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    題名: 以文字探勘分析致股東報告書與企業投資及股利發放決策間之關聯性
    The Association between Reports to Shareholders, Corporate Investment and Dividend Payout Decisions：Using Text Mining Approach
    作者: 許敏柔
    Hsu, Min-Jou
    貢獻者: 張祐慈
    Chang, Yu-Tzu
    許敏柔
    Hsu, Min-Jou
    關鍵詞: 致股東報告書語調
    過度投資及投資不足
    股利發放
    自信程度
    BERT
    Tone of Reports to Shareholders
    Overinvestment and Underinvestment
    Dividend Payout
    Confidence Level
    BERT
    日期: 2023
    上傳時間: 2023-08-02 13:25:09 (UTC+8)
    摘要: 本研究討論致股東報告書之資訊內涵，先應用BERT模型對2016年至2020年我國上市(櫃)企業揭露之致股東報告書進行文字探勘，分析出此文本資訊之語調，再探討該語調與企業下年度投資及股利發放決策之關聯性，以了解致股東報告書能否提供投資人更多有關企業的重要訊息。過去文獻指出，管理階層呈現於文本資訊(例如MD&A)之語調得反映出其自信程度，該自信程度又對企業過度投資、投資不足及股利發放情形潛藏影響，故致股東報告書語調應能與投資及股利決策連結。
    實證結果顯示，該報告書確實就前述決策之走向具備預測能力，其語調與企業下年度過度投資、投資不足程度分別呈顯著正相關及負相關；另一方面，語調與企業下年度股利發放之程度同樣存在顯著關聯，方向為負。而以上結果亦間接證實致股東報告書語調能捕捉到管理階層的自信程度。
    This study focuses on the information content of Reports to Shareholders (RTS). First, I applied BERT model to analyze the tone of RTS of listed companies in Taiwan from 2016 to 2020. Then, I investigated the association between the tone of RTS, company’s investment and dividend payout decisions in the next year to explore whether RTS is informative to investors. The literature shows that the management tone presents in the textual information (e.g. MD&A) reflects a manager’s level of confidence, which has a potential impact on corporate investment level and dividend payout level. In the same vein, the tone of RTS may link to those investment and dividend decisions.
    The empirical results show that the tone of RTS is significantly positively associated with the degree of overinvestment and negatively associated with the degree of underinvestment in the following year. I also find a significant, negative association between the tone and the next year’s dividend payout level. These findings indicate that RTS has predictive power over corporate decisions and the tone of RTS can be used to capture the level of confidence of management.
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    描述: 碩士
    國立政治大學
    會計學系
    110353022
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0110353022
    資料類型: thesis
    顯示於類別:[會計學系] 學位論文

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