財務資訊變動對股價表現影響

The Effect of the Financial Information Released on Stock Price Performance

高聖智(Sheng-Chih Kao)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系碩士班/碩士(2015年)

https://doi.org/10.6846/TKU.2015.00054

摘要

本研究乃探討是否若公司當年度財務指標表現不佳時，是否會影響下一年度的股價表現，本研究以台灣上市公司為樣本，來探討是否當年度財報資訊一些重要財務指標，如ROE，現金流量比率、獲利率這一期的表現時，是否會影響對下一年度股價的表現。在本實證研究中，發現若這些公司前一年度這些財務指標表現不佳，反而可以激勵公司下一年度股價的提升。然而，上年度財務表現良好的公司，下一年度的股票表現反而無法維持股價的提升，甚至大幅滑落。造成此情形之因素，可能為當公司財務表現良好時，股價在相對高點，較難維持或提升其股價；此外當公司財務指標不佳時，經理人若改善營運或營業額，使下一年度財務表現，進而使股價提升。

關鍵字

股價表現 ； 股東權益報酬率 ； 現金流量比率 ； 淨利率

並列摘要

By employing the firms listed in Taiwan Stock Exchange as our samples, we explore whether stock price performance next period would be affected by financial indicators this period including ROE, cash flow ratio, and net profit ratio in this study. The results reveal that the firms with inferior financial indicators, on the contrary, would have better stock price performance next period. However, the firms with superior financial indicators might not maintain their share prices, and even weaken share prices next period. We infer that the firms without better financial performance might find ways to improve their operation, which might be the reason for the share prices enhanced in next period.

並列關鍵字

Stock Price Performance ； ROE ； Cash Flow Ratio ； Net Profit Ratio

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