臺灣博碩士論文加值系統

我國財務會計準則公報第24號有關於每股盈餘的計算，於民國90年11月修訂，將每股盈餘之計算加以規範，修訂方向是參考美國FASB第128號公報及國際會計準則IAS第33號公報。我國已有許多公司推出可轉換公司債及可轉換特別股等對普通股每股盈餘具稀釋效果的金融工具，且分析師及投資者都把每股盈餘視為一項重要指標，公司常有發行一些潛在的或有發行股份，使得現在問題的重心都在於如何評估對每股盈餘的稀釋效果。為了研究我國財務會計準則公報第24號有關於每股盈餘的計算之修正，是否能夠充分衡量每股盈餘的稀釋效果。本研究之研究結果如下： 一、基本每股盈餘與股價具有顯著的正相關，且係數估計值均為正，符合本研究之預期，於是可以推論基本每股盈餘與股價具有關聯性。二、稀釋每股盈餘的係數估計值皆為正值且達顯著水準，，可以得知稀釋每股盈餘與股價具有顯著的正相關。符合本研究之預期，於是可以推論稀釋每股盈餘與股價具有關聯性。三、盈餘稀釋效果變數之係數估計值皆為正值，但是其t值均未達顯著水準，所以每股盈餘稀釋效果與股價之間的關聯性並非如本研究的預期，每股盈餘的計算之修正未能充分衡量稀釋效果。

The EPS computation in R.O.C. Financial Accounting Standard NO.24 was revised in November 2001 and was referred to FASB NO.128 and IAS NO.33. Many companies in Taiwan have issued some financial instruments such as convertible bonds and convertible preferred stocks which have dilution effect on common stock EPS. Analysts and investors regard EPS as an important index. Companies often issue some potential contingent stocks. This action makes the topic focus on how to evaluate the dilution effect of EPS.
In order to discover whether the revision of R.O.C. Financial Accounting Standard NO.24 measures the dilution effect of EPS completely, this research has focused on and obtained the following results,
1. Basic EPS is positive correlated with stock price, and all beta estimations are positive. This result coincides with the expectation of research. Therefore, we can infer that there is a clear relationship between Basic EPS and stock price.
2. All beta estimations of diluted EPS are positive and significant. We can infer that diluted EPS and stock price are positive correlated.
3. All beta estimations of earning’s diluted effect are positive, but their t-values are not significant. Therefore, the revision of R.O.C. Financial Accounting Standard NO.24 can not measure the dilution effect of EPS completely.

第一章 緒論........................................................................................................1
第一節 研究背景........................................................................................1
第二節 研究動機目的................................................................................3
第三節 研究架構…....................................................................................4
本章註釋......................................................................................................7
第二章 文獻探討................................................................................................8
第一節 盈餘與股價之關係........................................................................8
第二節 約當普通股稀釋效果之爭議......................................................11
第三節 APB第15號意見書與SFAS第128號公報之比較.........................15
第四節 每股盈餘會計準則之比較..........................................................16
第五節 每股盈餘稀釋效果與股價之實證..............................................22
第三章 研究設計..............................................................................................26
第一節 研究假設......................................................................................26
第二節 模型建立與變數衡量..................................................................27
第三節 樣本選擇及處理…......................................................................32
第四章 實證結果與分析…..............................................................................35
第一節 敘述性統計..................................................................................35
第二節 實證結果......................................................................................45
第三節 敏感性測試..................................................................................54
第五章 研究結論、限制及建議......................................................................56
第一節 研究結論......................................................................................56
第二節 研究限制......................................................................................58
第三節 後續研究建議..............................................................................59
參考文獻............................................................................................................60
一、國內部份............................................................................................60
二、國外部份............................................................................................60
圖、表目次
圖1-1 研究流程圖............................................................................................4
表2-1 每股盈餘公報之比較..........................................................................17
表4-1 觀察值之產業分析表..........................................................................37
表4-2 樣本公司依年度區分表......................................................................38
表4-3 敘述統計表（全部樣本）..................................................................40
表4-4 敘述統計表（正盈餘樣本）..............................................................41
表4-5 敘述統計表（具稀釋效果樣本）......................................................41
表4-6 相關係數矩陣（全部樣本）..............................................................42
表4-7 相關係數矩陣（正盈餘樣本）..........................................................43
表4-8 相關係數矩陣（具稀釋效果樣本）..................................................44
表4-9 基本每股盈餘與股價之關係（全部樣本）......................................45
表4-10 基本每股盈餘與股價之關係（正盈餘樣本）..................................46
表4-11 稀釋每股盈餘與股價之關係（全部樣本）......................................48
表4-12 稀釋每股盈餘與股價之關係（正盈餘樣本）..................................49
表4-13 盈餘稀釋效果與股價之關係（具稀釋效果樣本）..........................50
表4-14 彙整實證結果......................................................................................53
表4-15 敏感性測試..........................................................................................55

參考文獻
一、國內部份
1.中華民國財務會計準則委員會，財務會計準則公報第24號「每股盈餘」，民國91年11月。
2.陳志愷，「盈餘反應係數探索性之研究-台灣股票市場之實證分析」，未出版碩士論文，國立政治大學會計研究所，民國81年。
3.陳韻如，「盈餘與股價VAR模型之實證研究--台灣上市電子業」，未出版碩士論文，朝陽科技大財務金融研究所，民國88年。
4.劉啟祥、賴宛圻，「我國與國際「每股盈餘」準則之比較(上) 」，會計研究月刊，第186 期，民國90 年5 月。
5.劉啟祥、賴宛圻，「我國與國際「每股盈餘」準則之比較(下) 」，會計研究月刊，第187 期，民國90 年6 月。
6.鍾鳴遠，「台灣上市公司每股盈餘稀釋效果之研究」，未出版碩士論文，國立中正大學會計研究所，民國87年。
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