財務報表品質與股票崩盤風險之研究

Financial Report Quality and Stock Price Crash Risk

劉宥岑(You-Cen Liu)

指導教授 ： 李家豪

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2020年)

摘要

財務報表品質攸關稀有資源的分配與資本市場的運作，公司揭露的財務報表中所提供的訊息是投資者評估的重要來源之一，因此資本市場的資訊透明，財務報表充分發揮了其重要的作用。而股價崩盤對於投資者個人之財富及資本市場有著不利的影響，自從金融危機爆發，近幾年股價崩盤現象頻繁發生，企業的判斷影響著投資者，使得公司高估股價並產生了泡沫，阻礙了我國資本市場的健全發展。有鑑於此，本文研究財務報表品質與股價崩盤風險之間的關係，實證結果顯示：財務報表品質對股價崩盤風險有正向關係，發現企業採用盈餘管理的程度越大，管理層隱瞞的公司負面訊息越多，財務報表的品質降低，公司透明度也就越低，股價波動性變大，造成未來股價崩盤的風險顯著上升。

關鍵字

財務報表品質 ； 股價崩盤風險 ； 財務槓桿

並列摘要

The financial report quality is related to the allocation of rare resources and the operation of the capital market. The information provided in the financial statements disclosed by the company is one of the important sources of investor evaluation. Therefore, the information in the capital market is transparent, and the financial report fully play their effect. The stock price crash has an adverse impact on investors' personal wealth and capital markets. Since the financial crisis broke out, stock price crashes have occurred frequently in recent years. Corporate judgments have affected investors, which has caused companies to overestimate stock prices and create bubbles that hinder The sound development of capital market. In view of this, the purpose of this paper is to examine the relationship between financial report quality and stock price crash risk. The empirical results show that the quality of financial statements has a positive relationship with the stock price crash risk. It implies that the possibility of future stock price drop severely would increase significantly, when managers engage in large magnitudes of accrual-based earnings management to hide or fake the negative information.

並列關鍵字

Financial Report Quality ； Stock Price Crash Risk ； Financial Leverage

參考文獻

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洪秀芬、黃君葆（1999）。借殼上市財務及法規之研究。朝陽科技大學財務金融系研究計劃。

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