臺灣博碩士論文加值系統

摘要
本研究主要在探究公司治理機制對盈餘資訊內涵之影響，意即公司治理之良窳是否改變投資人對該企業之觀感判斷，進而影響投資人對企業所提供之盈餘資訊的信賴程度，增強或削弱公司的盈餘資訊內涵。本研究進一步將盈餘資訊內涵分別以當期盈餘資訊內涵及未來盈餘資訊內涵探討，檢視投資大眾除使用歷史盈餘判斷企業之優劣之外，是否以盈餘資訊推估企業未來之獲利能力，即股價是否為一領先指標之議題研究。除此之外，本研究亦測試了資訊透明度對企業當期及未來盈餘資訊內涵之關連性。
實證結果發現：
一、 公司治理之良窳確實會影響當期盈餘資訊內涵之優劣。
二、 股價為企業未來獲利狀況之領先指標。
三、 公司治理之良窳確實會影響投資大眾對該企業未來獲利的憶測。
四、 資訊透明度愈高，盈餘資訊內涵愈高。


關鍵詞：盈餘資訊內涵、公司治理、資訊透明度、未來盈餘

Abstract

The information content of earnings has been discussed for a long time. Prior studies always focused on effect of the corporate governance on the information content of current earnings, that is corporate governance affects the relationship between current earnings and current returns. Besides current infornativeness, we would like to find out the effect on the relationship between future earnings and current returns.
Current earnings could be used to forecast the future performance of a corporation. Investors decide to hold securities depending on the potential of a company, they would sell（or not to buy）the stocks if the prospect is sad. As a result, stock price includes the investor’s expectation of a corporation, referring to the cash inflows which can be gathered in the future. Future earnings lead the forcoming cash inflows, we can’t disuss the content of earnings without the future earnings perspective.
Information transparency is used to investigate the effect of corporate governance on the relationship between future earnings and current returns, acting as the intermediary variable. In this study, we first skip the information transparency, trying to find the direct effect of corporate governce and the future earnings informativeness. In addition to the earnings contents, we also tested the relationship between information transparency and future earnings informativeness, resulting in information transparency being the foundation of corporate governance. After the research design and OLS tests, what we have found is summarized as follows:
1. The corporate governance indeed can affect the information content of current earnings.
2. Future earnings are contented in the stock price.
3. Corporate governance can directly influence the relationship between future earnings and current returns.
4. The relationship between earnings and returns is stronger while the information transparency is better.


Keywords：Information content of earnings, corporate governance, information transparency, future earnings

內容目錄
摘要 I
謝辭 III
內容目錄 IV
表目錄 V
圖目錄 VI
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程 4
第貳章 相關文獻探討 6
第一節 公司治理機制與資訊內涵 6
第二節 現時股價為該企業未來獲利狀況之前瞻性指標 10
第参章 研究方法 12
第一節 研究假說 12
第二節 研究設計 14
第肆章 實證結果分析 20
第一節 敘述性統計分析 20
第二節 相關係數分析 22
第三節 實證結果分析 28
第四節 敏感性測試 45
第伍章 結論與建議 64
第一節 結論 64
第二節 研究限制 65
第三節 建議 66
參考文獻 67
國內文獻： 67
國外文獻： 69
附錄一 揭露項目索引表 74
附錄二 實證結果彙總比較表 78

表目錄
表3-1 樣本選取 19
表4-1 當期盈餘與累積異常報酬之統計量 21
表4-2 當期盈餘與公司治理變數PEARSON相關係數表 23
表4-3 未來盈餘與公司治理變數PERSON相關係數表 26
表4-4 簡單盈餘對異常報酬間之關係 29
表4-5 盈餘對異常報酬間之關係 30
表4-6 盈餘對異常報酬間之關係 31
表4-7 資訊透明與資訊有用性之關係 33
表4-8董事會特性與當期盈餘交乘項之實證結果 35
表4-9當期盈餘與未來盈餘間之相關性 37
表4-10 簡單未來盈餘對異常報酬間之關係 38
表4-11 未來盈餘對異常報酬間之關係 39
表4-12未來盈餘對異常報酬間之關係 40
表4-13 資訊透明與未來盈餘資訊有用性之關係 42
表4-14 董事會特性與未來盈餘交乘項之實證結果 43
表4-15 每股盈餘對異常報酬間之關係 47
表4-16 每股盈餘對異常報酬間之關係 48
表4-17 每股盈餘對異常報酬間之關係 49
表4-18 資訊透明與資訊有用性之關係 51
表4-19 董事會特性與當期每股盈餘交乘項之實證結果 52
表4-20 未來每股盈餘對異常報酬間之關係 54
表4-21 未來每股盈餘對異常報酬間之關係 55
表4-22 未來每股盈餘對異常報酬間之關係 56
表4-23 資訊透明與資訊有用性之關係 58
表4-24 董事會特性與未來盈餘交乘項之實證結果 59
表4-25 資訊透明與資訊有用性之關係 62
表4-26 資訊透明與資訊有用性之關係 63

