台灣上市櫃公司盈餘資訊反轉公司及正當公司其財務績效差異分析之研究

A Comparative Study of Financial Performance Differences between Corporate Earnings Disclosure Reversion Firms and Normal Firms for Taiwan Listed Stocks

何俐嫻(HO, LEE-HSIEN)

指導教授 ： 古永嘉

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2012年)

摘要

本研究藉由探討「台灣上市櫃公司盈餘資訊反轉揭露公司及正常公司其財務績效
差異分析」之研究，透過59 項具有影響性的財務變數，擷取TEJ 自 2008 年至2011年共4 個完整年度發生異常資訊揭露二次以上的公司共計19 家39 個異常樣本，再由相同或較相似之產業中攫取19 家正常公司，作為異常樣本之對照組，使用t 檢定、因素分析法、區別分析法、逐步區別分析法等研究方法，檢驗59 個財務變數、14 項財務指標來比較台灣上市櫃公司盈餘資訊反轉揭露之異常公司，與正常公司兩者之財務績效差異顯著性情形。
研究結果發現：
1. 透過t 檢定異常及正常公司財務指標之比較，發現二者公司在資產總額、每股盈餘、ROA、毛利率、總資產週轉次數等顯示有「非常顯著」之差異。
2. 使用因素分析，由59 個變數資料中篩選出如獲利力指標、經營週轉力指標及長期安全力指標等14 個指標因素，而此14 個指標因素亦為主要影響異常及正常公司之財務指標之因素。
3. 應用區別分析建立異常公司之財務預測模型並檢驗其模型準確度，研究顯示該模型在預測財務數據變動對於異常公司影響程度之命中率為91.12%，高於整體預測命中率之83.19%，以及對正常公司之命中率73.73%。
4. 應用逐步區別分析辨別因素構面之相對重要性，得知前三大重要因素構面依序為
「獲利力指標」、「股利力指標」、「資產規模力指標」，三者合計佔整體重要性指標因素之權重即已逾半，達58.95%。

關鍵字

盈餘資訊 ； 因素分析 ； 區別分析 ； 逐步區別分析

並列摘要

The purpose of this research is to study the financial Performance differences between corporate earnings disclosure reversion firms (abnormal firms) and normal
firms for Taiwan listed stocks. 195 abnormal and 5068 normal firm-year samples from 2008 to 2011 were selected. Fifty-nine financial variables of each firm-year were retrieved from TEJ. This study utilizes t-test, factor analysis, discriminant analysis, step wise discriminant analysis. The results showed that:
1. The t-test showed that total assets, earnings per share, ROA, profit margin, total
asset turnover, etc. showed very significant differences between abnormal and
normal firms.
2. BY using factor analysis, 14 index factors were extracted from 59 financial
variables.
3. The discriminant analysis show that overall predicting accuracy is 83.19%. For the
abnormal firms, the predicting accuracy is91.12%. On the other hand, for the normal
firms, the predicting model is 73.73%. The discriminant model is better in
predicting abnormal firms.
III
4. The stepwise discriminant analysis identify top three important factors as profitable

並列關鍵字

earnings information ； factor analysis ； discriminant analysis ； stepwise discriminant analysis

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