English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51738798      Online Users : 592
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
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30297
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30297


    Title: 我國財務預測制度與資訊不對稱之關聯性研究
    Authors: 林盈妗
    Lin, Ying Ching
    Contributors: 林美花
    林盈妗
    Lin, Ying Ching
    Keywords: 財務預測
    資訊不對稱
    股票交易量
    股價變異性
    市場深度
    Financial forecast
    Information asymmetry
    Trading volume
    Price volatility
    Market depth
    Date: 2005
    Issue Date: 2009-09-11 17:37:12 (UTC+8)
    Abstract: 過去研究指出,公司管理當局可藉由即時揭露更多攸關資訊以降低市場之資訊不對稱,而管理當局所發布之財務預測亦為揭露資訊之一種。我國證管會於民國八十年五月起正式實施強制性財務預測制度,影響資本市場甚鉅。本研究旨在探討管理當局所發布之財務預測對資本市場資訊不對稱之影響,進而推論我國強制性財務預測制度對於降低資本市場之資訊不對稱是否有其功效。
    本研究採用股票交易量、股價變異性及市場深度作為資訊不對稱之代理變數,實證結果顯示:
    1.在強制性財務預測制度實施前,自願發布財務預測之公司於預測發布後,其資訊不對稱顯著較預測發布前降低;然與未發布財務預測公司相較之結果卻顯示,以股票交易量為資訊不對稱之代理變數時,發布財測公司於預測發布後之資訊不對稱反而顯著較未發布財測者為高。
    2.在強制性財務預測制度實施後,強制或自願發布財務預測之公司於預測發布後,其資訊不對稱程度仍顯著較其發布前降低;而以股價變異性為資訊不對稱代理變數之結果亦顯示,發布財測公司於預測發布後之資訊不對稱顯著較未發布公司為低。
    3.以市場深度為資訊不對稱代理變數之結果顯示,在強制性財務預測制度實施後,發布強制性財務預測之公司,其資訊不對稱於預測發布後顯著降低;此外,與發布自願性財務預測公司相較之結果顯示,發布強制性財測公司於預測發布後,其資訊不對稱程度不顯著高於發布自願性財務預測者。
    A firm can increase levels of disclosure to lower the information asymmetry. Financial forecast released by managers is also one of information about corporation. Our country began to implement the mandatory financial forecast regulations since May, 1991. This study mainly investigates the association between financial forecast released by companies and the mandatory financial forecast regulations. Furthermore , it also investigates that if the regulations effectively mitigate information asymmetry.
    This study uses trading volume, price volatility, and market depth as proxies for the information asymmetry. The empirical results show that:
    1.Before May, 1991, corporations with voluntary forecast significantly mitigated the information asymmetry after the forecast released. But the information asymmetry (use trading volume as a proxy) of corporations after forecast released was not significantly lower than corporations without forecast.
    2.After May, 1991, corporations with mandatory or voluntary forecast also significantly mitigated the information asymmetry after the forecast released. And the information asymmetry (use price volatility as a proxy) of corporations after forecast released was significantly lower than corporations without forecast.
    3.After May, 1991, corporations with mandatory forecast significantly mitigated the information asymmetry (use market depth as a proxy) after the forecast released. And the information asymmetry of corporations after mandatory forecast released was not significantly higher than corporations with voluntary forecast.
