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    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/64022


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64022


    Title: 橫斷面權益評價模式正確性與解釋變動能力之實證研究
    Other Titles: The Accuracy and Explainability of Cross-Sectional Equity Valuation Models
    Authors: 林江亮;郭弘卿;吳仁杰
    Lin, Chiang-Liang;Kuo, Horng-Ching;Wu, Jen-Chieh
    Contributors: 會計系
    Keywords: 一般迴歸模式;追蹤資料迴歸模式;會計基礎評價
    Panel data regression model;Cross-section model;Accounting-based valuation
    Date: 2008-11
    Issue Date: 2014-02-19 15:49:34 (UTC+8)
    Abstract: 橫斷面（cross sectional）的評價模式中，大約可分成一般迴歸模式與追蹤
    資料（panel data）迴歸模式兩類。本研究以台灣證券交易所上市之公司為樣
    本，在價格模式下，以正確性及解釋變動能力為標準，嘗試比較一般與追蹤資
    料迴歸模式對於權益價值的解釋力及預測力。實證結果發現：不管是在正確性
    或解釋變動能力方面，追蹤資料迴歸模式均具有較佳解釋同期股價之能力；而
    在預測方面，也發現追蹤資料迴歸模式預測值之正確性及解釋變動能力均顯著
    優於一般迴歸模式。在考量不同產業與盈餘正負等因素後，所得到的結論亦相
    同。因此，在使用追蹤資料迴歸模式的情形下，不論是估計值對同時點價值的
    解釋力，或是對真實價值的預測力，皆具有較好的效果。
    Cross-sectional valuation models include general regression model and panel data
    regression model. Using a sample of listed firms in Taiwan Security Exchange, we
    compare alternative empirical estimates of intrinsic value using two criteria: accuracy
    and explainability. The study compares the reliability of value estimates from general
    regression model and panel data regression model. The empirical results show that
    the panel data regression model’s estimates are more accurate and explain more of the
    variation in security prices than the general regression models. On the other hand, the
    accuracy and explainability of panel data regression mode’s forecasts are also better
    than general regression model’s. For the sensitivity test, we consider financial industry
    and negative earnings. The sensitivity test results are similar to previous outcomes. In
    summary, we provide evidence to support that panel data regression model’s estimate
    is a better model and can raise the effectiveness of valuation model.
    Relation: 會計學報, 1(1), 83-109
    Data Type: article
    Appears in Collections:[會計學系] 期刊論文

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