臺灣博碩士論文加值系統

從1990年開始，學者不斷質疑財務報表的攸關價值，因此這年來對這方面的研究方興未艾，但各學者所提出會計資訊攸關性下降的原因各異，研究方法也大不相同，本論文採參考Collins, Maydew, and Weiss（1997）引用Ohlson（1995）評估盈餘、帳面價值攸關性模式，繼而再參酌Brown, Lo, and Lys（1999）實証測試模型考慮規模效果，以民國七十年至八十八年的上市公司做為樣本進行研究，以探討盈餘與帳面價值是否具有攸關價值，其變化如何。本研究實証結果如下：
未加入規模因子前
1. 盈餘、帳面價值具有攸關價值。
2. 盈餘的攸關價值並沒有十分明顯地隨時間移轉至帳面價值。
加入規模因子後
1. 若考慮規模因素，盈餘、帳面價值之攸關價值的變化會改變。
2. 以去年股價平減後，盈餘的攸關價值仍沒有十分明顯地隨時間移轉至帳面價值。

Academics have been suspecting the value-relevance of financial statements since 1990. As a result, researches on this aspect are getting more and more popular in recent years. But the reasons for relevance-lost raised by the researchers were quite different though. And the research methods used also varied a lot. The empirical analysis is based on the valuation model proposed by Collins, Maydew, and Weiss (1997) to study whether earnings and book values are value-relevant. I also follow Brown, Lo, and Lys (1999) to deal with the scale problem. This sample is selected from Taiwan listed securities during the period 1981-1999. The empirical results are as follows:
A. The case that doesn’t consider scale effect
1. Earnings and book values are value-relevant.
2. Value-relevance of earnings is not replaced by that of the book values as time passes.
B. The case that does consider scale effect
1. Value-relevance of earnings and book values changes as time goes by.
2.If I deflate the variables by the last-year stock prices, value-relevance of earnings does not decrease and neither does value-relevance of book values increase.

第一章緒論
第一節 研究動機…………………………………………………………1
第二節 研究目的…………………………………………………………3
第三節 研究架構…………………………………………………………4
第二章參考文獻
第一節 美國近代財務會計對財務報表攸關性的研究…………………6
第二節 實証參考文獻……………………………………………………7
第三章研究方法
第一節 研究假說…………………………………………………………22
第二節 資料分析方式及相關變數之建立………………………………27
第三節 樣本選取及資料來源……………………………………………33
第四章實証結論
第一節 敘述統計分析……………………………………………………35
第二節 迴歸分析…………………………………………………………38
第五章結論與建議
第一節 研究結論…………………………………………………………59
第二節 研究限制…………………………………………………………62
第三節 後續研究建議……………………………………………………62
參考文獻………………………………………………………………………65
附錄……………………………………………………………………………68

中文部分：
李淑華，民國八十二年六月，公司規模對異常報酬及盈反應係數之影響，國立台灣大學會計學研究所未出版碩士論文。
林煜宗，民國七十七年，現代投資學：制度、理論與實証，三民書局，修訂四版。
梁培華，民國八十二年六月，盈餘與股價之聯立轉換函數模型建構與分析預測，國立台灣大學會計學研究所未出版碩士論文。
黃正誠，民國八十八年五月，負盈餘研究--以資訊觀點與衡量觀點分析--，國立台灣大學會計學研究所未出版碩士論文。
鄭博文，民國八十六年五月，公司成長機會對會計盈餘與股票報酬率關連性的影響，國立台灣大學商學研究所未出版博士論文。
鄭丁旺，民國八十六年六月，中級會計學，第六版。
英文部分：
Amir, E., and Lev, B., 1996. Value-relevance of nonfinancial information: the wireless communications industry. Journal of Accounting and Economics 22, 3-30.
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Beaver, W.H.,1968. The information content of annual earnings announcement. Journal of Accounting Research 6 (supplement), 67-92.
Berger, P., Ofek, E., and Swary, I., 1996. Investor valuation of the abandonment option. Journal of Financial Economics 42, 257-287.
Burgstahler, D., and Dichev, I., 1997. Earning, adaptation, and equity value. The Accounting Review 72, 187-215.
Collins, D.W., Maydew, E.L., and Weiss, I.S., 1997, Change in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24, 39-67.
Easton, P., 1985. Accounting earnings and security valuation: empirical evidence of the fundamental link. Journal of Accounting Research 23(supplement), 54-77.
Easton, P., 1998. Discuss of revalued financial, tangible, and intangible assets : Association with share prices and non-market-based value estimates. Journal of Accounting Research 36(supplement), 235-247.
Elliott, J. A., and J. D. Hanna, 1996. Reported accounting write-off and the information content of earnings. Journal of Accounting Research 34 (supplement), 135-155.
Francis, J., and Schipper, K., 1999. Have financial statements lost their relevance? Journal of Accounting Research 37, 319-352.
Hayn, C., 1995.The information content of losses. Journal of Accounting and Economics 20, 125-153.
Lo, K., and Lys, T., 2000. Bridging the Gap Between Value Relevance and Information Content, Working paper.
Miller, M., 1994. Is American corporate governance fatally flawed? Journal of Applied Corporate Finance 6, 32-39.
Modigliani, F., 1961. Dividend policy, growth and the valuation of shares. Journal of Business (October), 411-433.
Landsman W. R., and Maydew E.L., 2000. Beaver(1968) revisited: has the information content of annual earnings announcements declined in the last three decades, Working paper, University of Carolina at Chapel Hill.
Ohlson, J. A., 1995. Earnings, Book value, and dividends in equity valuation. Contemporary Accounting Research 11 No.2 (Spring), 661-667.
Shevlin, T., 1991. The valuation of R&D firms with R&D limited partnerships. The Accounting Review (January), 1-21.