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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/3898


    Title: 盈餘宣告對競爭者股票價格影響之研究
    Other Titles: Stock Price Reaction to Competitor`s Earnings Announcement
    Authors: 梁嘉紋
    Keywords: 盈餘宣告;股票價格;競爭者;股票市場
    Earnings announcement;Stock price;Competitor;Stock market
    Date: 2002
    Issue Date: 2007-04-18 16:37:32 (UTC+8)
    Publisher: 臺北市：國立政治大學會計學系
    Abstract: 公司的盈餘傳達產業 (Industry-wide)及公司特定 (Firm-specific)的訊息。過去對於以盈餘為基礎之資訊移轉 (Earnings-based information transfer) 的研究發現公司宣告好的 (壞的 )盈餘消息對於其他相同產業而未宣告消息的公司之股票價格有正向 (負向 )的影響。這樣的結果顯示，在同一產業下，某家公司的盈餘所隱含與產業相關的訊息會移轉到相關的公司並影響其股價。然而，將產業視為一個整體來探討資訊移轉效果，模糊了公司間因市場競爭之差異所引起的資訊移轉，因此，一公司的盈餘是否對其競爭者的預期盈餘有不同的資訊內涵，仍然未知。本研究假設同產業公司間的資訊移轉與公司間的競爭型態有關，並藉此假說來研究這項議題。本研究在探討盈餘資訊移轉與產業競爭的關係，即非宣告公司股票價格的變動是受該公司與盈餘宣告公司間的策略競爭型態所影響。公司的盈餘顯示公司所採取策略後所實現的成果 (Realized outcome)，當一家公司宣布盈餘時，若實際盈餘高於預期盈餘顯示公司最初所採取的行動之結果是優於 (劣於 )投資人的預期。因此，投資人會同時修正他們對競爭者未來盈餘的預期，而修正的方向則決定於公司間策略性競爭型態為“策略性的替代” (Strategic substitutes) 或“策略性的互補” (Strategic complements)。本研究提出的假說為，若 i 及 j 間為策略性替代關係，當 i 公司的盈餘宣告為負 (正 )的未預期盈餘 (Earnings surprise)，則資本市場對 j 公司的股價會有正向 (負向 )的反應 ; 若 i 及 j 間為策略性互補關係，當 i 公司的盈餘宣告為正 (負 )的未預期盈餘時，資本市場對 j 公司的股票會有正向 (負向 )的反應。實證結果顯示一公司的盈餘所隱含與產業有關的資訊會在宣告盈餘時移轉給競爭者，與既有之文獻預期相符。但實證結果並未發現盈餘的資訊移轉與策略競爭的型態的關係與預期相符。
    A company`s earnings convey information about industry-wide trends and firmspecific conditions. Prior studies mainly focus on how information about industry-wide news contained in one firm`s earnings is transferred to related firms and capitalized in their security prices. However, examining average information transfers by taking the industry as a whole masks the potential information transfers that arise from market structure distinctions among firms. Thus, it is unclear whether one firm`s earnings news conveys different information about its competitors` expected earnings. This issue is of interest because reported earnings reveal the realized outcome of the strategies adopted by a firm and how earnings announcement of one firm may provide favorable or unfavorable signals about its competitors` future cash flows is not well understood in the literature. This study investigates this issue by hypothesizing that information transfers among firms within the same industry are associated with the types of strategic competition among firms. Specifically, this study hypothesizes that, if firms compete as strategic substitutes, the non-announcing firms will have a positive (negative) price reaction to announcing firm`s negative (positive) earnings surprise and that, if firms compete as strategic complements, the non-announcing firms will have a negative (positive) price reaction to announcing firm`s negative (positive) earnings surprise. Overall, the evidence from our sample of S&P 500 firms is consistent with prior information transfer literature that industry-wide news contained in one firm`s earnings is transferred to competing firms. However, we do not find evidence that firm-specific information is transferred in a way consistent with our characterization of product market competition.
    Description: 核定金額：192200元
    Data Type: report
    Appears in Collections:[會計學系] 國科會研究計畫

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