跳到主要內容

臺灣博碩士論文加值系統

(44.211.31.134) 您好!臺灣時間:2024/07/25 18:11
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:莊婕伃
研究生(外文):Chieh-Yu Chuang
論文名稱:資訊不確定性、資訊不對稱與公司營運績效之關聯
論文名稱(外文):Information Uncertainty, Information Asymmetry, and Firm Operating Performance
指導教授:廖咸興廖咸興引用關係
口試委員:陳宗岡何耕宇
口試日期:2018-06-08
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:財務金融學研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2018
畢業學年度:106
語文別:中文
論文頁數:52
中文關鍵詞:資訊不確定性資訊不對稱公司營運績效市場競爭程度信用評準差異程度
相關次數:
  • 被引用被引用:3
  • 點閱點閱:247
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
資訊不確定性、資訊不對稱在過去鮮少運用於公司營運績效表現的研究上。本研究從公司營運績效的角度切入,探討資訊不確定性、資訊不對稱分別與公司營運績效之關聯。本研究蒐集1993年至2012年公司年資料進行分析。實證結果發現,在控制公司特徵變數後,資訊不確定性、資訊不對稱分別與公司營運績效表現呈負向關係。此外,在分別加入市場競爭程度、信用評準差異條件後,資訊不確定性、資訊不對稱對於公司營運績效表現的負向影響更為明顯。
This study investigates the effects of information uncertainty and information asymmetry on firm operating performance by employing the financial data of American company from 1993 to 2012. The empirical results show that the information uncertainty and information asymmetry effects significantly explain the firm operating performance. In addition, these results are robust when controlling for other well-known firm specific variables. Furthermore, after adding the dummy variable, market competition and financial constraints, the empirical results show that the effects are more significantly.
誌謝 ii
摘要 iii
Abstract iv
圖表目錄 vi
第一章 概述 1
第二章 研究假說 6
2.1. 假說一、資訊不確定性與公司營運績效表現 6
2.2. 假說二、資訊不對稱與公司營運績效表現 7
第三章 研究樣本與研究方法 10
3.1. 資料來源與樣本篩選 10
3.2. 公司營運績效代理變數 10
3.3. 資訊不確定性代理變數 11
3.4. 資訊不對稱代理變數 12
3.5. 控制變數及其他虛擬變數 16
3.6. 敘述統計 18
3.7. 研究方法 19
第四章 實證結果與分析 21
4.1. 假說一、資訊不確定性與公司營運績效表現 21
4.2. 假說二、資訊不對稱與公司營運績效表現 24
4.3. 穩健性檢查(Robustness Check) 28
第五章 結論 32
參考文獻 50
Anderson, Ronald C. and David M. Reeb., 2003. Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance. Vol. Lviii, No.3.
Balakrishnan, K., Cohen, D., 2014. Product market competition and financial accounting misreporting. London Business School and University of Texas at Dallas Unpublished working paper.
Baumol, W., Panzar, J., Willig, R., 1982. Contestable markets and the theory of industry structure. Harcourt Brace Jovanovich, Inc., San Diego, CA.
Brander, James A. and Lewis, Tracy R., 1986. Oligopoly and financial structure, American Economic Review, 76, 956-70.
Billett, M.T., Yu, M., 2016. Asymmetric information, financial reporting, and open market share repurchases. Journal of Financial and Quantitative Analysis 51, 1165–1192.
Bolton, Patrick and Scharfstein, David S., 1988. Agency problems, financial contracting, and predation, Sloan Working Paper 1988-86, MIT.
Bolton, P., Scharfstein, D., 1990. A theory of predation based on agency problems in financial contracting. American Economic Review 80, 93–106.
Bustamante, M.C., Donangelo, A., 2015. Industry concentration and markup: implications for asset pricing. University of Maryland and University of Texas at Austin Unpublished working paper.
Chordia, T., Roll, R., Subrahmanyam, A., 2002. Order imbalance, liquidity and market returns. Journal of Financial Economics 65, 111–130.
Campello, M., 2003. Capital structure and product markets interactions: evidence from business cycles. Journal of Financial Economics 68, 353–378.
Campello, M., 2006. Debt financing: does it boost or hurt firm performance in product markets? Journal of Financial Economics 82, 135–172.
