管理者能力，分析師推薦和價格資訊性

Managerial Ability, Analyst Recommendations, and Price Informativeness

何佩欣(He, Peisin)

指導教授 ： 周庭楷

國立中正大學/管理學院/會計與資訊科技學系/碩士(2012年)

摘要

本文探討管理能力是否能夠將有關該公司的未來收益信息傳達到資本市場。採用未來盈餘反應係數（FERC）的方法，我們發現，公司擁有較高能力的CEO時其現在盈餘報酬能夠反映較多未來盈利超越那些能力叫低的企業。我們的結果是可靠的控制潛在的遺漏變量，虧損與盈利企業，誤差項的序列相關。我們進一步發現，管理能力，在有分析師建議下，為公司帶來正向影響。此外，初估分析師建議至少部分調解未來盈餘反應係數（FERC）與管理能力之間的影響。也就是說，分析師建議，代表了一種機制，影響了未來盈餘反應係數（FERC）與管理能力之間的關聯程度。總而言之，這項研究揭示了管理能力，對分析師的成果和目前的定價對於預期收益的比重，並呼籲人們關注的管理能力作為一個重要的無形資產。

關鍵字

管理者能力 ； 未來盈餘反應係數 ； 分析師推薦 ； 中介效果

並列摘要

This paper examines whether managerial ability convey information about the firm’s future earnings to the capital markets. Using the future earnings response coefficient (FERC) methodology, we find that the current stock returns of firms with high-ability CEOs reflect more future earnings than does the stock returns of low-ability firms. Our results are robust to controlling for potential omitted variables, loss versus profit firms, and serial correlation of error terms. We further find that managerial ability has a positive impact on analyst recommendations for the firm. In addition, analyst recommendations at least partially mediate the effects of managerial ability on FERC. That is, analyst recommendations represent a mechanism through which managerial ability affects the extent to which stock returns reflects future earnings. Overall, this study reveals the impact of managerial ability on analyst-based outcomes and current pricing weight on expected earnings and calls attention to the construct of managerial ability as a key intangible asset for the investor community.

並列關鍵字

Managerial Ability ； Future Earnings Response Coefficient (FERC) ； Analyst Recommendations ； Mediating Effect

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