- 學位論文
應計品質，股利變動和未來經營績效的關係: 以台灣公司為例
Accrual Quality, Dividend Change, and Future Operating Performance: Evidence from Taiwan
摘要
本文研究以1995至2012年非金融、燃料、能源產業之台灣上市、上櫃、下市、下櫃公司為樣本，瞭解股利的發放是否傳達公司未來經營績效，在探討應計品質低的公司，其股利變動加強傳達未來經營績效的訊息。 以總流動應計項目、以前一年、當年、後一年營運現金，銷售淨額變化量，固定資產之變數，求得應計品質，以單變量比較和迴歸分析方法，探討股利變動傳達未來經營績效的訊息，以及應計品質低的公司，其股利變動加強傳達未來經營績效的訊息。綜合以上，本研究結果發現股利變動傳達未來異常經營績效。以及當公司治理不佳、應計品質低的公司，其股利正變動加強傳達未來經營績效的訊息，然而應計品質低，其股利負變動的公司並沒有傳達未來異常經營績效。
並列摘要
In this study, TEJ Database from 1995 to 2012 non-financial, fuel and energy industry, GTSM, TWSE, GTSM-Delisted, TWSE -Delisted as samples. This study takes both univariate control-firm approach and regression approach, to understand whether a firm’s dividend change conveys information about its future operating performance, and a firm’s accrual quality will make a difference with regard to the strength of information conveyance of dividend changes to the future operation performance. The total current accruals, a year ago, current, after a year of cash flow, the amount of change in net sales, fixed assets variables, calculated accrual quality. Based on the above, the results of the study found that abnormal changes in dividend convey future operating performance. As well as poor corporate governance, low accrual quality with a positive change in the dividend to strengthen convey the message of the future operating performance, but low accrual quality with a negative change in the dividend does not strengthen convey a negative future abnormal operating performance.