- 學位論文
保守會計與信用評等對分析師之影響
The Impacts of Accounting Conservatism and Credit Rating on Analysts’ Forecasts
摘要
一般的投資大眾會透過財務報表來分析評估公司價值及未來的經營績效，近來，因為高度訴訟的環境下，公司為了使財務報表具可靠性，採用的會計政策愈趨於保守。隨著資訊環境品質的提升，投資大眾對於資訊的需求也提高，藉由信用評等機構提供的資訊，可以減少投資人蒐集資訊的成本及資訊的不對稱。分析師在資本市場中扮演資訊中介者及監督者的角色。本研究測試保守會計以及信用評等，兩者所提供的資訊，對於分析師盈餘預測的影響。實證結果發現當公司採取較保守的會計政策且信用評等等級較高，與分析師之盈餘預測準確性呈顯著正相關，與分析師之盈餘預測離散度呈顯著負相關，表示愈採用較保守會計政策且信用評等等級愈高的公司，分析師之預測較準確且離散度也較小。
並列摘要
Generally, investors use financial statements to access the value and future operating performance of a company. Recently, because of the increasing litigation exposure, companies have moved towards practicing conservatism in financial reporting. With the promotion of information environment, investors demand more information. Credit Rating provide information that decrease information gathering cost and information asymmetry. Financial analysts play a role in information intermediaries and monitoring in capital markets. This paper focuses on the relationship among conservatism, credit rating and analysts’ earnings forecast. The empirical results show that conservative firms and firms with better credit rating are significantly and positively associated with analyst forecast accuracy. It means that the accuracy of analysts’ earnings forecasts is higher for conservative firms and for firms with better credit rating. Moreover, the dispersion is lower for those firms.