進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-2807201614543000
論文名稱(中文) 大陸上市公司的強制性與自願性業績說明會資訊增量之研究
論文名稱(英文) A Study on the Information Increment of Mandatory and Voluntary Earnings Conference for Listed Companies in China
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 104
學期 2
出版年 105
研究生(中文) 鄧惠方
研究生(英文) Hui-Fang Deng
學號 R16033024
學位類別 碩士
語文別 英文
論文頁數 50頁
口試委員 指導教授-吳清在
共同指導教授-林軒竹
口試委員-蔡彥卿
口試委員-陳坤志
中文關鍵字 投資者關係管理  業績說明會  強制性業績說明會  自願性業績說明會 
英文關鍵字 IRM  earnings conference  mandatory  voluntary 
學科別分類
中文摘要 作為公司治理中重要的模塊之一,投資者關係管理在近年來得到越來越多的關注。而作為投資者關係管理的一種形式,業績說明會在中國大陸比歐美的電話會議更為普遍,以及它亦在公司治理中有著非常重要的影響。本文就此議題針對中國大陸上市公司舉辦的業績說明會的效用進行研究。根據中國大陸的相關規定,深交所的中小板和創業板上市公司必須在每年的財報公告後舉辦業績說明會,而對深交所的主板與上交所的主板公司則無要求。因此,業績說明會有強制性與自願性兩種類別。
根據這兩種類型,本研究採用了事件研究法與建立迴歸模型進行研究。根據研究結果,我們發現強制性業績說明會具備資訊含量並且投資者對其反應是消極的,而自願性業績說明會的資訊含量則不明顯,原因可能是自願舉辦會議的公司本身規模較大又或是當年取得較好的業績因此通過業績說明會來維持公司形象以及保持與投資者的交流,而額外測試的結果也證明了這一猜想,可見公司規模與公司業績情況均會影響到公司是否自願舉辦業績說明會,也表明了在無規定要求的情況下,舉辦業績說明會更有可能作為一種戰略管理與形象管理的手段。
我們也嘗試去找出會議中會影響到投資者的態度或反應的因素,結果表明,在中小板裡,未能擊敗分析師盈餘預測的公司,或者是有ST標記的公司都很可能會通過業績說明會來安撫投資者以及表明他們為挽救不良狀況所作的努力,以使投資者對這些類型的公司的反應更為強烈。除此之外,企業性質為國有的公司也更有可能讓投資者有積極的反應因為國有企業在會議中發言所包含的政府公信力。然而,在創業板則無發現類似的結果,可能的原因就是創業板公司上市時間較短,市場較為不成熟,而創業板中多為科技創新型的公司,以上因素都會影響到投資者對其的反應异於相對成熟的中小板。
因此,我們有理由相信業績說明會作為投資者關係管理的一種方式,具有一定的影響和作用。相信這一研究將為監管層制定政策、上市公司進行投資者關係管理提供一定的經驗證據。
英文摘要 As one of the important part of a company, investment relationship management has been paid more and more attention in recent years. As one of IRM ways, Internet earnings conference, is more common than conference call in China and also plays a significant role in corporate governance. This article studies the efficiency of the earnings conference held by listed companies in China. According to the provisions in China, there are mandatory and voluntary earnings conferences. We find that mandatory type of earnings conference has information increment and the effect may be negative, while the voluntary earnings conference did not offer information increment. We also try to figure out which element affects investors’ reaction to the information increment of earnings conference. The results show that companies with negative earnings surprise, or with ST sign may probably comfort investors and show their effort through earnings conference so that investors reacted positively. What’s more, companies of SOE types will have positive effect with government's credibility. Thus, we can believe that the earnings conference has a certain role in investor relation management. These finding could be helpful for regulators and company management.
論文目次 Catalog
摘要 I
Abstract III
Acknowledgements IV
1 Introduction 1
2 Institutional Background & Literature Review 3
2.1 Institutional Background 3
2.2 Literature Review 7
2.3 Hypotheses 10
3 Research Design 15
3.1 Sample and Data 15
3.2 Event Window 16
3.3 Event Study and other Measures of Volatility 16
3.4 Elements affect CAR 18
4 Empirical Result 21
4.1 Distribution of the Sample 21
4.2 Measures of the Variables 24
4.3 Regression Analysis 30
5 Additional Test 36
5.1 Test based on Company Size 36
5.2 Test based on News Type 39
5.3 Test for replacing EQ 42
6 Conclusion 44
7 Reference 46
參考文獻 Reference
1.Ashbaugh H., K.M. Johnstone and T. Warfield (1999), “Corporate Reporting on the Internet”, Accounting Horizons, 13(3), pp.241-257.
