臺灣博碩士論文加值系統

本研究旨在依理性預期理論來比較分析「新上市公司」與「持續上市已久公司」間，其財務報告（包括季報、半年報與年報）時間特性（提早或延遲）是否會因為經驗而具顯著不同之時間特性。本研究以新上市公司與持續上市已久之公司之民國八十五年及民國八十六年之年報、半年報、季報公告日為研究對象。本研究之研究結果獲致以下之結論：1.新上市公司盈餘公告日時間落差分布狀況之分析結果，新上市公司和存續公司是有類似的公告行為，其原因可能是由於證交法第三十六條之限制的結果。2.我國新上市公司是否和上市已久之存續公司同樣具有好消息提前公告而壞消息延後公告之情形之結果分析，雖然季報、半年報、年報有不一致之實證結果，但整體而言，實證結果還是較傾向於本研究之推論，即新上市公司由於經驗較缺，故壞消息之延後公告與好消息之提前公告其行為不是那麼的顯著。3.在我國新上市公司與上市已久之存續公司，是否新上市公司對壞消息也會有魚目混珠之行為方面，由於一般說來，壞消息影響公司權益較巨，所以新上市公司就此部份之學習能力較佳，故新上市公司就此項時間特性而言是存在的。4.而在我國新上市公司是否有將壞消息延至週末揭露，而將好消息於週一公告之實證結果為，新上市公司並不是非常會去利用此種公告時間的選擇，去增進公司之利潤，其原因或許也為新上市公司就其上市初期其仍屬學習階段，故此種現象較不顯著。

This study aims at comparing and analyzing time characteristics (advance or delay) in financial reports (including annual reports, semiannual reports, and quarterly reports) between "listed companies"and "companies"according to rational expected theory. We wanted to find out whether companies in these two categories tend to have distinctly different time characteristics according to their different experiences. The study targeted on financial report announcements between 1996 and 1997 of newly listed companies and listed ones. Conclusions in the study are as follows:1. The research on time lag distributed state of the newly listed company shows that the newly listed company and listed one have similar announcing behaviors. One of the reasons could be the restrict from Act no.thirty-six.2. Whether newly listed companies tend to advance their good news announcements while delay their bad ones like those listed companies do? The reasearch shows that even though test results are different among annunal reports, semiannual reports, and quarterly reports, in overall, the test result still prefers the inference in this study, which concluded that the phenomenon of advance good news announcements while delay bad ones among newly listed companies isn''t that much obvious due to their lacks of experiences.3. The research on wheather newly listed companies in Taiwan also tend to hide their bad news shows that this time characteristic is existing among them. Generally speaking, bad news effects the company''s right more.Therefore, newly listed companies have better learning abilities regarding to this part. 4. Whether newly listed companies in Taiwan tend to delay their bad news announcements until weekends while announce good news on Monday? The research shows that those newly listed companies are not likely to make use of this time characteristic choices in order to increase their profit. It is because the newly listed companies are often in the learning stage when they first listed.

第一章 緒論……………………………………………………..1第一節 研究動機………………………………………………..2第二節 研究目的………………………………………………..4第三節 研究問題………………………………………………..5第四節 研究方法………………………………………………..6第五節 研究貢獻………………………………………………..8第六節 論文架構………………………………………………..8第二章 文獻探討………………………………………………11第一節 國外有關盈餘公告日時間特性之相關文獻……….11第二節 國內有關財務報告公告時間性之相關文獻……….30第三章 研究方法………………………………………………37第一節 觀念性架構…………………………………………….37第二節 名詞定義……………………………………………….38第三節 研究假說……………………………………………….41第四節 樣本選取標準與資料來源…………………………...42第五節 資料分析與統計檢定方法…………………………...44第四章 實證結果分析………………………………………...48第一節 新上市公司盈餘公告日時間落差分布狀況 之分析………………………………….……………..48第二節 我國新上市公司是否和上市已久之存續公 司同樣具有好消息提前公告而壞消息延後 公告之情形…………………..……….……………….52第三節 比較我國新上市公司與上市已久之存續公 司，是否新上市公司對壞消息也會有魚目 混珠之行為之結果分析……………….………..……60第四節 檢視我國新上市公司是否有將壞消息延至 週末揭露，而將好消息於週一公告之實證 結果分析………………….……………………………63第五章 研究限制、建議與結論……………………………..68第一節 結論…………………………………………………….68第二節 研究限制……..………………………….…………….69第三節 對後續研究者之建議……………………………...…70參考文獻………………………………………………………..72圖 目 錄圖1-1研究流程圖…………………………………………………10圖4-1季盈餘公告之盈餘公告時間落差之相對次數圖………50圖4-2半年報公告之盈餘公告時間落差之相對次數圖………50圖4-3年報公告之盈餘公告時間落差之相對次數圖…………51表 目 錄表4-1 新上市公司其盈餘公告時間落差之平均值及標準差…..51表4-2 年報之配對樣本……………………………………………..54表4-3 半年報之配對樣本…………………………………………..55表4-4 第一季季報之配對樣本……………………………………..56表4-5 第三季季報之配對樣本……………………………………..57表4-6 年報、半年報以及季報之統計檢定量……..……………..58表4-7 年報公告時間落差之分組方式…………………………….61表4-8 半年報公告時間落差之分組方式………………………….61表4-9 季報公告時間落差之分組方式…………………………….61表4-10年報財務公告週一至週末分布表………………………...64表4-11年報之卡方分析結果…………………………………….…64表4-12半年報財務公告週一至週末分布表………………………65表4-13半年報之卡方分析結果…………………………………….65表4-14季報財務公告週一至週末分布表…………………………66表4-15季報之卡方分析結果……………………………………….66

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