臺灣博碩士論文加值系統

本研究主要探討公司之稅後淨利及營業現金流量對股價之影響，針對1216家上市、上櫃公司區分為正常公司與財務危機公司加以研究。將每股淨值小於面值10元、負債比率大於2/3或當年度每股盈餘為負的公司視為財務危機公司，其餘為正常公司。並根據Barth and Beaver (1998)所提出股價與帳面價值及盈餘之模型，延伸為對帳面價值、稅後淨利及營業現金流量進行測試，藉以驗證財務危機公司及正常公司之財務數字對股價之影響。在實證方面，運用OLS及Panel Data計量方法，選出較適合之實證模型，俾瞭解在不同公司下稅後淨利及營業現金流量對股價產生之解釋力及增額解釋能力。
實證結果如下：首先，正常公司之稅後淨利對股價之解釋力高於營業現金流量；其次，財務危機公司之營業現金流量對股價之解釋力高於稅後淨利；第三，正常公司之稅後淨利比財務危機公司對股價有較高增額解釋力；第四，財務危機公司之營業現金流量比正常公司對股價有較高增額解釋力；最後，正常公司之稅後淨利對股價之影響力高於帳面價值，而財務危機公司之帳面價值對股價之影響力高於營業現金流量。

The purpose of this study is to investigate the impact of Income after Tax and Cash Flows from Operating on stock price. This study includes normal corporations and financial crisis corporations based on a sample of 1216 companies in Taiwan. The corporations with equity per share less than 10 dollar, debt ratio being greater than 2/3, or minus earnings per share for current year will be seen as financial crisis corporations; the others as normal corporations. The Barth & Beaver model (1998) regarding stock price, book value and profit is extended to examine the effects of the book value, income after tax and cash flows from operating on stock price for financial crisis corporations and normal corporations. The OLS and panel data are used to select the best measure method to understand the explanatory power of income after tax and cash flows from operating in relation to stock price and then additional explanatory power from different corporations.
The empirical results show that (1) the explanatory power of income after tax in relation to stock price is higher than cash flows from operating for normal corporations; (2) the explanatory power of cash flows from operating in relation to stock price is higher than income after tax for financial crisis corporations;(3) there exists the greater additional explanatory power than income after tax in relation to stock price for normal corporations;(4) there exists the greater additional explanatory power than cash flows from operating in relation to stock price for normal corporations; (5)the explanatory power of income after tax is higher than book value in relation to stock price for normal corporations and the explanatory power of book value is higher than cash flows from operating for financial crisis corporations.

摘要 iv
英文摘要 v
誌謝 vi
目次 vii
表目錄 viii
圖目錄 xi
第一章 緒論 1
1.1 研究背景 1
1.2 研究動機及目的 3
1.3 研究架構與流程 5
第二章 文獻探討 7
2.1 盈餘與帳面價值對股權價值之相關文獻 7
2.2 現金流量對股權價值之相關文獻 13
2.3 財務危機公司之相關文獻 17
第三章 研究方法 22
3.1 研究假說 22
3.2 建立實證模型及定義研究變數 24
3.2.1 實證模型 24
3.2.2 定義研究變數 25
3.3 估計方法 26
3.3.1 Panel Data Model 26
3.4 樣本篩選及資料來源 29
3.4.1 樣本篩選 29
3.4.2 樣本篩選之條件限制 30
3.4.3 資料來源 30
第四章 實證結果與分析 31
4.1 敘述性統計分析 31
4.2 實證結果分析 36
第五章 結論與建議 49
5.1 研究結論 49
5.2 續後研究及建議 51
參考文獻 52

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