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Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/69658
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| Title: | 管理當局在盈餘宣告前提供預警訊息（預測資訊）給投資者之實証研究 |
| Other Titles: | Managers Provide Warning Signals (Forecasts Information) Prior to the Announcement of Large Earnings Surprises |
| Authors: | 吳安妮 |
| Contributors: | 會計學系 |
| Keywords: | 盈餘宣告;分析師預測;盈餘預測;預警訊息;代理成本
Earnings announcement;Analysts` forecast;Earning forecast;Warning signal;Agency cost |
| Date: | 1997 |
| Issue Date: | 2014-09-09 17:37:00 (UTC+8) |
| Abstract: | 本研究探討下列幾項重要主題:(1)台灣之管理者是否在自覺當「實際盈餘」之實現性有大意外前,提供預警訊息(如盈餘預測)給投資者?(2)有提供預警訊息之公司與未提供預警訊息之公司,其在特質上有何差異呢?(3)投資者對預測之預警訊息之反應如何呢?尤其對好消息或壞消息之反應是否不同呢?(4)除了提供盈餘預測此預警訊息外,台灣之管理者是否會提供其他營運性或非營運性之訊息(如:資本支出、資產出售利得、股利政策變動)等預警訊息給投資者呢?又投資者對這些資訊之反應如何呢?又投資者大盈餘意外之反應為何呢?< 經過實證研究結果,本研究得到下列幾項結論:(1)管理當局在實際盈餘之實現有大意外前,大部分並不會事先主動地提供預測預警之訊息給外界。(2)對壞消息公司而言,盈餘實現之意外性越大的公司,管理當局越可能提供預警訊息,但對好消息公司而言,盈餘實現之意外性並不是提供預警訊息的原因。(3)對好或消息公司而言,公司之規模越大,管理當局越可能提供預警訊息,且所揭露的警訊與盈餘也越直接相關。(4)高科技產業及受管制產業等產業別因素並非影響管理當局揭露政策的主要因素。(5)投資者對好消息之預警訊息有正向之股價反應,但對壞消息則未有負面之股價反應。(6)投資者對發布警訊之公司有部分之正面的評價。由於經理人的警示,提供了投資者從事投資決策的有用資訊,所以對發布警訊之公司而言,其股票報酬率會較高。
This study exam some significant issues: (1) Do managers provide "warning signals"---forecasts information prior to the announcement of large earnings surprises? (2) What are the attributes distinguishing warning from no warning firms? (3) How do investors react to the food news or bad news forecasting warning signals? (4) Do managers provide other warning signals---operating or non-operating information prior to the announcement of large earnings surprises? How do investors react to those signals?< The empirical results of this research is as follows: (1) Most managers didn`t provide "warning signals"---forecasts information prior to the announcement of large earnings surprises. (2) The larger the earnings surprise in the company, the more possible for the managers provided warning-signal to outsides. (3) The larger the size of firms, the more possible for the managers to provide warning-signal to outsides. (4) Investors react positively to the good news of forecasting warning-signal, but not bad news. (5) Investors react positively commends to warning-signal-announcing firms. |
| Relation: | 行政院國家科學委員會
計畫編號NSC86-2416-H004-026 |
| Data Type: | report |
| Appears in Collections: | [會計學系] 國科會研究計畫
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