本研究將以盈餘、帳面價值以及股利等三種會計資訊,本身所具有之前後期相關性,配合股價為未來股利折現的假設,來構建股票評價模型,以探討股利對於股價是否為正相關關係,並分析此三種模型在會計資訊與股價的關聯性中,是否存在增額資訊內涵的差異。 將會計資訊本身所具備的前後期相關性(會計資訊的自我迴歸特質),導入股票評價模式中構建。共建立純股利模型,結合盈餘與帳面價值評價模型,以及綜合股利、盈餘、與帳面價值共存的評價模型。實證結果發現: 一、股利對於股價為正相關關係 由實證結果顯示,股利在1999年至2003年間,係數方向與預期結果相同均為正向關係。 二、純股利模型,結合盈餘與帳面價值評價模型,以及綜合股利、盈餘、與帳面價值共存的評價模型等三種評價模型,在分析會計資訊與股價的關聯性中,的確存在增額資訊內涵的差異。
This research is studing three kind of accounting information(the earnings, the book value and the dividend), the relavance between consecutive accounting periods, the hypothesis of the stock price as the future dividend discount to build the stock appraisal model. Further, we will discuss whether there is positive correlation between the dividend and stock price; analyze the connection between the accounting information and the stock price when the volum of the three accounting information models are increased. The relavance between consecutive accounting periods(accounting information self-return special charateristic)will be constructed in to the stock appraisal pattern to establish A)the pure dividend model, B)the combined earnings-book value apprasial model, and C)the synthesis of the dividend, the earnings and the book value appraisal model. From tests we found: First, there is positive correlation between the dividend and the stock price. From 1999 to 2003, by tests, the coefficient and the anticipated result of the dividend has the same direction. Second, the volume of information between the three accounting models and the stock price is relevant. By test, the pure dividend model, the combined earniings-book value appraising model, and the syntesis of the dividend, the earnings, and the book value appraisal model will increase the accuracy of the stock price when increase the volume of the differant kind accounting information.