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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/110794


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    题名: 投資人情緒是否影響資訊解讀-以月營收揭露為例
    The effect on sales information on sentiment and stock returns
    作者: 張軒瑜
    贡献者: 周冠男
    張軒瑜
    关键词: 月營收資訊
    股票報酬
    投資人情緒
    行為財務學
    Sales information
    Stock returns
    Investor sentiment
    Behavioral finance
    日期: 2017
    上传时间: 2017-07-11 11:28:20 (UTC+8)
    摘要: 本研究旨在探討投資人情緒與月營收資訊是否能夠解釋台灣股票報酬，以及投資人情緒是否影響對於月營收資訊的解讀。實證結果發現，前期月營收資訊、前期投資人情緒以及兩者乘積對當期股票報酬有顯著的正向影響。表示月營收資訊的揭露能帶給投資人資訊，作為交易時的考量，而前期投資人情緒能夠部分解釋當期股票報酬。兩者乘積表示營收資訊和投資人情緒為同期時，投資人對於資訊的解讀會受到情緒影響，進而影響股票的報酬。進一步探討，當投資人面對月營收成長率高、月營收波動低時，對於其月營收資訊的解讀傾向伴隨著情緒。
    This study wants to discuss whether sales information and investor sentiment could explain Taiwan stock market and whether investor sentiment affects their interpretation on sales information. The empirical results show that the sales information last period, investor sentiment last period and the multiplication of these two are significantly positively correlated to current stock returns. It indicates that the sales disclosure is informative to investors as a consideration while trading and investor sentiment can partially explain the stock returns. The estimate of multiplication which is positive indicates that when sales information and investor sentiment are in the same period, investors’ interpretation on sales information would be affected by their sentiment, and further affecting the stock returns. We further find that when companies have the characteristics of high sales growth rate and low sales volatility, their sales information tends to be interpreted by investors emotionally.
    參考文獻: The Research Center for Taiwan Economic Development (RCTED), National Central University http://rcted.ncu.edu.tw/upload.phtml
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    描述: 碩士
    國立政治大學
    財務管理研究所
    104357019
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0104357019
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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