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研究生:林倩如
研究生(外文):Chien-Ju Lin
論文名稱:出售長期性資產利益與股價關聯性之研究
論文名稱(外文):An Empirical Investigation of the Association between Gain on Sale of Long-Lived Assets and Stock Returns
指導教授:葉疏葉疏引用關係
指導教授(外文):Shu Yeh
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:1996
畢業學年度:84
語文別:中文
論文頁數:75
中文關鍵詞:出售長期性資產利益會計盈餘組成項目會計盈餘盈餘市場效率性
外文關鍵詞:gain on sale of long-lived assetscomponent of earnings
相關次數:
  • 被引用被引用:12
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
在會計上,受到客觀性原則之影響,資產若在持有期間有所增值,會計將
不在持有期間認列此項增值利益,而必須等到此項資產處分時才予以認列
,使得會計對於此項利益之衡量時點與真正利益產生之時點不同。因此出
售長期性資產利益應在過去資產持有期間就已陸續賺得,而非處分才賺得
,故與其他在財務報表顯現之盈餘的品質不同,本研究旨在檢驗市場對財
務報表上所表達之出售長期性資產利益之反應。本研究首先依照盈餘之持
續性 (persistence),將盈餘細分為三類盈餘組成項目,其分別為經常性
盈餘、當期性盈餘及出售長期性資產利益。以各類盈餘組成項目之未預期
金額為自變數,異常績效指標為因變數,建立迴歸模型,利用所得之迴歸
係數,分析股價對各類盈餘組成項目之反應,進一步探討股價與出售長期
性資產利益之關聯性。相關實證結果彙總如下:一、會計盈餘具有資訊內
涵。二、出售長期性資產利益佔盈餘比重與下年度盈餘變動呈顯著負相關
。三、各盈餘組成項目比加總後之會計盈餘更具解釋盈餘與股價之關聯性
。四、股價僅對經常性盈餘有顯著大於零之反應。五、投資人會洞悉出售
長期性資產利益之品質 而股價不會對此項利益有所反應。
Subject to the objectivity principle, companies cannot
recognize net increment in asset until they have been sold.
Since gain on sale of long-lived assets have been essentially
the realization of a previously unrealized capital gain, the
gain on sale of long-lived assets was different from that of
operating earnings in term of securities valuation. The purpose
of this study is to examine the association between gain on
sale of long-lived assets and stock returns. According to
earning''s persistence, this study classifies ''bottom-line''
earnings into three components: permanent earnings, transitory
earnings and gain on sale long-lived assets. This study uses
regression model with three components of earnings as
independent variable, abnormal performance index as dependent
variable to test the market reaction to components of earnings.
The results indicate the following: 1.Earnings provide useful
information to the stock market, which is consistent with prior
studies. 2.The decomposition of earnings provide additional
information than the ''bottom-line'' earnings figure. 3.Only
permanent earnings have a positive correlation with stock
returns. It implies that permanent earnings is a number of
particular interest to investors. 4.Gain on sale of long-lived
assets is uncorrelated with stock returns. In other words,
there will be no stock price reaction to gain on sale of long-
lived assets. It implies the investor can unscramble the true
cash flow implication of gain on sale of long-lived assets.
5.The ratio of gain on sale of long-lived assets to earnings is
negatively correlation with next year''s unexpected earnings.
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