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系統識別號 U0026-0812200911055215
論文名稱(中文) 國際策略聯盟宣告對財務分析師盈餘預測修正之影響
論文名稱(英文) The Effect of International Alliance Announcement On Financial Analysts' Earnings Forecast Revisions
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 92
學期 2
出版年 93
研究生(中文) 賴怡靜
研究生(英文) I_Ching Lai
學號 r6691405
學位類別 碩士
語文別 中文
論文頁數 32頁
口試委員 口試委員-鍾彩焱
口試委員-陳聖賢
口試委員-江明憲
指導教授-張紹基
中文關鍵字 財務分析師盈餘預測  策略聯盟 
英文關鍵字 analysts'earnings forecast revision  strategic alliances 
學科別分類
中文摘要   本研究利用1991至2001年這段時間共計1066件國際策略聯盟宣告為樣本,來探討國際策略聯盟宣告對分析師盈餘預測修正的影響,並分別就長短期的盈餘修正加以探討。

  研究結果發現,當公司宣告國際策略聯盟這個決策時,公司的股價在市場上的反應是顯著且正向的,因此我們得知國際策略聯盟宣告對股東財富具有正向顯著的影響。

  此外,研究結果也發現,當公司做國際策略聯盟宣告時,分析師對於該公司最近一年的盈餘預測上並未有顯著的修正;但在長期盈餘(未來五年)成長率預測上則有顯著的正向修正,因此我們發現,國際策略聯盟宣告後,短期內分析師並不會對此特別做修正,分析師對國際策略聯盟宣告效果是在長期下才會有所反映,以至於修正其盈餘預測。
英文摘要   We examine financial analysts’ earning revisions after international strategic alliance announced. Consistent with the assertions of earlier studies that international strategic alliance announcement signal future performance, financial analysts significantly increase their forecasts of earnings for firm that announce international strategic alliance.

  In this paper, we use international strategic alliance announcements as sample and the period is from 1991 to 2001. We firstly study the association between the announcement-period abnormal stock price reaction and international strategic alliance announcement. The result suggests that the announcement signal future performance. Besides, we also examine analysts’ forecast of current-year earnings as well as five-year earnings growth around announcements of international strategic alliance. We find no relation between analysts’ abnormal forecast revisions in current-year earning with international strategic alliance announcements. But we find a significant positive relation between analysts’ abnormal forecast revisions in five-year earning growth and international strategic alliance announcements.
論文目次 第一章 緒論 1
第一節 前言 1
第二節 研究動機與目的 2
第二章 文獻探討 3
第一節 何謂國際策略聯盟 3
第二節 策略聯盟與其它商業活動的差異 6
第三節 國際策略聯盟形成的過程 9
第四節 影響國際策略聯盟績效之因素 9
第五節 策略聯盟宣告效果之相關文獻 11
第六節 公司宣告對分析師預測修正是否具影響之相關文獻 12
第三章 研究設計 13
第一節 樣本選擇 13
第二節 實證分析方法 14
第四章 實證結果 18
第一節 樣本資料敘述 18
第二節 國際策略聯盟宣告效果 19
第三節 最近一年之分析師盈餘預測修正分析 21
第四節 長期的分析師盈餘預測修正分析 24
第五章 研究結論與建議 27
第一節 研究結論 27
第二節 研究建議 28
參考文獻 29
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