English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51608376      Online Users : 728
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/95927


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95927


    Title: 財務預測宣告對信用交易影響之研究
    Voluntary Forecast versus Credit Transactions
    Authors: 唐琬珊
    Contributors: 康榮寶
    唐琬珊
    Keywords: Voluntary forecast
    margin transaction
    short transaction
    good news
    bad news
    noisy trader
    Date: 1998
    Issue Date: 2016-05-10 15:56:09 (UTC+8)
    Abstract: 　　本論文的目的，在探討我國自願性財務預測公告與證券信用交易之間的關係。信用交易的增減代表使用信用交易的投資者對某特定資訊的瞭解與使用，因此實證檢視財務預測的修正行為與信用交易增減的關係，可以敏銳地瞭解，是種特定投資者在哪個時點對財務預測修正進行理性預期，並予使用且做了較實際的交易行為。因此，本研究的測試可以瞭解使用信用交易的投資者如何使用財務預測等相關資訊。據此，本研究的結果有助於了解使用信用交易的投資者如何運用自願性財務預測資訊來做投資決策。
    　　研究期問是以民國八十四年至八十六年的資料為分析的對象，研究的結果顯示：
    　　一、在季報（半年報、年報）公告前公佈的財務預測，好消息會引起融資顯著增加，融券增加幅度雖不如融資大，但結果亦為顯著；壞消息會使融資及融券同樣顯著增加，但融資增加幅度亦較融券顯著。
    　　二、在季報（半年報、年報）公告後公佈的財務預測，好消息會引起融資顯著增加，融券增加幅度雖不如融黃大，但結果亦為顯著；壞消息會使融資及融券同樣顯著增加，但融資增加幅度亦較融券顯著。
    　　This study aims to examine the relationship between an announcement of voluntary forecasts and credit transactions, including margin and short transactions. In general, an announcement of good news would attract investor to employ margin for a long position, and vice versa. Since only noisy trader can employ credit transaction in Taiwan, this study hypothesizes that investors would follow the announcement for making rational expectation. The results of this study could help understand how noisy traders use a financial forecast. This study selects the samples occurred between 1995 and 1997 to test the established hypotheses.
    　　The empirical results can be summarized as follows.
    　　●If the announcement of voluntary forecast occurred prior to the release of quarterly, semiannual, and annual reports, both good and bad news simultaneously cause an increase of margin and short transactions during this period. However, the magnitude of margin transactions is significantly higher than that of short transactions.
    　　●If the announcement of voluntary forecast occurred subsequent to the release of quarterly, semiannual, and annual reports, both good and bad news simultaneously cause an increase of margin and short transactions during this period; however, the magnitude of margin transaction is significantly higher than that of short transaction.
    　　Since noisy traders are essentially information followers, their judgement significantly relates to functional efficiency of informational intermediaries. These empirical results imply the function of informational intermediaries requires further improvement.
    Description: 碩士
    國立政治大學
    會計學系
    85353024
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000643
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

    Files in This Item:

    There are no files associated with this item.



    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback