English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51716071      Online Users : 621
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 > 學術期刊 > 會計評論 > 期刊論文 >  Item 140.119/114692


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/114692


    Title: 股價與盈餘關係之研究：盈餘與權益帳面價值定式問題之再考量
    On the Relationship between Price and Earnings: Reconsideration of the Specification Problem of Earnings and Book Value of Equity
    Authors: 彭火樹
    Peng, Huo-Shu
    Keywords: 股價;盈餘;負盈餘;權益帳面價值
    Price;Earnings;Negative earnings;Book value of equity
    Date: 2005-01
    Issue Date: 2017-11-15 14:51:56 (UTC+8)
    Abstract: 先前研究指出列報負盈餘（即損失）的公司，其股價與盈餘的關係存在異常現象，即股價與盈餘的關係為負相關。也就是說，公司的每股盈餘(earnings per share, EPS)越是負的，其股價越高。Collins et al. (1999)將權益帳面價值加入前述的關係式後，負盈餘公司之股價與盈餘關係之異常現象即消失。因為Collins et al. (1999)所用模式之前提情況實務上並不存在，致其模式定式有問題，進而使其實證結果令人懷疑。本研究援引Ohlson (1995)之多期實證模式，指出Collins模式理論上之缺失，並比較兩模式解釋股價能力之差異。進一步更釐清負盈餘之異常現象在Ohlson (1995)多期實證模式中是否仍然存在，及權益帳面價值在股價與盈餘關係式中所居角色為何。研究結果顯示，除少數例外，Ohlson (1995)多期實證模式較Collins模式解釋股價能力為佳。且在Ohlson (1995)多期實證模式中負盈餘之異常現象並不存在，而權益帳面價值仍居股價與盈餘關係式中之主要角色。
    Previous research suggests an anomaly on the relationship between price and earnings of companies reporting negative earnings (i.e., losses). That is, price and earnings are negatively correlated; the more negative a firm`s earnings per share, the higher its stock price. However, Collins et al. (1999) find that the anomaly of negative earnings becomes insignificant after book value of equity is included as an explanatory variable in the price-earnings model. Because the assumptions of Collins` model do not exist in reality, its implications and empirical results are suspicious. This study uses a multi-period empirical model of Ohlson (1995) and compares its explanatory power with that of Collins. The findings show that, with few exceptions, the multi-period empirical model of Ohlson (1995) is superior to Collins` model, that the anomaly of negative earnings does not exist, and that the hook value of equity really plays an important role in explaining price.
    Relation: 會計評論, 40, 69-90
    Data Type: article
    DOI 連結: http://dx.doi.org/10.6552%2fJOAR.2005.40.3
    DOI: 10.6552/JOAR.2005.40.3
    Appears in Collections:[會計評論] 期刊論文

    Files in This Item:

    File Description SizeFormat
    index.html0KbHTML2476View/Open


    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