    Reference: 中文部分
    宋義德,1996,管理當局自願性財務預測準確性與資訊內涵之研究,國立政治大學會計研究所未出版碩士論文。
    吳安妮,1993,臺灣經理人員主動揭露盈餘預測資訊內涵之實證研究,會計評論,第27期(4月):76-107。
    吳安妮,1997,臺灣經理人員主動揭露盈餘預測之實證研究,會計評論,第30期(3月):253-269。
    李建然,1997,影響台灣上市公司自願性盈餘預測行為因素之研究,國立政治大學會計研究所未出版博士論文。
    李建然,2000,影響台灣上市公司自願性盈餘預測頻率之研究,會計評論,第32期:49-79。
    金成隆、林修葳和林美鳳,2002,新上市公司股價異常漲跌與財務預測關係之研究,會計評論,第34期,第31-56頁。
    林靜香,1994,我國財務預測公告資訊內涵之研究,國立政治大學會計研究所未出版碩士論文。
    許盟,1999,我國董事會結構與自願性盈餘預測行為之研究,國立政治大學會計研究所未出版碩士論文。
    陳北緯,1995,臺灣地區上市公司財務預測宣告前後股票價差行為之研究,國立中正大學會計研究所未出版碩士論文。
    楊金鳳,1998,強制性財務預測揭露對法人投資機構交易量之影響,國立政治大學會計研究所未出版碩士論文。
    廖靜如,1994,準不準有關係!財務預測資訊公開體系換檔躍進,會計研究月刊,第102期(5月):19-24。
    蔡玉璇,2000,強制性財務預測對股價及交易量影響之研究,國立政治大學會計研究所未出版碩士論文。
    蔡醒亞,1999,我國上市公司月營業收入與股票交易量關聯性,國立政治大學會計研究所未出版碩士論文。
    賴虹霖,2004,我國財務預測制度改革之實證研究,國立台北大學會計研究所未出版碩士論文。
    英文部分
    Affleck-Graves, J., C. M. Callahan, and N. Chipalkatti. 2002. Earnings predictability, information asymmetry, and market liquidity. Journal of Accounting Research 40 (June): 561-583.
    Allen, F. and G. R. Faulhaber. 1989. Signaling by underpricing in the IPO market. Journal of Financial Economics 23 (August): 303-323.
    Atiase, R. K. 1985. Predisclosure information, firm capitalization and security price behavior around earnings announcements. Journal of Accounting Research 23 (Spring): 21-36.
    Atiase, R. K. 1987. Market implications of predisclosure information, size and exchange effects. Journal of Accounting Research 25 (Spring): 168-176.
    Bamber, L. S., and Y. S. Cheon. 1995. Differential price and volume reactions to accounting earnings announcements. The Accounting Review 70 (July): 417-441.
    Barth, M. E. and R. Kasznik. 1999. Share repurchases and intangible assets. Journal of Accounting and Economics 28 (December): 211-241.
    Bartov, E., and G. Bodnar. 1996. Alternative accounting methods, information asymmetry and liquidity: theory and evidence. The Accounting Review 71 (July):397-418.
    Beaver, W. 1968. The information content of annual earnings announcements. Journal of Accounting Research 6 (Supplement): 67-92.
    Beaver, W. 1998. Financial reporting: an accounting revolution. 3rd ed. Prentice-Hall.
    Bushman, R., and A. Smith. 2001. Financial accounting information and corporate government. Journal of Accounting and Economics 32: 237-333.
    Chiang, R. and P. C. Venkatesh. 1988. Insider holdings and perceptions of information asymmetry: a note. The Journal of Finance 43 (September): 1041-1048.
    Coller, M. and T. L. Yohn. 1997. Management forecasts and information asymmetry: an examination of bid-ask spreads. Journal of Accounting Research 35 (Autumn): 181-191.
    Collins, D. 1975. SEC product-line reporting and market efficiency. Journal of Financial Economics 2 (June): 125-164.
    Copeland, T. E., and D. Galai. 1983. Information effects on the bid-ask spread. The Journal of Finance 38 (December): 1457-1469.
    Daouk, H., C. M. C. Lee, and D. Ng. 2004. Capital market governance: how do security laws affect market performance. Working Paper. University of Ithaca.
    Demsetz, H. 1968. The cost of transacting. Quarterly Journal of Economics (February): 33-35.
    Epps, T. 1976. The demand for brokers’ services: the relation between security trading volume and transaction cost. Bell Journal of Economics 7 (Spring): 163-194.
    Glosten, L. R., and P. R. Milgrom. 1985. Bid, ask, and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics 14 (March): 71-100.
    Grinblatt, M. and C. Y. Hwang. 1989. Signaling and the pricing of new issues. Journal of Finance 44 (June): 393-420.
    Hakansson, N.H. 1977. Interim disclosure and public forecasts – an economic analysis and a framework for choice. The Accounting Review 52 (April):396-416.
    Hamilton, J. 1978. Marketplace organization and marketability: NASDAQ, the stock exchange, and the national market system. The Journal of Finance 33 (May): 487-503.
    Imhoff, E., and G. Lobo. 1992. The effect of ex ante earnings uncertainty on earnings response coefficients. The Accounting Review 67 (April): 427-439.
