臺灣博碩士論文加值系統

為重新驗證過去價值攸關性之研究結論，本文以財報使用者之觀點，計算出具個別年與個別公司特性之現金流量及應計項目資訊，依不同企業生命週期，分別檢驗現金流量及應計項目之價值攸關性與公司價值之關係。其中生命週期是以現金流量(營運、投資、融資)為劃分之依據，以消除過去採用單一指標或以分位法得之綜合指標所產生之分類偏誤情形。另外，對於公司價值之評價，除市值外，亦以評價模型計算出公司之真實價值，以消除導因於市值易受市場環境影響而使得公司價值之評價有高低估之情形。

實證結果顯示，成長期公司之現金流量的價值攸關性與公司市值及真實價值均無顯著關係，應計項目之價值攸關性與公司市值無顯著關係但與公司真實價值呈顯著負向關係。成熟期公司之現金流量之價值攸關性與公司市值及真實價值均呈顯著正向關係，但應計項目對公司市值及真實價值均無顯著關係。衰退期公司之現金流量與應計項目兩者均對公司市值及真實價值均無顯著關係。研究結論表示，現金流量及應計項目之價值攸關性與公司價值的關係會因不同的企業生命週期而有不同的影響。

To clarify the result of past literature on the value relevance, we figure out the value relevance of cash flows and accruals on behalf of users of financial statement in individual firm-specific and every year, and then examine the impact of life-cycle attributes of firms on the value of firms. To avoid the dispute of classification on life-cycle, we take advantage of cash flows (operating, investing, and financing) to classify the stages of corporate life cycle. Moreover, for firm’s valuation, in addition to the market value, we also estimate the intrinsic value of firm based on the valuation model to elimilate over-valuation or under-valuation for the firm value.

The empirical findings show that, for growth firms, the value relevance of operating cash flows is unrelated to the market value and the intrinsic value of the firm, and the value relevance of accruals is unrelated to the market value of a firm but is negatively related to the instrinic value of a firm. For mature firms, the value relevance of operating cash flows is positively related to the market value and the intrinsic value of the firm, and however, the value relevance of accruals is unrelated to the market value and the instrinic value of a firm. For decline firms, both operating cash flows and accruals are unrelated to the market value and the intrinsic value of the firm. These results indicate that the effects of value relevances of operating cash flows and accruals on the firm value are influenced by different corporate life cycle.

摘要 i
英文摘要 ii
目次 iii
表目次 iv
圖目次 v
第一章 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 研究架構及流程圖 5
第二章 文獻探討 7
第一節 盈餘及帳面值在股票報酬及公司價值上所扮演之角色 7
第二節 盈餘、現金流量及應計項目三者與公司股票報酬之關聯性 12
第三節 企業生命週期之特性及週期劃分之替代變數 16
第三章 研究設計 20
第一節 理論與假說形成 20
第二節 研究方法與變數定義 23
第三節 研究期間、選樣準則及資料來源 32
第四章 實證結果 34
第一節 樣本分析 34
第二節 成長期之公司現金流量及應計項目兩者與公司價值之關係 41
第三節 成熟期之公司現金流量及應計項目兩者與公司價值之關係 49
第四節 衰退期之公司現金流量及應計項目兩者與公司價值之關係 55
第五章 結論與建議 60
第一節 研究結論 60
第二節 研究貢獻 60
第三節 研究限制與未來研究方向 61
參考文獻 62

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