本研究探討在美發行存託憑證之外國公司（ADR公司）採用不同會計準則編製財務報表，對於分析師盈餘預測之影響；以及美國證券交易委員會(SEC)於2007年11月15日免除採用國際會計準則之ADR公司編製Form 20-F調節表規定，對於分析師盈餘預測之影響。針對主題一實證結果顯示，相較於外國公司所屬國家之會計準則，國際會計準則(IFRS)與美國一般公認會計原則(US GAAP)在提供資訊能力上較佳，有助於分析師之盈餘預測；然而進一步的實證則顯示IFRS與US GAAP間在提供資訊能力上並無明顯差異。此外，研究發現當外國公司之所屬國家為法制力較高的國家時，較有助於分析師之盈餘預測。針對主題二實證結果，本研究實證結果支持SEC對於免除採IFRS公司編製Form 20-F調節表的預期，並未發現任何證據顯示SEC免除ADR公司編製Form 20-F調節表，對於分析師進行盈餘預測時會有資訊遺失(information loss)的現象，本文實證結果亦顯示對於分析師而言IFRS與US GAAP所編製的財務報表可以提供類似的資訊。

當企業的經營面臨不確定的情況時，使用穩健原則固然是可靠的，但是公司如果過度的使用穩健原則來操縱財務報表，將使資產和盈餘嚴重低估和扭曲，因此反而會降低財務報表的可靠性以及攸關性。公司的財務報表是財務分析師預測的來源之一，故當公司的盈餘由於受到管理當局對會計保守程度之操縱而有較大波動幅度時，若分析師相信公司當期盈餘是對未來盈餘的無偏誤預測指標，則財務分析師將會被誤導。因此，公司的會計保守程度對分析師盈餘預測的誤差和不同分析師間對盈餘預測意見不一致之程度應該有重大的影響。 　　本文以民國90年至94年之上市公司為研究對象，經由迴歸模型來分析公司會計保守性與分析師盈餘預測誤差與盈餘預測分歧程度間之關係，以檢視財務分析師是否能察覺保守性會計對公司盈餘的影響而反映於其盈餘預測中。結果發現會計保守性對分析師盈餘預測屬性均有正向影響，表示財務分析師在預測公司未來盈餘時會對管理當局所選擇的會計保守程度加以評估，並考量管理當局利用會計保守性進行盈餘管理的情形，進而影響其對公司未來盈餘的預測。 / Management may overuse accounting conservatism to manage the financial statements and undervalue assets and earnings and reduce the reliability and relevance of financial statements though conservatism is an increasing trend in accounting practice. The conservative information may lead analysts to biased forecast when a company’s earning has high volatility. Consequently, the extent of accounting conservatism should have significant effect on the analysts’ earnings forecast errors and forecast dispersion. This study examines the relationship of accounting conservatism and analysts’ annual earnings forecast errors and forecast dispersion by using a sample of listed firms in Taiwan. The results show that accounting conservatism has a positive relationship with the analyst earnings forecast errors and forecast dispersion. It implies that financial analysts may evaluate the extent of accounting conservatism and make adjustment in earnings forecast.

本文旨在檢視股東會年報之資訊揭露是否具有預測價值，分別以年報資訊數量及品質二者與分析師盈餘預測誤差及分歧程度之關係探討之。研究結果顯示，年報揭露之資訊數量與資訊品質愈高，分析師盈餘預測誤差愈低，足見我國年報內容有助於提升分析師預測準確度。就年報揭露程度與分析師盈餘預測分歧程度之關聯性而言，本研究發現，年報資訊揭露數量愈多，分析師預測分歧性愈低；然本研究並未能證實，年報資訊揭露品質與分析師預測分歧性具有顯著的反向關係。換言之，資訊數量與預測分歧性具有較強的負向關聯性，而資訊品質則否。前述研究結果顯示，公司增加年報揭露項目，有助於提升各分析師對未來盈餘預測的共識，然經考量揭露內容的品質之後，其對預測分歧性的影響則較不明顯。推論原因，可能係年報揭露內容不足，使得分析師進行預測時尚須蒐集額外資訊以為彌補，以致降低年報揭露對預測分歧性的影響。