圖目錄
圖一：研究流程圖 5

參考文獻
國內文獻：
王佩珍，2005，資訊揭露評鑑制度對股價影響之研究，私立中原大學會計學研究所未出版碩士論文。
朱清平，2003，公司治理與財務預測品質關係之研究，國立中正大學會計與資訊研究所未出版碩士論文。
何幸芳，2002，獨立董監事對公司價值與盈餘資訊內涵影響之研究，私立輔仁大學金融研究所未出版碩士論文。
李孟芳，2002，股權結構對企業財務資訊揭露品質之影響--以上市電子業公司為例，國立成功大學會計研究所未出版碩士論文。
吳祥福，2002，財務報表重編與董監獨立性/專業性之研究，國立政治大學會計學研究所未出版碩士論文。
吳佩勳，2006，董事會獨立性、盈餘管理及經營績效關聯性之研究，國立雲林科技大學財務金融研究所未出版碩士論文。
林品秀，2005，台灣資訊揭露評鑑系統資訊內涵與資訊品質之研究，私立逢甲大學會計研究所未出版碩士論文。
林有志, 曾乾豪, 2007, 財務透明度對盈餘資訊性之影響, 當代會計, 第八卷第二期, 頁155-180。
林家靜，2003，公司治理、盈餘管理與投資人報酬之關連性研究，國立政治大學會計學研究所未出版碩士論文。
林佩慧，2005，資訊揭露透明度對企業資訊內涵與盈餘管理之影響，私立南台科技大學會計資訊研究所未出版碩士論文。
金成隆、林修葳與張永芳，1999，強制性財務預測誤差與盈餘管理關係：20﹪門檻限制影響之研究，中國財務學刊，第七卷 第一期，頁59-96。
周瑤純，2006，董事會特性與資訊揭露水準之關係，私立中原大學會計學研究所未出版碩士論文。
徐中原，2005，最終控制股東結構與股票市場績效之關聯性，國立中興大學會計 學研究所未出版碩士論文。
莊峻銘，2003，獨立董監事、公司資訊透明度與公司價值之關聯性，國立彰化師範大學會計學研究所未出版碩士論文。
高莉華，2003，公司治理對盈餘資訊價值內涵之影響，私立中原大學會計學研究所未出版碩士論文。
郭于滿，2005，董監事任期與公司績效之關聯性研究，私立元智大學會計學系研究所未出版碩士論文。
陳立恆，股權結構對公司個別風險與籌資型態之影響，國立中興大學會計學研究所未出版碩士論文。
陳良銘，2003，公司治理特性與盈餘管理程度關聯性之研究，國立高雄第一科技大學財務管理研究所未出版碩士論文。　
陳柔安，2005，資訊透明度.流動性與資訊內涵關係之研究，私立中原大學暨學研究所未出版碩士論文。
陳瑞斌，2005，公司治理結構與資訊透明度對於資本市場之影響，國立政治大學會計學研究所未出版博士論文。
陳韻珊，2004，公司治理機制、代理成本與盈餘品質間的關聯性，私立中原大學會計學研究所未出版碩士論文。
陳曉蓉與王詠惠，2006，機構投資人持股對股價反映未來盈餘資訊程度之影響
─以台灣集團公司與非集團公司為例，會計與公司治理，第三卷 第二期，頁69-100 。
陳麗婷，2004，財務報表重編與公司治理特性之研究，國立交通大學經營管理研究所未出版碩士論文。
葉銀華，2002，從台灣上市公司網站資訊揭露看透明度，會計研究月刊，第200
期：70-77。
彭政錦，2002，董事會特性、股權結構及機構投資人持股與盈餘管理關聯性之研究，國立嘉義大學管理研究所未出版碩士論文。
彭筱倩，2003，盈餘管理與公司治理關聯性之研究-以我國財務危機公司為例，國立政治大學會計學研究所未出版碩士論文。
張石羨珍，2004，資訊揭露評鑑系統與股票評價之攸關性，國立台北大學會計研究所未出版碩士論文。
張秀玉，2002，股權結構對盈餘資訊內涵之影響，私立中原大學會計學研究所未出版碩士論文。
張雅琳，2004，我國企業獨立董事機制與經營績效之關聯性研究，私立大業大學會計資訊學研究所未出版碩士論文。
黃美娟，2006，資訊揭露品質與財務報表品質相關性之探討，私立靜宜大學會計學研究所未出版碩士論文。
黃政耀，2003，公司治理與盈餘管理關聯性之研究－以我國特定上市櫃公司為例，國立政治大學會計學研究所未出版碩士論文。
趙秋美，1995，會計盈餘與現金盈餘相對資訊內涵之研究，國立政治大學會計學研究所未出版碩士論文。
詹尊明，2000，股價資訊內涵應用於盈餘預測之研究，私立淡江大學會計學研究所未出版碩士論文。
廖士儀，2005，盈餘預測模式的建立及其報酬反應之研究，國立中央大學企業管理學研究所未出版碩士論文。
潘豐裕，2004，獨立董監兼職數與財務報表品質之關聯性研究，國立中興大學會計學研究所未出版碩士論文。
蔡幸夫、鍾惠民、林詩韻，2003，「控制股東代理問題與盈餘資訊內涵之關聯性研究-以台灣上市公司為例」，當代會計，第4卷 第2期，頁143-168。
國外文獻：
Abarbanell﹐B. J.﹐and V. Bernard.1992.Tests of analysts’ overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior. Journal of Finance 47 , 1181–1207.
Abarbanell﹐J. S., and B. J. Bushee.1997. Fundamental Analysis, Future Earnings, and Stock Prices. Journal of Accounting Research 35 , 1-24.
Ahmed﹐K., M. Hossain﹐and M. B. Adams.2006. The Effect of Board Composition and Board Size on the Informativeness of Annual Accounting Earnings. An International Review 14, 418-431.
Ali﹐A., C. Durstchi, B. Lev, and M. Trombley.2001. Informed Trading by Institutions and Quality of Accounting Information. Journal of Accounting Abstracts working paper.
Ball, R.﹐and P. Brown. 1968. An Empirical Analysis of Accounting Income Numbers. Journal of Accounting Research 6, 159–178.
Ball, R. and and E. Bartov. 1996. How naive is the stock market’s use of earnings. Journal of Accounting and Economics21, 319-337.
Beaver, W.﹐R. Lambert, and D. Morse.1980. The Information Content of Security Prices. Journal of Accountmg and Economics 2, 3-28.
