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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30323
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/30323


    Title: 氣候相關變數與盈餘反應係數關聯性之跨國研究
    Authors: 呂倩如
    Contributors: 金成隆
    張元晨

    呂倩如
    Keywords: 盈餘反應係數
    投資人情緒
    事件研究
    跨國研究
    法系
    資訊透明度
    Date: 2007
    Issue Date: 2009-09-11 17:39:56 (UTC+8)
    Abstract: 本文主要目的在探討當天氣(雲量及氣溫)、日照小時數以及會影響人們生理週期(如睡眠型態的改變)的日光節約制等外在環境因素引發投資人情緒變化時,是否會影響各國投資人對公司會計盈餘宣告資訊之解讀與反應,且是否會因為公司盈餘宣告所傳遞的為好消息或壞消息而不同。此外,本文亦進一步檢視在不同國家層級的機制背景所塑造出的不同資訊環境(例如財務透明度高低以及成文法系或不成文法系)下,上述氣候效應是否存在差異性。<br>由於心理學文獻指出,一些外在環境因素會引發投資人的情緒反應,而投資人情緒又會影響其對資訊的處理過程以及風險趨避程度,另一方面,行為財務學文獻則指出投資人情緒會影響其對公司資訊之解讀,因此本文以跨洲及跨緯度共25國於1990年至2006年間共169,177筆的公司季盈餘宣告為樣本分析此現象。整體而言,本研究發現氣候等外在環境因素所引發的投資人情緒確實會影響其對公司盈餘宣告資訊之解讀;且當公司盈餘宣告傳遞的為好消息時,投資人因雲量較少、氣溫較低、日照小時數較長或未受到日光節約制影響而心情比較好時,會促使對未來較為樂觀且對資訊的處理較為隨意,故對於好消息的反應更為正面,但若處於較差的心情時,則對未來比較悲觀且處理資訊相對嚴謹,因此會比較保守地看待好消息而減少原本對好消息應有的正向反應。相對地,上述外在環境因素對公司盈餘宣告壞消息的影響則相反。<br>最後,由於本研究未發現任何外在環境因素所引發的投資人情緒對公司盈餘宣告資訊的反應存在明顯的緯度或地區等地理上的趨勢,因而嘗試由制度環境面加以解釋上述現象,亦即探討資訊環境的完善度是否會影響氣候效應的差異性。本文發現當國家層級的法律制度等機制背景使得其股市發展程度較高且財務資訊較多較可靠時,投資人更能透過公司的資訊揭露取得瞭解公司經營狀況的真實資訊,其所要考量的投資決策之複雜性、風險及未來不確定性確實較低,因此資訊環境較完善(高財務透明度或為不成文法系)的國家,其投資人對公司盈餘資訊宣告的反應受氣候等相關因素影響之程度較小。
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