其當期及未來資訊內涵之關聯性，以及營運績效的好壞之資訊內涵，且進一步探討當精明投資人持有股份相對較多時，公司進行損益平穩化是否更能增進公司內部盈餘之資訊。結果顯示，當公司損益平穩化程度越高時，則未來盈餘反應係數越大，表示損益平穩化會使股票報酬更具資訊性，但本研究也發現公司損益平穩化程度越高時，當期盈餘反應係數越小。此外，本文也發現報導損失之公司，其當期及未來盈餘反應係數較報導利潤之公司低，以及公司報導營業活動之現金流量為負時其當期營業活動之現金流量反應係數低於報導營業活動之現金流量為正之公司，顯示公司報導損失或營業活動之現金流量為負時，因為通常都是暫時性的故其股票報酬的資訊性較低，不過其未來營業活動之現金流量反應係數高於報導營業活動之現金流量為正之公司，本研究推論因為現金流量是有實質的效果，所以當現金流量為負值時投資人應該會比較關注，所以其反應係數較高，而進一步發現當區分投資人之精明程度時，投資人精明程度比重較高，因其會辨識盈餘資訊而認為公司進行損益平穩化會增加其資訊內涵，故當期及未來盈餘反應係數相較於投資人精明程度較低者高。
The aim of this study is to examine the relationship between degree of income smoothing and which information content, operating performance’ information content, and examine the relationship between degree of income smoothing and which information content while firms have more degree of shareholder sophistication for fiscal year. I find that firms with greater smoothing have more future earnings response coefficient, implying that income smoothing make stock prices more informative, but I also find that firms with greater smoothing have less current earnings response coefficient. Besides, I also find that firms report negative earnings for fiscal year, which have less current and future earnings response coefficient than report positive earnings, and firms report negative cash flows from operating for fiscal year, which have less current cash flow response coefficient than report positive cash flows. Indicating that firms report negative earnings or cash flow, because losses are more transitory and which stock prices less information but which future cash flow response coefficient more than report positive cash flows. Inference of this study because cash flow have substance effect, so when firms have negative cash flows investor more care about it, which have more cash flow response coefficient, and further find while distinguishing the degree of sophisiticated investor, investor the sophisiticated degree proportion is higher. Because they know information of the earnings, firms have more degree of shareholder sophistication for fiscal year, which have more current and future earnings response coefficient than which have less. |
| Appears in Collections: | [會計學系暨研究所] 學位論文
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