財務報表品質對股票價格延遲的影響:以台灣為例

Impact of Financial Reporting Quality on the Stock Price Delay: Evidence from Taiwan

劉文妤(Wen-YU Liu)

指導教授 ： 林秋發

共同指導教授 ： 謝宗祐(Tzung-Yuan Hsieh)

國立虎尾科技大學/管理學院/經營管理研究所/碩士(2011年)

摘要

本文以2008年至2009年間上市的普通股為研究對象，探討股價是否會因公司的財務報表品質的不同而呈現不同的修正速度，實證結果發現在研究期間內，財務報表品質並不會顯著影響投資者對訊息的反應速度。此外，投資者對股價的反應速度對受到公司規模、負債比例、法人持股比例與淨值市價比的影響。但是不受廣告費用、員工人數與存貨週轉率的影響。

關鍵字

財務報表品質 ； 股票價格延遲 ； 裁決性應計項目 ； 縱横資料

並列摘要

This research adopted common stocks that entered the Taiwanese stock market during the period of 2008 to 2009 as research subjects to investigate if the speed of stock price correction relates to the quality of financial statements. The results of this empirical research show that during the research period the quality of financial statements quality did not significantly influence the speed of investor responses. However, the speed of response was affected by firm size, debt ratio, institutional ownership ratio, and book value to market value. In contrast, advertising expenditure, number of employees, and stock turnover did not have any influence on the speed of response.

並列關鍵字

Financial reporting quality ； Sock price delay ； Discretionary accruals ； Panel data

參考文獻

[1] Ball, R. and Brown, P., 1968, “An Empirical Evaluation of Accounting Income Numbers”, Journal of Accounting Research , 6, pp.159-178.

[5] Hirst, D. and P. E. Hopkins, 1998,“Comprehensive income reporting and analysts’ valuation judgments”, Journal of Accounting Research, 36, pp. 47-75.

[6] Diamond, D. and Verrecchia, R., 1991, “Information aggregation in a noisy rational expectations economy”, Journal of Financial Economics, 3, pp. 221-235.

[8] Botosan, C.A. and Plumlee, M.A., 2002, “A Re-examination of Disclosure Level and Expected Cost of Equity capital”, Journal of Accounting Research, 40, pp. 21-40.

[10] Basak, Suleyman and Cuoco Domenico, 1998, “An equilibrium model with restricted stock market participation”, Review of Financial Studies, 11, pp. 309-341.