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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/36900


    Title: 會計盈餘在債券市場的角色
    The role of accounting earnings in the bond market
    Authors: 陳明良
    Contributors: 戚務君
    陳明良
    Keywords: 會計盈餘
    債券報酬率
    債券交易量
    Earnings
    bond return
    trading volume
    Date: 2008
    Issue Date: 2009-09-18 20:05:35 (UTC+8)
    Abstract: 過去文獻主要探討會計資訊於股票市場的影響, 少部分國外文獻研究盈餘於債券市場有用性之結果並不一致, 但國內並無相關研究。 本文研究2000年至2008年臺灣上市櫃公司的公司債公開發行市場, 以債券報酬率與債券交易量作為研究會計資訊有用性的度量(metrics), 實證結果證實盈餘發布後, 債券交易量確實增加, 但進一步的分析顯示, 控制不同公司特性與債券特性後, 當期盈餘水準與未預期盈餘皆無法有效地解釋債券報酬率與債券交易量, 對於會計盈餘在債券市場有用性的探討, 尚待未來進一步之研究。
    Prior studies regarding the effects of earnings have been primarily focused within the context of stock markets. The effects on bond markets have been studied considerably less; moreover, what little research that does exist is solely in foreign markets. Two metrics, returns and trading volume, are used to gauge the influence of earnings announcements for Taiwan corporate bonds between 2000 and 2008. Findings suggest that bond trading volume changes positively shortly following earnings announcements. However, after controlling firm and bond characteristics,
    unexpected earnings and current earnings level can not effectively explain the behavior in bond prices and volume. More research is needed to explain the informativeness of earnings in the corporate bond market.
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    王彧疆, 1999, 我國上市公司發行可轉換公司債之研究, 國立政治大學企業管理學系未出版碩士論文。
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    李釗芹, 1990, 臺灣上市公司自行宣告盈餘資訊內涵之研究, 私立東海大學企管研究所未出版碩士論文。
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    Description: 碩士
    國立政治大學
    會計研究所
    96353032
    97
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096353032
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

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