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题名: 處分投資、盈餘平穩化與市場評價
Investment Sales, Income-Smoothing and Market Reward
作者: 張文瀞;黃惠專
贡献者: 會計學系
关键词: 處分投資損益;盈餘平穩化;市場評價
Investment sales;Income Smoothing;Market reward
日期: 2005-11
上传时间: 2013-07-15T04:05:25Z
出版者: 淡江大學會計學系
摘要: 本研究目的在探討公司管理當局是否利用處分投資損益從事盈餘平穩化，以及此種盈餘平穩化行為是否可獲得投資人較高之評價。蒐集了1992 至 2003 年上市櫃公司財務及股價資料，本文之實證結果顯示：當本期盈餘未達（超過）前期盈餘門檻時，管理者利用其認列處分投資捐益的裁量權，向上（下）調增（減）盈餘，且經控制其他變數後，超額處分投資捐益與盈餘變動數仍具有顯著負向關連性，此結果與盈餘平穩化之預測一致。在市場評價實證結果上，相對於其他盈餘組成項，市場較高評價超額處分投資捐益對未來盈餘之涵義。綜合本研究結果，當市場固著在盈餘表面數字時，公司利用超額處分投資捐益平穩帳上盈餘，投資人因對報導穩定盈餘趨勢的公司感到較放心，便調高反映超額處分投資捐益對未來盈餘的涵義。
This study aims to investigate whether the manager uses the excess gain on disposal of investments to smooth income and whether the market rewards such the behavior of income smoothing. Using the finanical and stock price data of companies listed on the Taiwan Stock Exchange or Gretai Securities Market during 1992-2003, the results show that there is a negative relation between excess income from investment sales and earnings change. When current earnings are below (above) last year`s earnings, firms increase (discrease) earnings through the sale of investments. The result is consistent with the prediction of the hypothesis of income smoothing. As far as to the results of market rewards, we find that prices reflect a larger proportion of the implications of excess income from investment sales compared to the remaining components of earnings. Together these results suggest that because owners feel more confident toward a firm that reports stable earnings, market prices reflect relative more of the implications of excess income from investment sales when the manager employs excess income from investment sales to smooth income.
關聯: 當代會計, 6(2): 153-186
显示于类别:[會計學系] 期刊論文

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