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系統識別號 U0026-2201202114563700
論文名稱(中文) 分析師是否能理解管理者能力對未來績效之意涵?
論文名稱(英文) Does Analysts Fully Understand the Implications of Managerial Ability for Future Earnings?
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 109
學期 1
出版年 110
研究生(中文) 陳映華
研究生(英文) Ying-Hua Chen
學號 R87081406
學位類別 碩士
語文別 中文
論文頁數 36頁
口試委員 指導教授-周庭楷
指導教授-謝喻婷
口試委員-顏盟峯
口試委員-梁少懷
中文關鍵字 管理者能力  分析師預測  資料包絡分析法 
英文關鍵字 Managerial Ability  Analyst Forecast  Data Envelopment Analysis (DEA) 
學科別分類
中文摘要 管理階層在公司經營管理中扮演著至關重要的角色,本研究旨在探討管理者能力好壞與公司未來獲利之關聯性及分析師是否能理解管理者能力對公司未來績效之意涵。實證結果顯示管理者能力與公司下一年度獲利能力呈現正相關,表示擁有能力較佳的管理者,公司下一年度獲利能力較佳;但將管理者能力轉化為未來盈餘實存在困難和不確定性,分析師在預測每股盈餘時,會參考管理者能力,惟分析師未能充分理解管理者能力對未來盈餘的影響,管理者能力對分析師預測未來每股盈餘的影響效果超過管理者能力對未來實際每股盈餘的影響效果,代表分析師高估管理者能力所帶來的效益。額外測試進一步發現,管理者能力提升公司未來獲利能力的效益與分析師高估管理者能力效果的情況,在低成長公司更為明顯。
英文摘要 Management plays a vital role in corporate management. The purpose of this paper is to explore: (1) the association between managerial ability and firm performance and (2) whether analysts can understand the implication of managerial ability regarding future performance. Empirical results show that managerial ability is positively associated with firm’s future profitability, which means corporate with better managerial ability has high profitability in the next year; However, it is difficult for analysts to incorporate information about managerial ability into future earnings. Thus, analysts fail to fully understand the impact of managerial ability on future earnings. Additional analysis indicates that the above results only exist in low-growth firms.
論文目次 目錄
摘要 I
目錄 X
表目錄 XI
第壹章 緒論 1
第貳章 文獻回顧與假說建立 4
第一節 管理者能力 4
第二節 分析師盈餘預測 6
第參章 研究方法 8
第一節 研究資料期間與樣本選取 8
第二節 管理者能力之衡量 8
第三節 研究模型與變數定義 11
第肆章 實證結果與分析 17
第一節 敘述性統計 17
第二節 相關係數檢定 20
第三節 實證結果分析 23
第四節 額外測試 27
第伍章 研究結論與意涵 30
第一節 研究結論 30
第二節 研究意涵 31
參考文獻 32
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