重複發生非經常性項目的盈餘持續性和股價之關聯性-以台灣上市公司為例

The Relation between the Persistence and the Stock Return of Recurring Nonrecurring Items－Evidence form Listed Firms in Taiwan

陳緯新(Wei-Shin Chen)

指導教授 ： 葉疏

國立臺灣大學/管理學院/會計學研究所/碩士(2012年)

https://doi.org/10.6342/NTU.2012.02999

摘要

一般而言，將性質特殊或不常發生的盈餘項目稱為「非經常性項目」，「非經常性項目」是由三種盈餘項目所組成：(1)非常項目(extraordinary items)、(2)停業部門(discontinued operations)和(3)特殊項目(special items)。近年來，許多文獻和財金評論指出非經常性項目被企業認列的頻率逐年增加，其中又以特殊項目重複發生的情形最為嚴重。在國內市場中，企業認列特殊項目的次數從1991年起有顯著上升的趨勢。
Cready et al. (2010)認為特殊項目重複發生的原因有二：(1)企業處於需要經常認列特殊項目的經營環境，(2)管理當局對於認列特殊項目的標準是較寬鬆的，換句話說，企業會有意圖地將當年度的核心費用分類至負特殊項目下，例如：盈餘的分類移轉(classification shifting)。不論是何種原因導致非經常性項目重複地發生，是否代表著其應為「暫時性」的盈餘特性有所變化？並且其所隱含的資訊內涵是否也有所改變？而對於投資人而言，會依然將其視為「暫時性」盈餘來評價或是會將其視為「常續性」盈餘來評價？
本研究的實證結果顯示，當企業過往認列負(正)特殊項目的次數增加時，負(正)特殊項目的盈餘持續性會顯著地上升，代表著其「暫時性」的盈餘特性已隨著企業過往認列的次數增加而有所改變。更重要地是，當企業過往認列負特殊項目的次數增加時，市場給予負特殊項目的盈餘反應係數也有顯著地增加，代表著投資人有改變其投資決策，將「重複發生」的負特殊項目視為「常續性」盈餘評價；另一方面，當企業過往認列正特殊項目的次數增加時，市場給予正特殊項目的盈餘反應係數卻無顯著地增加，代表著投資人依然將「重複發生」的正特殊項目視為「暫時性」盈餘評價。

關鍵字

非經常性項目 ； 特殊項目 ； 盈餘持續性 ； 重複發生 ； 累積異常報酬

並列摘要

Generally speaking, we call the earnings which are unusual in nature or infrequency of occurrence as “nonrecurring items.” The nonrecurring items consist of three components: (1) extraordinary items, (2) discontinued operations and (3) special items. Recently, many of the prior literatures and the financial press are replete with articles addressing the increased incidence of repetitive nonrecurring items, among which special items are most serious. In Taiwan stock market, special items recognized by the listed firms have increased since 1991.
Cready et al. (2010) suggested that the increased recurrence of supposedly nonrecurring items perhaps reflects an environment where these items naturally occur more frequently or, alternatively, may reflect managerial shifting of (more permanent) core expenses to a transitory category like the “classification shifting.” Either scenario suggests that the features of these repetitive items have changed from “transitory items” to “recurring items,” and these repetitive items have future earnings implications dramatically different from truly nonrecurring events. However, how do the investors would value the recurring nonrecurring items?
Consistence with this notion, the study find that when the negative (positive) special items are reported frequently by listed firms in the past time, the persistence of these items significantly increases with respect to future earnings. More importantly, when listed firms reported the negative special items frequently in the past time, the ERC on such itme also significantly increased. That is, the market values “negative special items” more like the other components of recurring earnings. In the other hand, when listed firms reported the positive special items frequently in the past time, the ERC on such itme not significantly increased. It means that the market still values “positive special items” as transitory earnings.

並列關鍵字

nonrecurring items ； special items ； persistence ； repetitively occuring ； cumulative abnormal return

參考文獻

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