臺灣博碩士論文加值系統

本研究主要從臺灣上市櫃公司，探討投資現金流量敏感度與自願性財務預測之間的關聯性，研究發現若增加投資現金流量敏感度的公司由於承擔高資訊風險與融資成本，因此提高自願性財務預測的發佈意願。另外，再以投資現金流量敏感度作為變數對已發佈財務預測的公司是否產生影響，發現對於已發佈財務預測公司，其財務預測盈餘品質較具樂觀性，由於揭露行為吸引更多投資人的注意，並透過市場的力量產生正面的效果。

　In this study, we focus on Taiwan Public companies to explore the association between investment cash flow sensitivity and Voluntary Financial Forecasts. This study discovers that companies increase investment cash flow sensitivity to undertake high information risk and financing cost that herein enhance the willing of Voluntary Earnings Forecasts publication.

In addition, investment cash flow sensitivity as a variable to measure the impact from the companies with published financial forecasts. It discovers the Earnings forecast earnings optimism relatively better quality from the companies with published financial forecasts. Because disclosures behavior could attract more investors and generate positive effectiveness through the market force.

摘要．．．．．．．．．．．．．．．．．．．．．．．I
Abstract．．．．．．．．．．．．．．．．．．．．．．．II
誌謝辭．．．．．．．．．．．．．．．．．．．．．．．III
目錄．．．．．．．．．．．．．．．．．．．．．．．．IV
表目錄．．．．．．．．．．．．．．．．．．．．．．．V
第一章、緒論．．．．．．．．．．．．．．．．．．．．1
第二章、文獻探討與假說．．．．．．．．．．．．．．．3
一、投資現金流量敏感度．．．．．．．．．．．．．．．3
二、自願性財務預測．．．．．．．．．．．．．．．5
第三章、樣本選取與研究方法．．．．．．．．．．．．．8
一、樣本蒐集及研究期間．．．．．．．．．．．．．8
二、資料來源．．．．．．．．．．．．．．．．．．8
三、樣本選取過程和結果．．．．．．．．．．．．．9
四、實證模型與變數定義．．．．．．．．．．．． 10
第四章、實證結果分析．．．．．．．．．．．．．．．．16
一、敍述性統計量與相關分析．．．．．．．．．．．16
二、自願性財務預測意願之實證分析．．．．．．．．22
三、自願性財務預測品質之實證分析．．．．．．．．25
第五章、結論．．．．．．．．．．．．．．．．．．．．29
參考文獻．．．．．．．．．．．．．．．．．．．．．．31

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