2.Allam A., and L. Andrew (2003), “Developments in Internet Financial Reporting: Review and Analysis, Across Five Developed Countries”, The International Journal of Digital Accounting Research, 3(6), pp.165-199.
3.Barry, C.B., Brown, S.J. (1985), “Differential information and security market equilibrium”, Journal of Financial and Quantitative Analysis, 20, pp.407–422.
4.Gregory, W. (1998), Financial reporting: an accounting revolution (3rd ed.), America: Pearson.
5.Benjamin Mark Cole (2004), The new investor relations: expert perspectives on the state of the art (1st ed.), America: Bloomberg Press.
6.Bin Lin, Qing-quan Xin, De-ming Yang, Nian Chen (2005), “A Study On Investor Relation Management of Website and Its Infection Factors”, Accounting Research, 9, pp.32-38
7.Bowen, R., Davis, A., Matsumoto, D. (2002), “Do Conference Calls Affect Analysts’ Forecasts?”, The Accounting Review, 77(2), pp.285-316.
8.Brian J. Bushee, Dawn A. Matsumoto, Gregory S. Miller (2003), “Open versus Closed Conference Calls: the Determinants and Effects of Broadening Access to Disclosure”, Journal of Accounting and Economics, 24, pp.149-180.
9.Chen HAO, Li LI (2005), “An Empirical Study on Investor Relations Column of China Domestic Listing Companies’ Websites”, Journal of Management Science, 18(1), pp.56-61.
10.Cohen, D. A., A. Dey, and T. Z. Lys. (2008), “Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods”, The Accounting Review, 83(3), pp.757-787.
11.Cohen, D. A., A. Dey, and P. Zarowin. (2010), “Accrual-based and real earnings management activities around seasoned equity offerings”, Journal of Accounting and Economics, 50(1), pp.2-19.
12.Cready, W. and D. Hurrt (2002), “Assessing Investor Response to Information Events using Return and Volume Metrics”, Accounting Review, 77, pp.891-909.
13.Deller, D., Stubenrath, M. and Weber, C. (1999), “A Survey on the Use of the Internet for the Investor Relations in the USA, UK and Germany”, The European Accounting Review, 8(2), pp.51-64.
14.Diamond, D.W. and Verrecchia, R.E (1991), “Disclosure, Liquidity and the Cost of Capital”, The Journal of Finance, Vol. XLVI, no.4, pp.1325~1359.
15.Eng L.L. and Y.T. Mak (2003), “Corporate Governance and Voluntary Disclosure”, Journal of Accounting and Public Policy, 22(4), pp.325-345.
16.Ettredge, M., V. J. Richardson, and S. Scholz. (2002), “Determinants of Voluntary Dissemination of Financial Data at Corporate Websites”, Proceedings of the 35th Hawaii International Conference on System Sciences, January, pp.2673-2682.
17.Fama, E., Fisher, L., Jensen, M., Roll, R., (1969), “The adjustment of stock prices to new information”, International Economic Review, 10, pp.1-21.
18.Fathilatul Z.A.H., M.S.M. Salleh, and M.M. Yusof (2002), Investor Relations in Developing Countries: A Disclosure Strategy, Universiti Utara Malaysia, School of Accountancy, Malaysia.
19.Fishman. M. J. and Hagerty K. M. (1989), “Disclosure Decisions by Firms and the Competition for Price Efficiency”, The Journal of Finance, Vol. XLIV, no.3, pp.633-646.
20.Frankel. R., Johnson, M., Skinner, D. (1999), “An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium”, Journal of Accounting Research, 37(1), pp.133-150.
21.Froot, K., Perold, A., Stein, J. (1992), “Shareholder Trading Practices and Corporate Investment Horizons”, Journal of Applied Corporate Finance, 5 (summer), pp.42-58.
22.Harrison H., & M. Huang (2005), “Talking up Liquidity: Insider Trading and Investor Relations”, Journal of Financial Intermediation, 14(1), pp.1-31.
23.Healy, P., Palepu, K. (2001), “Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature”, Journal of Accounting and Economics, 31(1), pp.75-102.
