臺灣博碩士論文加值系統

過去研究顯示，顧客集中在資本市場上相當普遍，且對顧客集中的效果始終存有正反兩種觀點，本研究以美國2001至2012年上市公司為研究對象，探討顧客集中對分析師盈餘預測行為之影響，其中預測行為包含分析師盈餘預測準確度、跟隨意願及分析師預測離散程度。實證結果顯示，本研究無法證實顧客集中對分析師盈餘預測準確度有顯著影響，相反的，顧客集中反而會減少分析師跟隨的個數，且顧客集中程度越高，各分析師的意見越分歧，本研究據以推論，因各分析師對顧客集中的效果仍舊意見分歧，倘若顧客集中的資訊無法對預測準確度有所提升，分析師跟隨的意願則會明顯降低。

Prior studies suggest that customer-base concentration firms are quite common in the capital market and the effects of customer-base concentration on firm performance exist two kinds of viewpoints. In this study, we use samples from 2001 to 2012 listed companies in the U.S. to investigate the relationship between customer-base concentration and analysts’ earnings forecast behaviors. Also, we use several analysts’ forecast attributes, such as analysts’ earnings forecasts accuracy, analysts following, and analysts’ forecast dispersion. The empirical results show that customer-base concentration doesn’t significantly affect analysts’ earnings forecasts accuracy; on the other hand, customer-base concentration firms have less analysts’ following. Besides, such firms with higher level of customer-base concentration, analysts tend to have greater magnitude of the forecast dispersion. We can infer that, due to the dispersion in analysts’ earnings forecasts on customer-base concentration firms, if the information of customer-base concentration couldn’t improve analysts’ earnings forecasts accuracy, the analysts’ willing to follow will decrease.

摘要 I
目錄 VII
表目錄 VIII
第一章 緒論 1
第二章 文獻回顧 3
第一節 顧客集中相關文獻 3
第二節 分析師盈餘預測相關文獻 5
第三節 假說發展 7
第三章 研究方法 9
第一節 實證模型設計 9
第二節 資料來源及樣本選取 12
第四章 實證結果分析 13
第一節 敘述統計分析 13
第二節 相關係數分析 14
第三節 多元迴歸分析 17
第四節 額外測試 20
第五章 結論 22
參考文獻 24

一、中文部分
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