合併報表與母公司財務報表差異對投資人之影響; The impact of differences between consolidated financial statement and parent’s financial statement

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题名:	合併報表與母公司財務報表差異對投資人之影響;The impact of differences between consolidated financial statement and parent’s financial statement
作者:	李進宏;Chin-hung Lee
贡献者:	財務金融學系碩士在職專班
关键词:	營業利益差異;母公司財務報表;營收差異;投資人反應;合併報表;Parent’s financial statement;consolidated finan;differences in revenues;differences in income f
日期:	2009-07-10
上传时间:	2009-09-22 14:48:58 (UTC+8)
出版者:	國立中央大學圖書館
摘要:	本研究旨在探討投資人對母公司財務報表與合併報表之營收及營業利益差異之反應，藉此瞭解投資人是否能藉由合併報表及母公司財務報表差異所揭露之資訊，辨別公司真實營運狀況。本研究以t檢定及Wilcoxon Z檢定，檢視投資人對母公司財務報表與合併報表之營收及營業利益差異之反應是否有顯著差異。實證結果顯示，投資人對母公司財務報表與合併報表之營收 (營業利益) 差異之反應並不顯著，甚至當母公司營收高於合併報表營收時，投資人反應較佳。究其原因，投資人可能仍依賴母公司報表而忽略合併報表所提供的訊息。或者，投資人較不注重營收之差異。本研究亦以迴歸模型，檢視投資人對母公司財務報表與合併報表之營收及營業利益差異之反應，迴歸結果顯示，母公司財務報表營收 (營業利益)減合併報表營收 (營業利益)差異與累積異常報酬並未有顯著關連性，亦即投資人對於母公司財務報表與合併報表之營收及營業利益差異之反應不顯著。關鍵字：合併報表、母公司財務報表、營收差異、營業利益差異、投資人反應 The purpose of this study is to investigate whether investors react to the differences between sales revenues (income from main operations) disclosed in the parent’s financial statement and those in the consolidated financial statement. We conjecture if investors can understand the differences between the parent’s financial statement and the consolidated statement, they may sell stocks for those whose revenues (income from main operations) disclosed in the parent’s financial statement are higher than those disclosed in the consolidated financial statement. We use t test and Wilcoxon Z test to examine whether the cumulative abnormal return is significantly negative when revenues (income from main operations) shown in the parent’s financial statement are higher than those shown in the consolidated financial statement. We also use regression to examine whether the abnormal cumulative abnormal return is related to the differences disclosed in the parent’s financial statement and the consolidated financial statement. The univariate results indicate that the cumulative abnormal return is not significantly negative when revenues (income from main operations) shown in the parent’s financial statement are higher than those shown in the consolidated financial statement. Moreover, the regression results show that investors’ reaction to the difference between the income shown in the parent’s financial statement and in the consolidated statement is insignificant. It seems that investors may still focus on the financial statement of the parent company but ignore the information provided by the consolidated statement. Keywords: Parent’s financial statement; consolidated financial statement, differences in revenues; differences in income from main operations; investors’ reaction.
显示于类别:	[財務金融學系碩士在職專班] 博碩士論文

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