    Karpoff, J. 1986. A theory of trading volume. The Journal of Finance 41 (December): 1069-1087.
    King, R. G. Pownall and G. Waymire. 1990. Expectations adjustment via timely management forecasts: review, synthesis, and suggestions for future research. Journal of Accounting Literature 9: 113-144.
    Korajczyk, R., D. Lucas, and R. McDonald. 1991. The effect of information releases on the pricing and timing of equity issues. Review of Financial Studies 4 (4): 685-708.
    Lang, M., and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (Autumn): 246-271.
    Leuz, C. 1999a. Proprietary versus non-proprietary disclosures: voluntary cash flow statements and business segment reports in Germany. Working Paper. University of Pennsylvania.
    Leuz, C. 2003. IAS versus U.S. GAAP: information asymmetry-based evidence from Germany’s new market. Journal of Accounting Research 41 (June):445-472.
    Leuz, C., and R. E. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38 (Supplement): 91-124.
    Lev, B. 1988. Toward a theory of equitable and efficient accounting policy. The Accounting Review 18 (Jaunary): 1-22.
    Marquardt, C., and C. Wiedman. 1998. Voluntary disclosure, information asymmetry and insider selling through secondary equity offerings. Contemporary Accounting Research 15 (Winter): 505-537.
    Mendelson, H. 1985. Random competitive exchange: price distributions and gains from trade. Journal of Economic Theory 37 (December): 254-280.
    Milgrom, P. 1981. Good news and bad news: representation theorems and applications. Bell Journal of Economics 12 (Autumn):380-391.
    Mohd, E. 2005. Accounting for software development costs and information asymmetry. The Accounting Review 80 (October): 1211-1231.
    Morse, D., and N. Ushman. 1983. Effect of information announcements on the market microstructure. The Accounting Review 58 (April): 247-258.
    Ohlson, J. 1979. On financial disclosure and the behavior of security prices. Journal of Accounting and Economics 8 (December): 211-232.
    Pincus, M. 1983. Information characteristics of earnings announcements and stock market behavior. Journal of Accounting Research 21 (Spring): 155-183.
    Rogers, J. L., and P. C. Stocken. 2005. Credibility of management forecasts. The Accounting Review 80 (October): 1233-1260.
    Ross, S. 1979. Disclosure regulations in financial market: implications of modern finance theory and signaling theory. Key Issues in Financial Regulation: 177-201.
    Roulstone, D. T. 2003. Analyst following and market liquidity. Contemporary Accounting Research 20 (Fall) :551-570.
    Ruland, W., and S. Tung, and N.E. George. 1990. Factors associated with the disclosure of manager’s forecasts. The Accounting Review 65 (July): 710-721.
    Pownall, G., and G. Waymire. 1989. Voluntary disclosure credibility and securities prices: evidence from management earnings forecasts, 1963-73. Journal of Accounting Research 27 (Autumn): 227-245.
    Pownall, G., C. Wasley, and G. Waymire. 1993. The stock price effects of alternative types of management earnings forecasts. The Accounting Review 68 (Autumn): 85-105.
    Shefrin, H. and M. Statman. 1993. Ethics, fairness and efficiency in financial markets. Financial Analysts Journal 49 (Nov/Dec):21-29.
    Skinner, D. L. 1994. Why firms voluntarily disclose bad news?Journal of Accounting Research 32 (Spring): 38-60.
    Stoll, H. 1989. Inferring the components of the bid-ask spread: theory and empirical tests. The Journal of Finance 44 (March): 115-134.
    Venkatesh, P. C., and R. Chiang. 1986. Information asymmetry and the dealer’s bid-ask spread: a case study of earnings and dividend announcements. The Journal of Finance 41 (December): 1089-1102.
    Verrecchia, R. 1983. Discretionary disclosure. Journal of Accounting and Economics 5 (December):179-194.
    Wang, J. 1993. A model of intertemporal asset prices under asymmetric information. The Review of Economic Studies 60: 249-282.
    Williams, J. 1986. Financial anomalies under rational expectations: a theory of annual size and related effects. Working Paper, New York University.
    Wilson, R. 1975. Informational economies of scale. Bell Journal of Economics 6 : 184-195.
    Description: 碩士
    國立政治大學
    會計研究所
    92353017
    94
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0923530171
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2349View/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