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研究生:賴彥彰
研究生(外文):Lai,Yen-Chang
論文名稱:盈餘中應計成份與現金流量成份對股價之影響
論文名稱(外文):The impact of accruals and cash flow components of earnings on the stock price
指導教授:胡聯國胡聯國引用關係
指導教授(外文):Hu,Lien-Kuo
學位類別:碩士
校院名稱:國立政治大學
系所名稱:國際貿易研究所
學門:商業及管理學門
學類:貿易學類
論文種類:學術論文
論文出版年:2005
畢業學年度:94
語文別:英文
論文頁數:35
中文關鍵詞:盈餘應計基礎現金流量股價
外文關鍵詞:EarningsCash flowAccrualsStock price
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This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components.
This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components.
Contents
Abstract 2
1. Introduction
1.1 Biases of Judgment 6
1.2 Errors of Preference 8
2. Literature Review 14
3. Development of Hypotheses 15
4. Data Collection and Variable Measurement 18
5. Empirical Results
5.1 Summary Statistics 21
5.2 Test of H1 23
5.3 Test of H2 27
5.4 Do Stocks with Relative High Proportion of
Cash Flows Outperform Those with Relative High Accruals? 30
6. Conclusions 32
7. Recommendation 34
8. Reference 35
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