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研究生:陳立婧
研究生(外文):Li-Ching Chen
論文名稱:負盈餘公司的股價會被市場低估嗎?
論文名稱(外文):Do the Stock Price of Negative Earnings Firms be Undervalued?
指導教授:林宜勉林宜勉引用關係
指導教授(外文):Yi-Mien Lin
口試委員:劉志諒廖麗凱
口試日期:2016-06-18
學位類別:碩士
校院名稱:國立中興大學
系所名稱:高階經理人碩士在職專班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:39
中文關鍵詞:負盈餘公司暫時性負盈餘公司永久性負盈餘公司會計品質
外文關鍵詞:negative earnings firmstransitory negative earningspermanent negative earningsAccounting Quality
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本研究首先探討負盈餘公司,市場對其股票之評價是否會較低。其次,探討暫時性負盈餘公司,市場對其股票之評價是否較不會低估。最後,分析暫時性負盈餘公司,其會計品質是否較差。
本研究以公司真實價值與股票市價比來衡量公司的股價是否被市場高估或低估。研究結果證實,公司的真實價值往往被市場錯誤評估。然而,暫時性負盈餘公司的股價,未必會被市場低估。同時,實證結果並未發現暫時性負盈餘公司的會計品質是較差的。

This study first examines whether the market has a lower valuation for negative earnings companies, and whether the stock price of transitory negative earnings companies are more unlikely under-estimated by market. We also examine whether the accounting quality of transitory negative earnings companies are worse.
Using the ratio of the intrinsic value to market price to measure the mispricing of negative earnings company, the findings show that company’s intrinsic value is often mispricing by the market but the stock price of transitory negative earnings companies is more unlikely under-estimated by market. Moreover, the accounting quality of transitory negative earnings company is better.

摘 要 i
Abstract 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 2
第三節 研究貢獻 3
第四節 研究架構及流程 4
第二章 文獻探討 7
第一節 市場對負盈餘公司其股票之評價的相關文獻 7
第二節 市場對暫時性負盈餘公司其股票之評價的相關文獻 8
第三節 暫時性負盈餘公司其會計品質較差的相關文獻 10
第三章 研究設計 13
第一節 理論及研究假說形成 13
第二節 研究期間、選樣準則及資料來源 16
第三節 變數定義 18
第四節 實證方法 20
第四章 實證分析 22
第一節 樣本分析及相關係數分析 22
第二節 市場對負盈餘公司之評價 26
第三節 市場對暫時性負盈餘公司之評價 27
第四節 市場對暫時性負盈餘公司會計品質之評價 30
第五節 實證結果彙整 32
第五章 結論與建議 34
第一節 研究結論 34
第二節 研究限制 35
參考文獻 36


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