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研究生:許懷仁
研究生(外文):Hsu,Huai Jen
論文名稱:執行長聲譽、未來盈餘與市場評價
論文名稱(外文):CEO Reputation ,Future Earnings,And Market Mispricing
指導教授:周庭楷周庭楷引用關係
口試委員:黃劭彥林軒竹
口試日期:2012-07-29
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計資訊與法律數位學習碩士在職專班
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:2012
畢業學年度:100
語文別:中文
論文頁數:37
中文關鍵詞:執行長聲譽
外文關鍵詞:CEO reputation
相關次數:
  • 被引用被引用:4
  • 點閱點閱:530
  • 評分評分:
  • 下載下載:30
  • 收藏至我的研究室書目清單書目收藏:0
本研究主要目的在探討高執行長聲譽能否為公司創造出卓越的未來績效,以及市場投資者是否會使用執行長聲譽作為評估公司未來績效的指標並且能將執行長聲譽對未來盈餘之實質影響正確地反映在股價上。
本研究參考Mishkin(1983)之研究方法為架構,以2001年到2010年間台灣上市公司做為研究對象,樣本有2,020個,採用了資料包絡分析法(DEA)推算出執行長的經營效率值、重要商業媒體引用數及計算前三年任期期間產業調整後總資產報酬率的平均數三個變數來探討企業執行長聲譽。延伸Solan的測試,運用疊代一般非線性最小平方法之迴歸分析檢驗執行長聲譽與未來盈餘的影響,對於盈餘持續性與執行長聲譽影響的市場訂價效率測試,係根據限制與非限制聯合估計系統殘差平方和所求出的概似比統計量進行檢定。
本研究結果證明執行長聲譽與未來盈餘是呈現顯著正相關,但市場投資者並不完全能將執行長聲譽對未來盈餘的影響理性地反映在股價上。即表示執行長聲譽愈高,公司獲利能力也愈好,但市場投資者對執行長聲譽有過度樂觀的評價,而存在錯誤訂價的現象。

This study examines whether CEO reputation, a crucial characteristic of human capital, is associated with future earnings and whether this association is appropriately reflected in stock prices. Using multiple proxies for CEO reputation, we find that CEO reputation is positively associated with future earnings. Market investors, however, do not fully incorporate the implication of CEO reputation for future earnings into stock prices. The results are robust to decomposing earnings into cash flows and accruals. Overall, this paper provides empirical evidence on the economic consequences associated with CEO characteristics.
第一章 緒論3
第二章 文獻探討與假說建構7
2.1執行長聲譽相關文獻7
2.2 研究假說9
第三章 資料來源與研究設計12
3.1資料來源及研究期間12
3.2執行長聲譽的衡量 12
3.3實證模型13
第四章 實證結果15
4.1敘述性統計及相關分析15
4.2 Mishkin 實證結果20
4.3 敏感性分析的實證結果24
第五章 結論27
參考文獻29



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