臺灣博碩士論文加值系統

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。

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.

目 錄
謝辭………………………………………………………………………………..………………….ⅰ
中文摘要………………………………………………………….…………..……………….…...ⅱ
Abstract……………………………………………………………...…………….………………….ⅲ
目錄……………………………………………………………………………………………………..ⅳ
表目錄………………………………………………………..………………………………………..ⅴ
第一章 緒論…………………………………………………………………………………….. 1
第二章 研究背景與文獻探討………………………………………..……………….. 5
第一節 盈餘資訊內涵……………………………………… 6
第二節 盈餘持續性和盈餘反應係數間之關聯性………………………. 13
第三節 非經常性項目….….…………… 17
第三章 研究方法……………………………………………………….…..……………….. 23
第一節 假說發展……………..……………………………………………………..…… 23
第二節 實證模型………….……………………………………..………………………. 26
第三節 研究期間與樣本來源…………………………………………..…….….… 34
第四章 實證結果與分析………………………………..………….…..………….…….. 37
第一節 敘述性統計………………………………………………………………………. 37
第二節 重複發生特殊項目之盈餘持續性……………………………………. 38
第三節 重複發生特殊項目和股價之關聯性………………………………… 42
第五章 結論與建議.………………………………..………………….…..……………….. 47
參考文獻………………………………………………………………………..…………….….… 50

表 目 錄
表一 特殊項目(special items)的定義 ………………………………………..…… 55
表二 台灣地區認列非經常性項目次數與比例 （1991 - 2011）…… 56
表三 樣本選取……………………………………………………………………………..….. 58
表四 敘述性統計………………………….………………………………….…………..….. 60
表五 企業前後5年認列負(正)特殊項目之關聯性 ……………………..... 62
表六 重複發生特殊項目之盈餘持續性-實證模型(1)、(1-1)...………... 63
表七 重複發生特殊項目和股價之關聯性-實證模型(2)……….……….... 66
表八 重複發生特殊項目和股價之關聯性-實證模型(2a)、(2a-1)...... 68
表九 控制變數…………………………………………………….………………..…….….... 71
表十 重複發生負(正)特殊項目的科目、數量和頻率…………..….……... 73
表十一 Elliott and Hanna (1996)、Cready et al. (2010)和本研究結論之比較…………………………………………………………………………..74

中文部分
1.王佑民，民國八十四年，＜年度盈餘資訊內容之研究－以台灣股票上市公司為實證＞，國立中山大學企業管理研究所未出版碩士論文。
2.余尚武，民國七十五年，＜臺灣證券市場股票上市公司盈餘宣告所含資訊內容之研究＞，國立臺灣大學商學研究所未出版碩士論文。
3.金成隆、鄭丁旺，民國八十八年，＜持續與非持續盈餘反應係數之研究＞，會計評論第31期，pp.19-42。
4.李釗芹，民國八十九年，＜台灣上市公司自行宣告盈餘資訊內涵之研究＞，私立東海大學管理研究所未出版碩士論文。
5.李華玉，民國八十一年，＜臺灣股票價格資訊內容之研究＞，國立台灣大學會計學研究所未出版碩士論文。
6.林嬋娟、蔡彥卿及李文智，民國八十二年，＜簡介盈餘資訊內涵＞，會計研究月刊第88期，pp.129-132。
7.林嬋娟、蔡彥卿、李文智及陳建中，民國八十二年，＜資訊內涵研究之探討－簡介增額盈餘資訊內涵＞，會計研究月刊第89期，pp.123-127。
8.陳志愷，民國八十一年，＜盈餘反應係數探索性之研究--台灣股票市場之實證分析＞，國立政治大學會計學研究所未出版碩士論文。
9.張仲岳，民國八十七年，＜盈餘持續性與股價之關聯性研究＞，東吳大學會計新環境國際研討會論文集，pp.909-944。
10.張仲岳，民國九十年，＜損益表之分類與獲利能力之預測＞，當代會計第二卷第一期，pp.1-16。
11.張鴻基，民國七十二年，＜台灣地區股票上市公司每季盈餘時間數列特性及資訊內容研究＞，國立台灣大學商學研究所未出版碩士論文。
12.楊宜華，民國九十八年，＜盈餘組成及分類移轉之研究＞，國立台灣大學會計學研究所未出版碩士論文。
13.鄭丁旺，民國九十年，＜中級會計學＞。

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