Beekes﹐W.﹐and P. Brown.2006. Do Better-Governed Australian Firms Make More Informative Disclosures?. Journal of Business Finance & Accounting 33, 422-450.
Bernard, V.L., and Jacob K. Thomas. 1990. Evidence That Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings. The Journal of Accounting and Economics 13. ), 305-340.
Botosan, C. A. 1997. Disclosure Level and the Cost of Equity Capital. The Accounting Review 72, 323-349.
Burgstahler, D.﹐J. Jiambalvo, and T. Shevlin. 2002. Do Stock Prices Fully Reflect the Implications of Special Items for Future Earnings?. Journal of Accounting Research 40, 585-612.
Bushman, R., J. Piotroski, and A. Smith. 2004. What Determines corporate Transparency?. Journal of Accounting Research 42, 07-252.
Chan﹐K., Louis K. C. Chan, N. Jegadeesh﹐and Josef Lakonishok. 2006. Earnings Quality and Stock Returns. Journal of Business 79, 1041-1082.
Chaney﹐P. K.﹐and D. C. Jeter. 2002. Self-Selection of Auditors and Size Nonlinearities in Audit Pricing. The Accounting Review, Forthcoming.
Collins﹐D.W., and P. Hribar. 2000. Earnings-based and accrual-based market anomalies: one effect or two?. Journal of Accounting and Economics29, 101-123.
Collins, D. W, S. P. Kothari, J.S. Shanken, and R. G. Warfield. 1994. Lack of timeliness and noise as explanations for the low contemporaneous return-earnings association. Journal of Accounting & Economics 18, 289-523.
Easton﹐P. D.﹐and T. S. Harris.1991. Earnings As an Explanatory Variable for Returns, Journal of Accounting Research 29, 19-36 .
Easton﹐P.D.﹐T.S.Harris﹐and J. Ohlson.1991. Aggregate accounting earnings can explainmost of security returns-The case of long return intervals. Journal of Accounting and Economics 15, 119-142.
Fan﹐J.﹐and T.J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33, 401–425.
Financial accounting standard board（FASB）. Qualitative Characteristics of Accounting Information . FASB Concepts statement No.2: New York. Revised 1980
Finger, C.A..1994. The Ability of Earnings to Predict Future Earnings and Cash Flow. Journal of Accounting Research 32, 210-223.
Firth, M.﹐Peter M.Y. Fungb﹐and Oliver M. Rui.2007.Ownership, two-tier board structure, and the informativeness of earnings – Evidence from China. Journal of Accounting and Public Policy 26, Pages 463-496.
Freeman﹐R.N.﹐and S.Y. Tse.1989. The multiperiod information content of accounting earnings: confirmations and contradictions of previous earnings reports. Journal of Accounting Research 27, 49–79.
Freeman, S., F. Lin, and A. K.Romney.1987. Cognitive Structure and Informant Accuracy. American Anthropologist 89, 310-325.
Glosten, L.R, and P. Milgorm.1985. Bid and ask and trnsation price in a specialist market with heterogeneously informed traders.The journal of financial economics 14, 71-100.
Hong﹐Xie.2001. The Mispricing of Abnormal Accrualsa. The Accounting Review 76, 356-373.
information? Journal of Accounting and Economics 21, 319-337.
Jacoba, J.﹐T. Z. Lys, and M. A. Neale.1983.Expertise in forecasting performance of security analysts. Journal of Accounting and Economics 28, 51-82.
