政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/3888
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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/3888


    Title: 分析師類型、無形資產 、與企業生命週期關係之研究
    Other Titles: Analyst Style, Intangible Assets, and Life-Cycle
    Authors: 金成隆
    Keywords: 分析師;生命週期;盈餘預測;領先 (從眾)型分析師
    Analysts;life-cycle;earnings forecast;Intangible assets;Lead (follower) analysts
    Date: 2003
    Issue Date: 2007-04-18 16:37:28 (UTC+8)
    Publisher: 臺北市：國立政治大學會計學系
    Abstract: 分析師主要在提供分析報告，包括 盈餘預測與股票推薦，在資本市場上扮 演了重要的資訊中介角色。本計畫主要 在探討二項議題：1.分析師報導與企 業生命週期之關係：包括(1)分析師對各 生命週期公司所做的財務預測，盈餘反 應係數是否不同；(2)分析師對於各生命 週期公司所使用之非財務資訊的量是 否會不同；(3)企業在成長期(成熟或衰 退期)會有比較多(少)的分析師報導， 且在此階段分析師報導所付出去的努 力較大(少)。2.分析師類型(領導型、 從眾型)的行為差異與生命週期之關 係，主要在檢測：(1)報導成長期企業的 領導型分析師之比率高於其他生命週 期階段；(2)領導型(從眾型)分析師報導 之產業數相對較少(多)；(3)在生命週期 的各階段，領導型分析師修正財測時之 盈餘反應係數均大於從眾型分析師，且 成長期的差異情況比在成熟期或是衰 退期更加明顯。 實證結果發現：分析師對於成長期公司所做的財務預 測，盈餘反應係數會大於其他生命週期階 段所做的財務預測之盈餘反應係數。 領導型分析師所做之財務預測的盈餘 反應係數大於從眾型分析師之盈餘反應係 數，且在成長期之企業，其差異更為顯著 企業在成長期時，有較多分析師報 導，且成長期企業，領導型分析師報導人 數佔總報導分析師人數之比率，高於其他 生命週期階段。 對於成長期企業之報導，分析師所付 出之努力高於對其他生命週期企業報導所 付出的努力。 領導型分析師所報導的產業數少於從 眾型分析師，表示要成為領導型分析師除 了努力外，還需具備有專業之產業知識。
    Analysts, as an informational intermediary, produce research reports that include forecasts of future earnings and investment recommendations, thus fulfill an important role in capital market. In this project, I address two primary questions in light of life-cycle theory, and predict that : (1) life-cycle impact on analysts` behavior, including: (a).the forecast response coefficients (hereafter FRC) of analysts` earnings forecasts for firms in growth stage are larger than for others in other stages.(b) analysts use more no-financial data in making earnings forecasts for firms in growth stage than for others in other stages.(c)firms in growth stage have greater analyst following, and analysts expend greater effort to follow those. (2) effect of analysts style on analysts` coverage and commendation, including: (a) the extent to which leader analysts cluster decreases with the maturity of firms. (b) leader analysts follow fewer firms in total than follower analysts for the same industries. (c) the FRCs for lead analysts are greater than the corresponding FRCs for follower analysts, and the convergence in FRCs among different stages of life cycle will results as firms mature.
    Description: 核定金額：691500元
    Data Type: report
    Appears in Collections:[Department of Accounting] NSC Projects

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