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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/69593


    Title: 台灣";財務預測準則公報";實施後對預測資訊品 質及股價報酬之影響：實證研究
    Other Titles: The Effects of Financial Forecasts Regulation on the Information Quality of Forecasts and the Stock Price Returns: Empirical Research.
    Authors: 吳安妮
    Contributors: 會計研究所
    Keywords: 財務預測;平均異常報酬率;累積異常報酬率
    Financial forecast;Average abnormal return;Cumulative abnormal return
    Date: 1995
    Issue Date: 2014-09-02 17:27:24 (UTC+8)
    Abstract: 本研究提供了台灣「新財務預測法規」實施後影響之實證研究。本研究想了解在新法規實施前後管理當局預測之資訊內涵情況是否有所不同。 實證結果顯示平均異常交易量在新法規實施後,無顯著之反應產生。對累積異常測試而言,新法規實施後,而非實施前,壞消息公司有負向顯著性。 總言之,似乎資訊內涵對兩組好消息並無差異。然而,資訊內涵對兩組的壞消息有所不同。換言之,新法規實行後,壞消息公司之累積異常報酬為負,此隱含著實施後較實施前投資者對壞消息更有反應了。 本研究認為台灣投資人在新預測法規實施後更關心壞消息而非好消息。
    This study provides empirical evidence of the effects of new financial forecasts regulation for Taiwan Stock Exchange Firms. The study emphasizes the effects of stock price reaction. This study provides the comparison of the stock price reaction to earnings forecasts between preceding and after the new regulation. The empirical results show that the average abnormal volumes or returns is not significant before and after new regulation. For cumulative abnormal tests, there are negative significance for bad news firms after new regulation. All in all, it seems that the information contents for good news signal for two groups are not different. However, the information contents for bad news signal for two groups are different. In other words, that the cumulative abnormal returns of bad news firms is negative is more descriptive for sample after the new forecasts regulation than before the new regulation. This study suggests that investors in Taiwan really care more about bad news not good news after new forecasts regulation.
    Relation: 行政院國家科學委員會
    計畫編號NSC84-2416-H004-010
    Data Type: report
    Appears in Collections:[會計學系] 國科會研究計畫

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