金控業月營收資訊內涵之研究

The Information Content of Financial Holding Companies’Monthly Revenue Announcements

宋乃玟(Nai-Wen Sung)

指導教授 ： 蔡彥卿

國立臺灣大學/管理學院/會計學研究所/碩士(2009年)

https://doi.org/10.6342/NTU.2009.10579

摘要

金融控股法(以下簡稱金控法)在民國九十一年一月正式實施，至今國內已成立共十五家金控公司，旗下涵蓋銀行、證券與保險等子公司，業務規模龐大。金控法第三十六條規定金控業者不得經營投資子公司以外的業務，導致金控母公司本身的收益僅包含對子公司的投資收入，而費用亦僅有管理支出；配合證券交易法第三十六條規範上市櫃公司每月十日之前需公告申報上月營收額此項規定，上市櫃的金控業者需在每月十日前呈報上月營收額，因金控業者之營收僅來自投資收益，係各子公司淨利乘以被持股比例而得，在無其他收入支出的情況下，金控業者每月公告的營收額應貼近於盈餘。過去國內針對月營收資訊內涵的研究多未涵蓋金控產業，本研究欲先探討金控業月營收公告資訊內涵的有無，再比較金控業是否因其營收貼近盈餘的特殊性質，使其月營收公告傳遞更多資訊內涵。
本研究蒐集民國九十一年一月至民國九十八年二月金控業與同樣包含自公司營運成果的自願公告合併月營收之上市櫃公司，每月公告之月營收為樣本，利用短窗期的事件研究法探討未預期營收與股票累積異常報酬率之間的關聯，研究結論如下：
1.金控業營收較一般產業營收更貼近盈餘。
2.金控業月營收公告在「營收特定時間序列模式」以及「營收簡單模式」之下，皆具有資訊內涵。
3.自願公告合併月營收之上市櫃公司其月營收公告在營收簡單模式之下，亦具有資訊內涵，唯金控業月營收對股價傳遞更多資訊。
4.金控業實際月營收與股票累積報酬率具有關連性。

關鍵字

金控業 ； 月營收 ； 合併月營收 ； 資訊內涵

並列摘要

“The Financial Holding Company Act” was put into practice in January 2002, there have been 15 financial holding companies formed until now, included banks、securities companies or insurance companies as son companies. The 36th regulation of the Financial Holding Act ask financial holding company could only run their business by invest the son companies. And the 36th regulation of the Security Exchange Act requires the public companies announce their monthly revenue of last month by the 10th day of the current month. So the financial holding company must announce their monthly revenue every month, and those revenues in fact are nearly equal monthly earnings. The purpose of this study is to examine whether the financial holding companies’ monthly revenue announcement contains information content, and would those special revenues announcement contain more information content than the other normal companies’ revenues.
The findings of this study are summarized as follows:
1. The financial holding company’s revenue is more close to the earning than other normal company’s.
2. The financial holding company monthly revenue announcement contains information content.
3. The normal company which has announced the consolidated monthly revenue voluntarily whose monthly revenue announcement also contains information content. But the result of the financial holding company’s regression is more significant than the normal company.
4. There is relevance between the financial holding company’s monthly revenue and the cumulated stock retune.

並列關鍵字

Financial Holding Company ； Monthly Revenue ； Consolidated Revenue ； Information Content

參考文獻

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