臺灣博碩士論文加值系統

本研究以台灣上市公司為研究對象，探討2014至2015年台灣月營收公告資訊內涵，檢視事前資訊揭露在公司規模與營收公告之間扮演的角色，並以事前資訊揭露的角度探討產業領導公司營收公告資訊對產業內其他公司之資訊移轉效果，最後結合規模資訊差異觀測資訊移轉效果對營收資訊內涵的影響，結論如下：
1. 月營收公告具資訊內涵，投資人會根據未預期營收資訊進行投資決策，另外大公司較受媒體、投資人、分析師及專業機構關注與研究，事前資訊揭露多，使大公司營收公告資訊內涵較小公司不顯著。
2. 產業領導公司營收公告對產業內其他公司具資訊移轉效果，使產業內其他公司於營收公告前，部分訊息已由領導公司資訊移轉提早反應，降低產業內其他公司實際營收公告之資訊內涵。
3. 產業領導公司營收公告對產業內小公司資訊移轉效果較大公司顯著，延續規模資訊差異，小公司事前資訊揭露不多，產業領導公司營收公告能傳遞未揭露的資訊較多，資訊移轉效果較顯著；反之，大公司資訊較透明，領導公司資訊移轉效果有限。

At present the evidence on revenue announcements, our study examine observations by Taiwan companies in 2014 and 2015. We examine the relationship between firm size and company revenue announcements to explore the role of pre-disclosure information. Moreover, we take advantage of pre-disclosure information to discuss leading company information transfer effect. Finally, combining firm size differential pre-disclosure information and information transfer effect, we explain differences in the price response to revenue announcements. The results listed as follow,
1. Revenue announcements contain information contents, and the price response is inversely related to firm size. Large firms face a greater demand for pre-disclosure information than small firms. Therefore, large firms will exhibit a smaller stock price response to revenue announcement.
2. The firm will be effected by the release information of revenue announcement of leading company in the same industry and disclosure more information; therefore, the firm reduce the stock price response during its revenue announcement date.
3. From the point of view of pre-disclosure information, our study proved that revenue announcement of the leading company will result in greater information transfer effect on small firms than on large firms in the same industry.

摘要
Abstract
目錄
圖次
表次
第一章　緒論
　第一節　研究動機
　第二節　研究流程
第二章　文獻探討
　第一節　財報資訊內涵與事前資訊揭露
　第二節　財報公告與資訊移轉
第三章　研究假說
第四章　研究方法
　第一節　研究架構
　第二節　樣本選取與資料來源
　第三節　分析方法
第五章　實證結果
　第一節　敘述性統計與相關係數檢定
　第二節　營收資訊內涵與規模資訊差異回歸分析結果
　第三節　營收資訊移轉與規模資訊差異回歸分析結果
第六章　結論與貢獻
　第一節　結論
　第二節　研究貢獻
　第三節　未來研究方向
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