Jennifer﹐W. T.2007.Is Openness Penalized? Stock Returns around Earnings Warnings. The Accounting Review 82,1055-1089.
Jensen, M. C.﹐and R. S. Ruback .1983.The Market for Corporate Control: the Scientific Evidence. Journal of Financial Economics 11, 5-50.
Jensen, M. C., and W. H. Meckling.1976.Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics 3, 305–60.
Ken﹐M.L. Ching, M. Firth﹐ d Oliver M. Rui.2006.Earnings Management, Corporate Governance and the Market Performance of Seasoned Equity Offerings in Hong Kong. Journal of Contemporary Accounting and Economics 2 , 91-117.
Ken﹐M.L. Chinga, M. Firth, and Oliver M. Rui.2006.The information content of insider trading around seasoned equity offerings. Pacific-Basin Finance Journal 14, , 91-117.
Kieso﹐D.E.﹐J.J. Weygandt﹐and T.D. Warfield.2003.Intermediate accounting﹐28-46.
Klein.2002. Audit committee, board of director characteristics, and earnings management, Journal of Accounting & Economics 33, 375.
Kormendi, R.C.﹐and R.C. Lipe.1987. Earnings Innovations, Earnings Persistence, and Stock Returns. Journal of Business , 323–345.
Kothari, S. P.﹐and R. G. Sloan.1992.Information in prices about future earnings : Implications for earnings response coefficients. Journal of Accounting and Economics 15, 143-171.
La Porta, R.﹐F.Lopez-de-Silanes, A. Shleifer, and R.W. Vishny. 1999. Investor protection andcorporate valuation. NBER Working Paper 7403.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R.W. Vishny. 2002. Investor Protection and Corporate Valuation. Journal of Finance Working Paper.
La Porta, R., Lopez-de-Silanes, F. A﹒Shleifer., and Vishny, R. 1999. The quality of government.Journal of Law. Economics and Organization 15, 222-279.
Lev﹐B. 1989. On the usefulness of earnings: Lessons and directions from two decades of empirical research.Journal of Accounting Research 27, I533 192.
Lev﹐B.﹐and S. R. Thiagarajan.1993. Fundamental Information Analysis. Journal of Accounting Research 31, 190-215.
Lipe, R..1990. The Relation Between Stock Returns and Accounting Earnings Given Alternative Information. The Accounting Review 65, 49-71.
Lipton, M., and J Lorsch.1992. A model proposal for improved corporate governance. Bus/hess Lawyer 48, 59- 77.
Lundholm, R.; Myers, Linda.2002. Bringing the Future Forward: The Effect of Disclosure on the Returns-Earnings Relation. Journal of Accounting Research 40(3), 809-839.
Lundholm﹐R﹒, and L.Myers. 2002. Bringing the Future Forward: The Effect of Voluntary Disclosure on the Returns-Earnings Relation. Journal of Accounting Research 40, 809-839.
Luo, S., S.M. Courtenay, and Mahmud H..2006. The effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation. Pacific-Basin Finance Journal 14, 501-521.
Meek, G.K., C.B. Roberts, and S.J. Gray .1995. Factors Influencing Voluntary Annual Report Disclosure by U.S., U.K. and Continental European Multinational corporations. Journal of International Business Studies 26, 555-572.
Muth﹐J.F.1961.Rationalexpectations and the theory of price movements.Econometrica 29 , 315–335.
