比較半年報公告、季報公告與月營收公告對盈餘及時性的影響

Comparative impact between semi-annual, quarterly, and monthly revenue reports and the timeliness of earnings report

廖玉珊(Yu-Shan Liao)

指導教授 ： 曹壽民 ； 李先莉

中原大學/商學院/會計研究所/碩士(2013年)

https://doi.org/10.6840/CYCU.2013.00069

摘要

會計盈餘與股價之間的關聯一直是會計與財務領域的研究主題，每一次的盈餘公告後能解釋多少股價的資訊更是許多投資者要去推測了解，管理當局與投資者之間的訊息傳達重要的一個指標就是盈餘，由此可知盈餘與資本市場上的股價有著密切的相關性存在。許多學者都曾研究發現以實證的方式證明了盈餘具有公司股價的資訊內涵。本研究主要檢視公司半年報、季報及月營收公告的揭露，在不同的時期有不同的揭露頻率，對於當期股價的資訊反應及包含的程度有多少，並觀查了半年報、季報及月營收公告對於當期股價之間的關連性。
至目前為止已有無數研究檢視股價與盈餘之相關性。實證結果顯示，會計資訊可部分解釋公司的價值，而投資人亦非常重視會計盈餘資訊，包含了盈餘的預測及與投資人之間的資訊不對稱等。
Ball et al.(2000)對盈餘及時性的定義為，當期盈餘包含當期經濟所得或所有價值攸關資訊的程度。會計盈餘特性則是指捕捉當期價值攸關的資訊能力。
依據Ball等人的定義，本研究以盈餘中包含有關公司當期活動與營運結果對於半年報、季報、月報公告作為盈餘及時性的影響程度及效應。

關鍵字

季報 ； 半年報 ； 股價報酬 ； 月營收報告 ； 盈餘及時性

並列摘要

The relationship between Earnings in Accounting and stock price has always been the main research subject of Accounting and Finance Area. Many investors seek explanations for price moves after earnings report. One of the indexes which management and investors exchange is messages through earnings report. We can realize earnings report has great connection on stock prices by that. Many scholars found substantial proves for the price information embedded in the earnings report. This research is primarily focused on the examination of semi-annual, seasonal, and monthly reports disclosure. We have different frequencies of disclosures in different time period. To what extent can they reply and contain stock price information of current period. We try to evaluate how much correlation do semi-annual, quarterly, and monthly reports have to current stock price.
So far, countless research dedicated to examine the correlation between stock price and earnings. According to substantial evidence, accounting information can explain part of the value in company, and investors highly regard accounting earnings information, including earnings forecast and the information asymmetry between investors.
According to Ball et al. (2000), the definition to timeliness of earning report is: the extent to current earnings includes current economic income and all value relevant information. Accounting profit refers to the ability to capture current value relevant information.
According to the definition of Ball et al., earnings in this research include current activities and operating results of a company and the impact and aftershock on the timeliness of semi-annual, quarterly, and monthly reports.

並列關鍵字

timeliness of earnings report ； semi-annual repor ； quarterly Report ； price earnings ratio ； monthly report

參考文獻

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