24.Higgins, Richard B., and Brendan D. Bannister (1992), “How Corporate Communication of Strategy Affects Share Price”, Long Range Planning, 25, pp.27~35.
25.Harrison Hong and Ming Huang (2005), “Talking up Liquidity: Insider Trading and Investor Relations”, Journal of Financial Intermediation, 14, pp.1~31.
26.James, R. (1997), “Part III: Measuring and Valuing Reputations: ROI: Calculating Advertising’s Impact on Stock Price”, Corporate Reputation Review, Summer/Fall, 1(1/2), pp.56-60.
27.Kim, O., Verrecchia, R. (1994), “Market liquidity and volume around earnings announcements”, Journal of Accounting and Economics, 17, pp.41–68.
28.Lang, M. and Lundholm, R. (1993), “Cross-sectional Determinants of Analyst Ratings of Corporate Disclosures”, Journal of Accounting Research, 31, pp.246~271.
29.Laskin Alexander V. (2009), “A descriptive account of the investor relations profession a national study”, Journal of Business Communication, 46(2), pp.208-233.
30.Leftwich, R. (1980), “Market failure fallacies and accounting information”, Journal of Accounting and Economics, 2, pp.193–211.
31.Lian-fu Ma, Ying Zhao (2006), “A Review of Literature on Investor Relations Based on Corporate Governance and Research Prospect”, Nankai Business Review, 9(1), pp.21-27.
32.Marston. C., Straker. M. (2001), “A survey of European Investor Relations”, Corporate Communications, 6(2), pp.82-93.
33.Mary Conger (2004), “How a Comprehensive IR Program Pays off”, Financial Executive, January/February, 20(1), pp.30-34.
34.Merton, R.C. (1987), “A simple model of capital market equilibrium with incomplete information”, The Journal of Finance, 42, pp.483–510.
35.Min-Jeng Shiue and Chien-Hao Tseng (2013), “Real Earnings Management, Misvaluation, and Board Characteristics”, Taiwan Accounting Review, July, pp.191-220.
36.National Investor Relations Institute (NIRI) (1999), “On-line trading becoming way of life for investors”, IR Update, October, pp.16.
37.Qing-quan Xin, De-ming Yang, Nian Chen (2006), “Incentive of Equity Financing and Investor Relation Management: Evidence from Investor Relation on Corporate Websites”, Management World, 19(2), pp.90-97.
38.Rao H., Sivakumar K. (1999), “Institutional Sources of Boundary-Spanning Structures: The Establishment of Investor Relations Departments in the Fortune 500 Industrials”, Organization Science, 10(1), pp.27-42.
39.Richard R Dolphin (1994), “The Strategic Role of Investor Relations”, Corporate Communication, 9(1), pp.25-42.
40.Roychowdhury, S. (2006), “Earnings management through real activities manipulation”, Journal of Accounting and Economics, 42(3), pp.335-370.
41.Tasker, S. (1998), “Bridging the Information Gap: Quarterly Conference Calls as a medium for Voluntary Disclosure”, Review of Accounting Studies, 3(1&2), pp.137-167.
42.Verrecchia, R. (2001), “Keeping an Ear on Wall St.: Corporate Webcasts Earn a Growing Audience of Investors”, Washington Post, June 14, E01.
43.Watts, R., Zimmerman, J. (1986), Positive Accounting Theory (1st ed.), America: Pearson.
44.Xin-dan Li, Bin-qin Xiao, Shu-hua Wang, Yu-can Liu (2006), “A Study on Evaluation Index for Investor Relations Management from China’s Listed Companies and the index’s Application”, Management World, 9, pp.117-128.
45.Xin-dan Li, Bin-qin Xiao, Bing Zhang, Hong-liang Zhu (2006), “Could Investor Relations Management Increase Enterprise Value of Listed Companies?-Empirical Evidence from China A-share Listed Companies”, Management World, 9, pp.117-128.
46.Ying Zhao (2010), “Investor Relations Management and Capital Cost: Empirical Evidence from China’s Listed Companies”, Journal of Shanxi Finance and Economics University, 32(4), pp.85-92.
47.Ying Zhao (2011), “Ownership Structure and Investor Relations Management: An Empirical Research on Chinese Listed Companies”, Journal of Shanxi Finance and Economics University, 33(8), pp92-100.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2020-12-31起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw