淡江大學會計學系

:::

CLOSE

activity Image

:::

出版期刊目錄

期刊

項目	資料
卷期 Vol. & No.	第19卷第1期 Vol 19 No. 1
標題 Title	盈餘品質與資訊移轉 Earnings Quality and Information Transfers
作者 Authors	劉心才 Sophia Liu
出版日期 Publish Date	2018-05-31
摘要 Abstract	本研究探討同產業中第一家宣告季盈餘的公司，其盈餘品質是否影響該盈餘內涵的資訊在同產業移轉的大小；過去的文獻指出，好的盈餘品質更可有效反應一家公司的經營成果，本文進一步探討，是否好的盈餘品質的公司，所宣告的季盈餘，可以幫助市場投資人更有效評估同產業其他公司的營運狀況，該盈餘所內涵的資訊在同產業移轉程度較大。本文結果發現，當使用市場基礎的方法：盈餘反應係數（ERC）和價值相關性（value-relevance）來衡量盈餘品質時，第一家宣告季盈餘的公司，其較高的盈餘品質會使該盈餘所內涵的資訊在同產業移轉程度較大。但若以應計基礎的方法：異常裁決性應計數（abnormal discretionary accruals）和應計數品質（accrual quality）來衡量盈餘品質時，則沒有效果，本文建議，投資人解讀市場基礎的盈餘品質衡量方法和應計基礎的盈餘品質有所不同。 This study examines whether the earnings quality of a firm that first announces quarterly earnings in its industry affects the magnitude of intra-industry information transfers. Prior research indicates that higher quality earnings present a better reflection of the operating fundamentals of a firm. In this paper, I argue that because earnings of high quality contain better information about a firm’s performance, they are more helpful to investors when investors value non-announcing firms (firms which make earnings announcements after the first announcer)in the same industry, which results in greater information transfer. The results are consistent with my hypothesis in cases where earnings quality is captured using market-based measures (ERC and value-relevance); however, they are inconsistent with our hypothesis in cases where it is captured using accrual-based measures (abnormal discretionary accruals and accrual quality). This conclusion is consistent with the notion that investors differ in their incorporation of market-based and accrual-based earnings quality in earnings expectations.
關鍵字 KeyWords	資訊移轉、盈餘品質、盈餘宣告 information transfer, earnings quality, earnings announcement
DOI (全文下載 Download)	10.6675/JCA.201805_19(1).01
相關文章 Related Articles	股價是否充分反映當期盈餘對未來盈餘之意涵—以台灣上市公司之季盈餘遵循AR(1)模式為例(Do Stock Prices Fully Reflect the Implications of Current Earnings for Future Earnings for AR (1) Firms in Taiwan?) 會計師事務所之產業專精及查核年資與盈餘品質之關係(The Effects of Audit Firms’ Industry Specialization and Auditor Tenure on Earnings Quality) 家族企業特質與盈餘品質之關聯性(Family-Controlled Firms Characteristics and Earnings Quality) 財務會計及審計研究之基石－盈餘品質及審計品質之檢視(The Foundation of Financial Accounting and Auditing Research: Revisiting Earnings Quality and Audit Quality)