本研究探討Banker and Chen (2006)建構之CVCS模型與本研究建構之CVCS’模型之盈餘預測準確度與資訊內涵，並以ROE模型、OPINC模型、CASHFLOW模型與分析師盈餘預測作為判斷CVCS模型與CVCS’模型是否具有盈餘預測準確度與資訊內涵之比較基準模型。盈餘預測準確度之實證結果顯示：(1)CVCS模型之盈餘預測準確度低於ROE模型、OPINC模型與CASHFLOW模型之盈餘預測準確度；(2)CVCS’模型與ROE模型、OPINC模型、CASHFLOW模型之盈餘預測準確度並無差異；(3)CVCS模型之盈餘預測準確度低於分析師盈餘預測之盈餘預測準確度；(4)CVCS’模型之盈餘預測準確度低於分析師盈餘預測之盈餘預測準確度。資訊內涵之實證結果顯示：(1)CVCS模型之資訊內涵高於ROE模型、OPINC模型與CASHFLOW模型之資訊內涵；(2)CVCS’模型之資訊內涵低於ROE模型、OPINC模型與CASHFLOW模型之資訊內涵；(3)CVCS模型之資訊內涵低於分析師盈餘預測之資訊內涵；(4)CVCS’模型之資訊內涵低於分析師盈餘預測之資訊內涵。 / This study examines the forecast accuracy and the information content of CVCS model, proposed by Banker and Chen (2006), and CVCS’ model, constructed by this study. To evaluate the performances of these two models, this study uses ROE model, OPINC model, CASHFLOW model and analysts’ consensus forecasts as the benchmarks. The results of forecast accuracy show (1) the forecast accuracy of CVCS model is less than that of ROE model, OPINC model, and CASHFLOW model, (2) the forecast accuracy of CVCS’ model is not different from that of ROE model, OPINC model, and CASHFLOW model, (3) the forecast accuracy of CVCS model is less than that of analysts’ consensus forecasts and (4) the forecast accuracy of CVCS’ model is less than that of analysts’ consensus forecasts. The results of information content show (1) the information content of CVCS model is greater than that of ROE model, OPINC model, and CASHFLOW model, (2) the information content of CVCS’ model is less than that of ROE model, OPINC model, and CASHFLOW model, (3) the information content of CVCS model is less than that of analysts consensus forecasts, (4) the information content of CVCS’ model is less than that of analysts consensus forecasts.

研究顯示，家族企業之數量與經濟影響力在全球企業環境中迅速成長並占有一席之地，成為具競爭力的存在，本研究以我國2001至2008年的上市（櫃）公司為樣本，探討財務分析師針對家族與非家族企業在預測行為上之差異，本研究之迴歸模型以分析師預測誤差、追蹤意願及預測離散程度三種特性分析財務分析師的預測行為，研究顯示相較於非家族企業，分析師對家族企業之預測意願較低，追蹤數量明顯較少，在預測結果上，家族企業會使分析師的預測產生較大的誤差，且各分析師間預測結果的差異程度也較大，本研究藉此結果推論家族企業中控制股東與其他股東代理問題的存在，及家族成員擔任管理者或董事等重要職位導致董事會喪失監督職能，在資訊揭露的數量與品質上表現較差。 / Prior research shows that family firms have grown rapidly and played an important role in the global corporate environment. This study examines the relation between family firms and financial analysts’ earnings forecast behaviors in Taiwan from year 2001 to 2008. I use several analysts forecast attributes: forecasts error, number of analysts following, and forecast dispersion. The results indicate that family firms generally have less analysts following, greater analysts’ forecast errors and greater forecast dispersion. These findings support the argument that the existence of conflict between majority and minority shareholders and that family members serving as managers or members of the board may weaken the disclosure of the quantity and quality of firm-specific information.

