分析師及管理當局盈餘預測對股票流動性之影響：來自盈餘品質的證據

The Impact of Analyst and Management Earnings Forecasts on Equity Liquidity: Evidence From Earnings Quality

林宜勉(Yi-Mien Lin) ； 劉彥余(Yen-Yu Liu) ； 楊顓和(Zhuan-He Yang)

《台灣管理學刊》 23卷1期 (2023/02) Pp. 1-23

https://doi.org/10.6295/TAMJ.202302_23(1).0001

摘要

本文探討管理當局與分析師盈餘預測的準確性，對於股票流動性的影響。本文以美國公開上市公司為研究對象，研究結果發現，在不考慮盈餘品質下，相較於分析師盈餘預測，管理當局盈餘預測的準確性對股票流動性影響較大。其次，對於低盈餘品質的公司，分析師盈餘預測的準確性愈高，股票流動性愈大；對於這類公司，投資人較不會重視管理當局的盈餘預測。此外，管理當局與分析師盈餘預測的離散程度，亦會影響股票流動性。

關鍵字

分析師盈餘預測 ； 管理當局盈餘預測 ； 盈餘品質 ； 股票流動性

並列摘要

This paper explores the impact of earnings forecast accuracy from managements and analysts on equity liquidity. This paper studies the U.S. publicly listed companies and finds that, when the earnings quality is ignored, the accuracy of management's earnings forecasts has a more significant impact on stock liquidity than the accuracy of analysts' earnings forecasts. But, for companies with lower earnings quality, the better accuracy of analysts' earnings forecasts, the greater stock liquidity. Furthermore, for those companies, investors are less likely to pay attention to management’s earnings forecasts. Additionally, the degree of dispersion in earnings forecasts from management and analysts also affects the stock liquidity.

並列關鍵字

analyst earnings forecast ； management earnings forecast ； earnings quality ； stock liquidity

參考文獻

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