原名「台灣學術線上」
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題名:公司治理與分析師盈餘預測誤差     (40點)
Corporate Governance Quality and Analysts' Earnings Forecast Errors
著者:王明昌(Ming-Chang Wang) ;周邦營(Pang-Ying Chou)
出版地區:台灣
出版城市:彰化縣
學科:人文綜合 ; 社科綜合
關鍵字:分析師盈餘預測誤差 ; 公司治理 ; 資訊揭露 ; Analysts' Earnings Forecast ; Corporate Governance ; Information Disclosure
刊名:建國科大社會人文期刊
卷期:33卷2期(2014.7)
頁碼:19-38
語言:繁體中文
摘要: 中文摘要PDF ; 英文摘要PDF

本研究試圖探討公司治理品質是否會影響分析師之盈餘預測誤差,由於分析師在資訊的搜集與專業能力上皆優於一般投資者,故大多數理性的投資者會在進行投資行為前參考分析師之研究報告,以強化投資決策之獲利機會,故分析師盈餘預測之準確性對於投資者而言是種重要的投資指標。故本研究會以2001-2012年間臺灣證券交易所上市公司為研究樣本,並討論公司治理品質與分析師盈餘預測誤差的關連性。本研究實證結果顯示,當公司治理品質愈佳時,分析師盈餘預測誤差顯著降低,代表公司品質愈高時,分析師盈餘預測愈精確。此外,本研究也發現分析師盈餘預測之波動性也會受到公司治理品質的影響,隱含整體證券市場的分析師在公司治理制度愈佳時對個股未來看法會愈趨一致。因此,本研究實證結果可提供給證券主管機關參考,改善公司治理的制度,活絡市場交易。
This study investigated the inf1uence of the quality of corporate governance on analysts' earnings forecast errors. Analysts in the gathering of information and professional competence are better than ordinary investors, so most rational investors wiI1 reference analysts' research report before they making investment behavior, in oïder to strengthen the profitability ofthis investment opportunity in the market. So the accuracy of analysts' earnings forecasts for investors is an important investment indicator. Companies listed on the Taiwan stock exchange (TWSE) between 2001 and 2012 were used as the research sample and we discuss the quality of corporate governance and analysts' earnings forecast errors related. The empirical results indicated that when the better quality of the corporate governance, analysts' earnings forecast error is significantly reduced, and analysts' earnings forecasts are more accurate. Furthermore, this study also found that the volatility of analysts' earnings forecast will also be inf1uence of the quality of corporate governance. It implied the stock market analyst in the better quality of corporate governance the views in the future will increasingly consistent. Thus, the empirical results of this study may provide a reference to the securities authorities, to improve the system of corporate governance.


    

本卷期目次
建國科大社會人文期刊 33卷2期 (2014.7)
以系統化創新技術(TRIZ)對自行車執行改良設計提升騎乘舒適性並申請專利/ 夏太長陳昭君鄭耀輝浦凌波
公司治理與分析師盈餘預測誤差/ 王明昌周邦營
補習班不同策略群組經營策略之比較--以雲林縣為例/ 黃素珍譚淑卿潘麗卿
Cross-Cultural Analysis of ESL Learners' Pragmatic Competence in Small Talk/ Dr. Fang-Chun Ou
 
   
 
   

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