本研究旨在探討台灣股票市場中財務報表公告頻率是否會減少或消除盈餘公告後股價持續反應現象(Post Earnings Announcement Drift,簡稱PEAD),研究對象以台灣上市公司為主。由台灣經濟新報資料庫取得1982年到1993年間的股票交易與財務報表樣本資料。實證結果發現:增加財務報表公告頻率可以緩和PEAD的現象,股價延遲反應較其他公司低,此結果與我們的預期相符。此外,比較半年報公告、季報公告與月營收公告等三個不同時期對盈餘公告後股價持續反應的影響,延遲反應的降低幅度與財報公告頻率高度相關。財報公告頻率愈高,PEAD現象最輕,換言之,季報公告至月報公告時期,相較於半年報至季報公告時期,PEAD的現象更輕。
This research discusses the affection of whether disclosed frequencies of earnings can reduce or eliminate post-earnings-announcement drift to stock returns. The research samples consist of Listed companies in Taiwan stock market. The common stock transactional materials come from Taiwan Economic Journal Data Bank for 1982 to 1993. Empirical results show that the stock prices of Listed companies increased earnings announcement the PEAD phenomenon can be alleviated by the semi-annual report for the quarterly change is greater than the reduction PEAD monthly quarterly replaced by reduced Drift. In short, the higher the frequency earnings announcement, PEAD phenomenon is the lightest.