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研究生:林東杰
研究生(外文):TUNG-CHIEH LIN
論文名稱:分析師研究報告頁數之決定因素
論文名稱(外文):The Determinants of Pages of Analyst Research Reports
指導教授:呂倩如呂倩如引用關係
指導教授(外文):Chien-Ju Lu
學位類別:碩士
校院名稱:元智大學
系所名稱:會計學系
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:2009
畢業學年度:97
語文別:中文
論文頁數:57
中文關鍵詞:分析師經驗分析師研究報告券商規模無形資產
外文關鍵詞:Analyst experienceAnalyst research reportsBrokerage sizeIntangible assets
相關次數:
  • 被引用被引用:1
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  • 收藏至我的研究室書目清單書目收藏:0
由於投資人與企業之間存在著資訊不對稱,因此財務分析師扮演著解釋企業會計盈餘相關資訊的角色,而分析師係將所獲取之資訊經分析後而形成對企業的預測及推薦且記載於研究報告之中,因此,本文欲探討分析師研究報告頁數之決定因素,整體而言,本文根據相關文獻建構企業未來收益不確定性及分析師盈餘預測兩個構面,且後者更進一步地區分為三個層面,分別為分析師經驗、分析師資源以及分析師產量。
在企業未來收益不確定性構面中,本文發現當企業無形資產比例愈高,分析師傾向提供更多對企業盈餘預測分析,且為了提升預測正確性,故將提供更多的資訊及證據以說服投資人,因而增加研究報告的頁數。此外,在分析師盈餘預測的構面中,本文發現當分析師有較長之一般經驗時可能會因過度自信而跟隨較多企業或產業,故僅能提供較少的資源或時間予每間企業,而產生頁數較少之研究報告。除此之外,券商規模亦為影響分析師研究報告頁數的決定因素之一,本研究結果顯示,當券商規模愈大,將提供分析師愈多資源,使分析師對企業進行盈餘預測實有莫大幫助,但並未如本研究所預期使分析師研究報告頁數增加,反而減少研究報告的頁數。最後,分析師的產量部分(分析師跟隨企業家數及提供報告數量)則未發現顯著結果。整體而言,本研究發現企業之無形資產、分析師的經驗以及分析師獲取資源的多寡,皆為其研究報告頁數多寡的決定因素。
There exists information asymmetry between managers and investors, which suggests a role of financial analysts in interpreting the information contained in reported accounting earnings. All the information and analyses obtained and used by analysts to make forecasts and recommendations are contained in the research reports. Therefore, the purpose of this thesis is to explore the determinants of the pages of analyst research reports. Specifically, based on the literature, I construct two dimensions of firm’s earnings uncertainty and analyst earnings forecasts, and the latter is further decomposed to three elements of analysts experiences, resources, and productions.
In the dimension of earnings uncertainty, I find that analysts tend to provide more analyses in predicting earnings for firms with more intangible assets due to the relative high earnings uncertainty. To prove the accuracy of forecasts, analysts endeavor to provide more information to convince investors that causes the increase of the pages of analyst research reports. On the other hand, in the dimension of analyst earnings forecasts, I find that analysts with more experiences cover more firms or industries due to over-confidence. Since that analysts have a common capacity limit, the pages of research reports may be less for analysts who cover more firms. Moreover, brokerage size is also one of the determinants of the pages. Analysts in large brokerage houses have more resources to access information in making forecasts and recommendations. However, a negative effect of brokerage size is not consistent with my prediction. Finally, the elements of analyst productions (numbers of firms an analyst covers and numbers of forecasts an analyst provides) have no influence on the pages of analyst research reports. In sum, firms’ intangible assets, analysts experiences and resources are the determinants of pages of analyst research reports.
第一章 緒論 1
1.1 研究背景及動機 1
1.2 研究貢獻 3
1.3 研究流程與論文架構 5
第二章 文獻探討 7
2.1 無形資產 7
2.1.1 帳列無形資產之定義及會計處理之規範 7
2.1.2 研究發展支出費用化與資訊不對稱 9
2.1.3 無形資產與分析師盈餘預測 10
2.2 財務分析師盈餘預測 11
2.2.1 財務分析師的角色 12
2.2.2 財務分析師之經驗 13
2.2.3 財務分析師之資源 14
2.2.4 財務分析師之產量 16
第三章 假說發展 18
3.1 企業未來收益不確定性構面 18
3.2 分析師盈餘預測構面 19
第四章 研究方法 24
4.1 實證架構 24
4.2 樣本及資料來源 26
4.3 實證模型與變數定義 29
4.3.1 實證模型 29
4.3.2 變數操作性定義 29
第五章 實證結果 36
5.1 敘述性統計量 36
5.2 複迴歸分析 41
5.3 敏感性分析 45
第六章 研究結論、限制與未來建議及發展 51
6.1 研究結論 51
6.2 研究限制 53
6.3 未來建議及發展 53
參考文獻……………… 54

表目錄
【表1】樣本選取及產業組成表 28
【表2】變數彙總表 35
【表3】變數敘述性統計表 38
【表4】產業特性 39
【表5】相關係數矩陣 40
【表6】分析師研究報告頁數決定因素之迴歸分析 44
【表7】縮短預測日差異之OLS迴歸分析 47
【表8】分析師研究報告頁數決定因素之Tobit迴歸分析 50

圖目錄
【圖1】研究流程圖 6
【圖2】實證架構圖 25
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