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系統識別號 U0026-0806202017552600
論文名稱(中文) 財務報表拆解品質與股價崩跌風險之關聯性研究
論文名稱(英文) Disaggregation Quality and Stock Price Crash Risk
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 108
學期 2
出版年 109
研究生(中文) 蔡念儒
研究生(英文) Nien-Ju Tsai
學號 R16074096
學位類別 碩士
語文別 英文
論文頁數 28頁
口試委員 指導教授-周庭楷
口試委員-楊朝旭
口試委員-吳思蓉
中文關鍵字 拆解品質  股價崩跌風險  資訊環境  資訊扭曲 
英文關鍵字 disaggregation quality  crash risk  information environment  information distortion 
學科別分類
中文摘要 本論文探討財務報表拆解品質與股價崩跌風險之關聯性。本研究認為較高拆解品質的財務報表可減少管理階層隱藏消息並減少其做裁決性資訊而產生的資訊扭曲,進而降低未來的股價崩跌風險。透過1991至2017年的美國公司樣本,我們發現財務報表拆解品質與股價崩跌風險之間存在負向關聯。本研究也進一步探討拆解品質所帶來的效益,發現在複雜的資訊環境下拆解品質與股價崩跌風險之負向關聯更明顯,但是在資訊更扭曲的情況下對拆解品質與股價崩跌風險之負向關聯沒有顯著影響,進一步證實拆解品質降低股價崩跌風險主要是透過減少壞消息隱藏這個途徑。本研究提供財務報表拆解品質的效益,給予公司、管理階層、投資者及準則制定者未來可以進一步改進方向。
英文摘要 This study examines the relationship between disaggregation quality (DQ) and stock price crash risk. We consider that higher financial statement disaggregation can decrease crash risk through preventing managers from hiding bad news and decreasing earnings discretion in financial statements. Using the samples from 1991 to 2017, we provide strong evidence that DQ is negatively related to stock price crash risk. Moreover, we further research which benefits of DQ, decreasing hidden bad news or decreasing discretion, are central to decrease being crash prone. We find that being more prone to the negative relationship between DQ and crash risk happens under more complex information environments, while no significant effect exists under greater financial statement distortion. The results confirm that the reduction of crash risk comes mainly from providing more information and further decreasing hidden bad news by disaggregation. Our study informs firms, managers, standard setters, and investors about the benefits of financial statement disaggregation to help them when making decisions.
論文目次 CONTENT
1. INTRODUCTION 1
2. LITERATURE REVIEW AND HYPOTHESES 3
2.1 Disaggregation Information 3
2.2 Stock Price Crash Risk 4
2.3 Hypotheses Development 5
3. RESEARCH DESIGN AND SAMPLE SELECTION 6
3.1 Measure of DQ 6
3.2 Measure of Crash Risk 8
3.3 Research Design 9
3.4 Sample Selection and Data Source 10
4. RESULTS 11
4.1 Descriptive Statistics 11
4.2 Regression Analysis 16
5. ADDITIONAL TEST 22
6. CONCLUSION 24
7. APPENDIX 25
7.1 The Calculation of OPAQUE 25
7.2 The Calculation of FOG 25
7.3 The Calculation of COMPACCT4 26
8. REFERENCES 26

LIST OF TABLES
Table 1 Descriptive Statistics of Sample Distribution 11
Table 2 Descriptive Statistics of All Variables 13
Table 3 Correlation Matrix between All Variables 15
Table 4 The Regression Result of DQ and CrashRisk (All Samples) 17
Table 5 The Regression Result of DQ and CrashRisk (by FOG) 19
Table 6 The Regression Result of DQ and CrashRisk (by COMPACCT4) 20
Table 7 The Regression Result of DQ and CrashRisk (by Big4) 21
Table 8 The Regression Result of DQ_BS, DQ_IS, and CrashRisk 23

LIST OF FIGURES
Figure 1 Trend of DQ, DQ_BS, and DQ_IS Over Time 14
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