| 摘要: | 本研究以台灣2008年與2009年間之上市櫃公司為對象，探討企業的盈餘平穩化行為與企業聲望是否影響股票報酬。本研究首先探討兩種管理階層行使盈餘平穩化的手法：透過應計項目與營業外損益。此部分實證結果如下：透過應計項目平穩盈餘對於股票報酬的影響不顯著，而透過營業外損益平穩盈餘則呈現顯著正相關。
而在企業聲望的部分，過去研究指出，不論投資大眾或財金專家，對於好公司與好股票間存在著認知錯誤。因而本研究預期聲望較佳的公司反而會有較低的股票報酬。實證結果符合本研究之預期，顯示好公司的股票不一定是好股票。
This study discussion on whether earnings smoothing and firm reputation affect to stock return. And use the listed company for data from 2008 to 2009. The first section in this study research for income smoothing of company and we classify two way to smooth firm’s earning, accruals and non-operation income. I find that stock returns would be affected by the smoothing effect of non-operation. But I can’t find the evidence that the smoothing effect can affect stock return by accrual.
The second section in this study discussion about firm reputation. Prior study indicated that acknowledge error exist in investors and analyst. They always believe that a good company also had good return in its stock. And I expect the relationship between firm reputation and stock return would be negative. And my hypothesis was confirmed. |
