健全財務報表品質與分析師盈餘預測之相關性研究－以公司治理與審計品質觀點探討

The Relationship Between the Financial Statements Quality and Analysts’ Earnings Forecasts-to Discuss Quality of the Corporate Governance and Audit Perspective

王明昌(Ming-Chang Wang) ； 周邦營(Pang-Ying Chou)

《弘光學報》 74期 (2014/12) Pp. 14-38

https://doi.org/10.6615/HAR.201412.74.02

摘要

本研究試圖探討公司治理品質與審計品質是否會影響分析師之盈餘預測誤差，由於分析師在資訊的搜集與專業能力上皆優於一般投資者，故大多數理性的投資者會在進行投資行為前參考分析師之研究報告，也因此分析師盈餘預測之準確性對於投資者而言是種重要的投資指標。而本研究會以2001-2012年間臺灣證券交易所上市公司為研究樣本，並以公司治理品質與審計品質指標來討論其與分析師盈餘預測之關連性。實證結果顯示，當公司治理與審計品質愈佳時，分析師盈餘預測誤差顯著降低，分析師盈餘預測也較為精確。此外，本研究也發現分析師盈餘預測之波動性也會受到公司治理與審計品質的影響，隱含整體證券市場的分析師在公司治理與審計品質愈佳時對個股未來看法會愈趨一致。

關鍵字

盈餘預測誤差 ； 公司治理 ； 審計品質 ； 資訊揭露

並列摘要

This study investigated the influence of the quality of corporate governance and audit on analysts´ earnings forecast. Analysts in the gathering of information and professional competence are better than ordinary investors, so most rational investors will reference analysts´ research report before they making investment behavior. So the accuracy of analysts' earnings forecasts for investors is an important investment indicator. The Companies listed on the Taiwan stock exchange (TWSE) between 2001 and 2012 were used as the research sample. This study discuss the quality of corporate governance, audit and analysts´ earnings forecast errors related. The empirical results indicated that when the better quality of the corporate governance and audit, analysts´ earnings forecast error is significantly reduced, and analysts' earnings forecasts are more accurate. This study also found that the stock market analyst in the better quality of corporate governance and audit the views in the future will increasingly consistent.

並列關鍵字

Earnings Forecast Errors ； Corporate Governance ； Audit ； Information Disclosure

參考文獻

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