Nichols﹐D. C.﹐and James M. Wahlen .2004. How Do Earnings Numbers Relate to Stock Returns? A Review of Classic Accounting Research with Updated Evidence. Accounting Horizons18, 263-286.
Niu, Flora F. 2006. Corporate governance and the quality of accounting earnings: a Canadian perspective.International. Journal of Managerial Finance 26, 302-32
Petra﹐S. T..2007. The Effects of Corporate Governance on the Informativeness of Earnings. Economics of Governance 8, 129-171.
Petra, S. T..2002.The effects of governance structure and ownership structure on the informativeness of earnings.Rutgers The State University of New Jersey – Newark.
Plumlee, M., and C. Botosan. 2002. A Re-examination of Disclosure Level and The Expected Cost of Equity Capital. Journal of Accounting Research 40, 21-40.
Rajgopal﹐S. , T. Shevlin﹐and M. Venkatachalam.2003. Does the Stock Market Fully Appreciate the Implications of Leading Indicators for Future Earnings? Evidence from Order Backlog. Review of Accounting Studies l8, 461-492.
Rendleman, R.J., Jr., C.P. Jones, and H.A. Latane.1987. Further insight into the standardized unexpected earnings anomaly: Size and serial correlation effects. The Financial Review 22, 131-144.
Sánchez-Ballesta, J. P., and E. García-Meca.2007.Ownership Structure, Discretionary Accruals and the Informativeness of Earnings.Corporate Governance15, 677-691.
Sengupta,C.1998.Elephanta I Tata Institute of Social Sciences.sland: Heritage and Livelihood. Mumbai.
Shroff, P..1995. Determinants of the Returns-earnings Correlation. Contemporary Accounting Research 11, 1-55.
Sloan, G.. S..1996. Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?. Accounting Review 71, 289-315.
Spence, M.. 1973 .Job Market Signaling. Quarterly Journal of Economics 87, 296-332.
Transparency?, Journal of Accounting Research 42, 207-252.
Thomas, J.K., and H Zhang.2002. Inventory Changes and Future Returns. Review of Accounting Studies 7, 163-187.
Tucker, C., and J. Zhang.2007. Can the Introduction of Observational Learning Lead to
Demand Expansion? - A Field Investigation. Working paper, MIT Sloan School of Management..
Vafeas﹐N..2000. Board Structure and the Informativeness of Earnings. Journal of Accounting and Public Policy 19, 139-160.
Warfield,T. D., and J.J. Wild .1992.Accounting Recognition and the Relevance of Earnings as an Explanatory Variable for Returns. The Accounting Review 67, 821-842.
Wolfgang﹐D. , A. Schillhofer﹐and H. Zimmermann.2004.Corporate Governance and Expected Stock Returns: Evidence from Germany. European Financial Management 10, 267-293.
Xie, B., Davidson III, W. N., and DaDalt, P. J.2003.Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee. Journal of Corporate Finance 9, 295-316.
Yeo﹐G.H.H., M.S. Patricia, K.W.Ho, and S.S. Chen.2002.Corporate Ownership Structure and the Informativeness of Earnings. Journal of Business Finance & Accounting 29, 1023-1046.
Zhang﹐J. Y., C., and R. Jin.2007. An Empirical Investigation of User Term Feedback in Text-Based Targeted Image Search, Michigan State University.