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政大典藏 > College of Social Science > Department of Economics > Theses > Item 140.119/79234

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/79234

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:	[Department of Economics] Theses

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