Chen, T., Harford, J., Li, K., 2007. Monitoring: which institutions matter? Journal of Financial Economics 86, 279–305.
Chen, T., Harford, J., Lin, C., 2015. Do analysts matter for governance? Evidence from natural experiments. Journal of Financial Economics 115, 383–410.
Clarke, J., Dass, N., Patel, A., 2015. When do analysts impede innovation?. Georgia Institute of Technology and Wake Forest University Unpub- lished working paper.
Dechow, P., Dichev, I., 2002. The quality of accruals and earnings: the role accruals estimation errors. The Accounting Review 77, 35–59.
Duarte, J., Young, L., 2009. Why is PIN priced? Journal of Financial Economics 91, 119–138.
Derrien, F., Kecskés, A., 2013. The real effects of financial shocks: evidence from exogenous changes in analyst coverage. The Journal of Finance 68, 1407–1440.
Easley, D., Kiefer, N.M., O’Hara, M., Paperman, J.B., 1996. Liquidity, information and infrequently traded stocks. Journal of Finance 51, 1405–1436.
Easley, D., O’Hara, M., 2004. Information and the cost of capital. Journal of Finance 59, 1553–1583.
Fudenberg, Drew and Tirole, Jean, 1986. A ''Signal- Jamming'' theory of predation. Rand Journal of Economics, Autumn, 17, 366-76.
Fama, E., French, K., 2008. Dissecting anomalies. The Journal of Finance 63, 1653–1678.
Fong, K., Hong, H., Kacperczyk, M., Kubik, J., 2014. Do security analysts discipline credit rating agencies?. University of New South Wales, Columbia University, Imperial College London, and Syracuse University Unpublished working paper.
Francis, J., LaFond, R., Olsson, P., Schipper, K., 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39, 295–327.
Fresard, L., 2010. Financial strength and product market behavior: the real effects of corporate cash holding. The Journal of Finance 65, 1097–1122.
He, J., Tian, X., 2013. The dark side of analyst coverage: the case of innovation. Journal of Financial Economics 109, 856–878.
Hoberg, G., Phillips, G., Prabhala, N., 2014. Product market threats, payouts, and financial flexibility. The Journal of Finance 69, 293–324.
Hong, H., Kacperczyk, M., 2010. Competition and bias. Quarterly Journal of Economics 125, 1683–1725.
Hubbard, R.G., 1998. Capital-market imperfections and investment. Journal of Economic Literature 36, 193–225.
Irani, R., Oesch, D., 2013. Monitoring and corporate disclosure: evidence from a natural experiment. Journal of Financial Economics 109, 398–418.
Kelly, B., Ljungqvist, A., 2012. Testing asymmetric-information asset pricing models. Review of Financial Studies 25, 1366–1413.
Lee, C., Ready, M., 1991. Inferring trade direction from intraday data. Journal of Finance 46, 733–746.
Lee, G., Masulis, R., 2009. Seasoned equity offerings: quality of accounting information and expected flotation costs. Journal of Financial Economics 92, 443–469.
Li, X., Lin, C., Zhan, X., 2015. Does change in information environment affect the choice between bank debt and public debt?. The University of Hong Kong and Erasmus University Rotterdam Unpublished working paper.
Lin, C., Officer, M., Zhan, X., 2014. Does competition affect earnings management? Evidence from a natural experiment. The University of Hong Kong, Loyola Marymount University, and Erasmus University Rotterdam Unpublished working paper.
Lu, C. W., Chen T. K. and Liao H. H., 2010. Information uncertainty, information asymmetry and corporate bond yield spreads. Journal of Banking and Finance 34, 2265-2279.
Modigliani, Franco and Merton H. Miller., 1958. The cost of capital, corporation finance and the theory of investment. The American Economic Review, Vol. 48, No. 3. (Jun. 1958), pp. 261-297.
Matthew T. Billett, Jon A. Garfinkel, and Miaomiao Yu., 2017. The effect of asymmetric information on product market outcomes. Journal of Financial Economics, Vol. 123, 357-376
Purnanandam, A., Rajan, U., 2016. Growth option exercise and capital structure. Review of Finance in press.
Young, A., 2014. Product market competition and real earnings management to meet or beat earnings targets. North Dakota State University Unpublished working paper.
Zhang, X.F., 2006. Information uncertainty and stock returns. Journal of Finance 61, 105–137.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top