政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30084
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 11 |  全文笔数/总笔数 : 89327/119107 (75%)
造访人次 : 23825565      在线人数 : 136
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧:
  • 您可在西文检索词汇前后加上"双引号",以获取较精准的检索结果
  • 若欲以作者姓名搜寻,建议至进阶搜寻限定作者字段,可获得较完整数据
  • 进阶搜寻


    请使用永久网址来引用或连结此文件: http://nccur.lib.nccu.edu.tw/handle/140.119/30084


    题名: 盈餘中應計成份與現金流量成份對股價之影響
    The impact of accruals and cash flow components of earnings on the stock price
    作者: 賴彥彰
    Lai,Yen-Chang
    贡献者: 胡聯國
    Hu,Lien-Kuo
    賴彥彰
    Lai,Yen-Chang
    关键词: 盈餘
    應計基礎
    現金流量
    股價
    Earnings
    Cash flow
    Accruals
    Stock price
    日期: 2005
    上传时间: 2009-09-11 17:11:59 (UTC+8)
    摘要: This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components.
    This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components.
    參考文獻: Abel. A., and F. Mishkin. 1983. “An integrated view of tests of rationality, market efficiency and the short run neutrality if monetary policy.” Journal of Monetary Economics 11 (January): 3-24
    Brown, Robert M., David Burgstahler, and Lane A. Daley. 1987. “The incremental information content of accruals versus cash flows.” Accounting Review 61:723-747
    Bernald, Victor L., and Jacob K. Thomas. 1990. “Evidence that stock prices do not fully reflect the implications of current earnings for future earnings.” Journal of Accounting and Economics 13: 305-340
    Cheng, C. S. Agnes, Chao-Shin Liu, and Thomas F. Schaefer. 1996. “Earnings permanence and the incremental information content of cash flows from operations.” Journal of Accounting Research 34: 173-181
    Collins, Daniel, and Paul Hribar. 2000 “Earnings-based and accrual-based market anomalies: One effect or two?” Journal of Accounting and Economics 29: 101-123
    Daniel, Kent, David Hirshleifer, and Acanidhar Subrahmanyam. 1998. “Investor psychology and security market under- and overreactions. “ Journal of Finance 53: 1839-1885
    Dechow, P. 1994. “Accounting earnings and cash flows as measures of firm performance: The role of accruals.” Journal of Accounting and Economics 18 (July): 3-42
    Drtina, R., J. Largay 1985. “Pitfalls in calculating cash flows from operations.” The Accounting Review 60 (April): 314-326
    Freeman, R., J. Ohlson, and S. Penman. 1982. “Book rate-of-return and prediction of earnings changes: An empirical investigation.” Journal of Accounting Research 20 (Autumn):3-42
    Kieso, D., and J. Weygandt. 1995. Intermediate Accounting. 8th ed. New York, NY: John Wiley & Sons.
    Mishkin, F., 1983. “A rational expectations approach to macroeconometrics: Testing Policy Effectiveness and Efficient Markets Models.” Chicago IL: University of Chicago Press for the National Bureau of Economic Research
    Stickney, C. 1993. Financial Statement Analysis: A Strategic Perspective. 2nd ed. Fort Worth, TX: The Dryden Press
    描述: 碩士
    國立政治大學
    國際經營與貿易研究所
    92351030
    94
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0923510301
    数据类型: thesis
    显示于类别:[國際經營與貿易學系 ] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    index.html0KbHTML104检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