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系統識別號 U0026-0408201609120100
論文名稱(中文) 強制採用XBRL對股價崩跌風險之影響
論文名稱(英文) The Effect of Mandatory Adoption of XBRL on Stock Price Crash Risk
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 104
學期 2
出版年 105
研究生(中文) 黃昭勳
研究生(英文) Chao-Hsun Huang
學號 R87031427
學位類別 碩士
語文別 中文
論文頁數 20頁
口試委員 指導教授-周庭楷
口試委員-陳宇紳
口試委員-詹凌菁
中文關鍵字 可擴展商業報告語言  股價崩跌風險 
英文關鍵字 XBRL  Crash Risk 
學科別分類
中文摘要 本研究主要探討美國證管會強制上市公司採用XBRL申報財務報表對股價崩跌風險之影響。由於過去文獻顯示,股價崩跌主要是因為管理階層隱匿公司利空消息,造成與報表使用者資訊不對稱,所引發公司股價於極短時間內下跌之情況。強制採用XBRL後除可降低報表使用者之資訊處理成本,也可提供投資人跨市場、跨產業、跨公司、跨期間之財務報表比較與分析,增加公司財務資訊揭露品質,減少資訊不對稱,進而提高資本市場效率。本研究係以2006至2014年美國上市公司為研究對象,探討強制採用XBRL與公司股價崩跌風險之影響,以迴歸方法進行實證研究。實證結果顯示,強制採用XBRL後,反而增加了公司股價崩跌之風險。推測為投資人因而發現公司隱匿之不利消息,對於公司股價重新評價調整,反造成股價崩跌所致。
英文摘要 This paper examines the effect of mandatory adoption of eXtensible Business Reporting Language (XBRL) on stock price crash risk. According to prior researches, the main reason for why stock price crashes is that corporate managers hide firm-specific bad news strategically from outside investors. When the accumulated hidden bad news crosses a tipping point, it will lead to an abrupt decline in stock price. The Securities and Exchange Commission (SEC) asked that all public companies provide XBRL versions of their financial reports in addition to the standard text or html filing. It will reduce the information processing costs and enable outside investors to compare and analyze their financial reports from different markets, industries, time and firms more easily.In additional to add disclosure quality on firms’ financial information, it will reduce information asymmetry between corporate managers and outside investors to improve the efficiency of capital markets.
Our sample contains listed companies in the U.S. form 2006 to 2014. We investigate the relationship between after mandatory adoption of XBRL and stock price crash risk to conduct empirical regression analysis. The empirical results show that mandatory adoption of XBRL will add the efficiency of stock price crash risk. We think that the outside investors can discover the hidden bad news through using XBRL software, then re-evaluate and adjust the stock price, which will result in stock price crash.
論文目次 第一章 緒論 1
第二章 文獻探討 4
第一節 XBRL發展背景及相關文獻 4
第二節 股價崩跌風險(Crash Risk)相關文獻 5
第三節 假說發展及建立 6
第三章 研究方法 8
第一節 股價崩跌風險之衡量及模型設計 8
第二節 樣本選取 9
第四章 實證結果分析 11
第一節 敘述性統計 11
第二節 相關係數分析 12
第三節 多元迴歸分析 15
第五章 結論 17
參考文獻 18
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