財務報表重編與交易量變異之相關性

The Study of Association between Financial Restatement and Trading Volume Variance

葉思甫(Si-Fu Ye)

指導教授 ： 張慧珊

中原大學/商學院/會計研究所/碩士(2012年)

https://doi.org/10.6840/cycu201200829

摘要

本研究探討財務報表重編公告時對小型投資者交易量變異之影響是否會大於大型投資者，因機構投資人相較於散戶，具有較多的資金及收集資料與分析的能力，故在公司發出重編公告時，機構投資者可能會預先獲得資訊，而避免在事件公告時進行交易造成損失。本文並研究財務報表重編公司為強制重編、企業營運風險較高之公司、電子產業之公司，其投資者交易量變異是否會較大，又小型投資者的交易量變異是否會大於大型投資者。本研究期間為2008年至2010年，以此期間一般產業上市櫃公司有公告重編之報表為樣本。研究結果顯示，小型投資者對於財務報表重編消息的反應會比大型投資者大。大型投資者在強制重編、企業營運風險與電子產業方面，結果皆不顯著；而小型投資者在強制重編與企業營運風險方面，結果顯著且交易量變異較大，但在電子產業方面，小型投資者的交易量變異卻顯著較小，此結果與假說不符，可能因平時各項資訊管道均對電子業多所著墨，投資人可獲得較多資訊，故當電子業發生重編時，小型投資者已有預期，而不會有積極的反應。

關鍵字

機構投資人 ； 財務報表重編 ； 交易量變異 ； 散戶

並列摘要

In this study, we discuss whether the small investors’ trading volume variation is large than large investors’ while there’s a financial restatement announcement. Compared to individual investors, institutional investors have more funds and more ability to collect data and analyze information. When firms announce financial restatements, institutional investors may access information in advance and avoid trading losses in the event announcement.
Our research also study the existence of larger trading volume while companies are in the circumstances of mandatory financial restatements, or high business risk, as well as companies in the electronic industries, and in addition, whether small investors’ trading volume variability is greater than large investors’.
Our study period is from 2008 to 2010. The sample company includes listed company with announcement of financial restatements during the period. The results show that the reaction of small investors in the announcement of financial restatements is larger than that of large investors.
Compared to large investors, the reaction of small investors in mandatory financial restatements and companies with high business risk are more significant. The trading volume variance of small investors is larger. However, in the electronic industries, the small investors’ trading volume variance is smaller, which is inconsistent with our hypothesis. Since there are many information sources providing and analyzing data of electronic industries, the investors can acquire more information of electronic industries. Thus, when the companies in electronic industries announce restatements, the small investors won’t have a surprise reaction to the announcement.

並列關鍵字

trading volume variance ； financial restatements ； individual investors ； institutional investors

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