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    Title: 股權結構如何影響投資人對盈餘訊息之反應
    Equity Structure and Response of Investors to Earnings Announcement
    Authors: 陳美螢
    Contributors: 李文傑
    李浩仲

    陳美螢
    Keywords: 公司規模
    股權集中度
    外資比率
    市場狀態
    盈餘訊息
    投資人情緒
    Company Size
    Ownership Concentration
    Foreign Shareholding Ratio
    Market States
    Stock Earning Information
    Investor Sentiment
    Date: 2015
    Issue Date: 2015-11-02 14:55:40 (UTC+8)
    Abstract: 本研究在探討投資人在不同市場狀態下,股權結構如何影響投資人對盈餘訊息之反應。實證結果發現,在市場狀態與盈餘訊息方向相反時,股本排名前五十名的大公司之投資人較容易對於盈餘訊息關注程度降低,以及容易有混合利得損失的認知偏誤之現象,小公司之投資人反而會對盈餘訊息的關注程度提高;股權分布越集中的公司,投資人越會因為訊息不對稱等因素,而對盈餘訊息的關注程度降低;相反地,外資比率越高的公司,投資人在市場狀態與盈餘訊息方向相反時,反而對於盈餘訊息的關注程度會提高。
    This paper investigates how the equity structure impacts investors in response to earning information under different states of Taiwanese stock market. The results show that investors of largest fifty companies in terms of registered capital are less responsive to revealed earning information. The investors of small firms are more responsive to announced earning information. In addition, this research also empirically finds that investors of companies with concentrated equity structure would less focus on earning information. However, investors of companies with higher shares of foreign capital would typically concentrate on announced earing information.
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    Description: 碩士
    國立政治大學
    經濟學系
    101258021
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101258021
    Data Type: thesis
    Appears in Collections:[經濟學系] 學位論文

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