歷經國內外多起知名企業的財務弊案後，各國政府及投資人開始關注公司的資訊透明度，企業也意識到資訊透明度對於企業永續經營的重要性，因此，本研究主要探討資訊透明度對於企業價值之影響。研究貢獻在於以具有專業和分析能力之分析師預測行為作為判斷企業資訊透明度之依據，進而探究其與企業價值之關聯性。本研究以2008年到2013年台灣上市(櫃)公司為樣本，以企業價值(Tobin’s Q)為應變數，資訊透明度相關之變數(分析師追蹤意願、分析師盈餘預測偏誤與分析師盈餘預測離散性)為主要解釋變數，在控制公司成長面、獲利面、風險面與公司規模因素，並固定產業和年份，利用追蹤資料迴歸模型(panel regression)來進行分析。 實證結果分為兩部分，（1）代表資訊透明度之變數－分析師預測意願、分析師預測精準度及分析師預測離散性與企業價值具有顯著正向關係。另利用前述之結果，本研究自行建立一個衡量企業透明度的模型，以整合性資訊探討資訊透明度對於企業價值的影響，實證結果顯示（2）資訊透明度與企業價值間確實具有顯著正向關係，結果支持良好的資訊透明度，有助於公司治理，長期間更能夠提升企業價值與永續經營。此外，本研究以整合資訊衡量企業資訊透明度，相較於單一資訊更為完善，也提供企業利害關係人及一般大眾不同面相去了解企業的資訊透明度，進而保護其權益。 / Since the occurrences of financial scandal, issues surrounding corporate governance and information disclosure have been widely discussed in these few years. Not only have government and investors started paying more attention on information transparency, but more and more firms have noticed that well corporate governance could help its sustainable development. The main purpose of this study is to examine the influences of information transparency on corporate value. Based on the samples of Taiwan listed firms for the period from 2009 to 2013, this study employs panel regression model with Corporate value (Tobin’s Q) as the dependent variable against various combinations of explanatory variables (analysts following, analysts’ earnings forecast bias and analysts’ earnings forecast derivation). The results of this research reveal that (1) the firms with high corporate value significantly have more analysts following, less analyst's earning forecast error and the greater forecast derivation. And by using an integrated model to do further analysis, the evidence shows that (2) higher information transparency could improve the corporate governance, gain more corporate value and benefit sustainable development in the long term. What’s more, instead of unitary source, this research measures corporate information transparency via integrated sources to ensure credibility, and provides various angles for corporate stakeholders and the general public to learn further more about corporate information transparency and be able to protect their rights.

法人說明會為近年來企業最常使用的自願性揭露方式之一，已逐漸成為企業管理當局與投資人溝通的重要管道，然而法人說明會之參加人員通常僅限於法人股東與財務分析師，因此財務分析師在企業管理當局與投資人之間扮演了一個重要的資訊傳遞角色。本研究以台灣高科技產業上市（櫃）公司為研究對象，探討法人說明會資訊揭露之豐富度，對分析師盈餘預測之樂觀程度、預測準確度以及預測離散性之影響，以及不同國籍券商獲取法人說明會資訊對其預測之影響。研究結果發現，分析師在資訊豐富性高的法人說明會後所做的盈餘預測會偏向樂觀預測，亦容易出現樂觀偏誤的現象，且資訊越豐富，分析師盈餘預測之離散性越低。若進一步分析券商國籍對盈餘預測之影響，可以發現本國券商在資訊豐富性高的法人說明會後所做的盈餘預測會偏向樂觀預測，外國券商則無此現象，表示相較於外國券商，本國券商獲取法人說明會資訊對其盈餘預測之影響較大。 / Nowadays,conference calls are one of the most often used voluntary disclosures by firms, and have become an important way of communication between management and investors.However,participants of conference calls are often institutional shareholders and financial analysts.As a result,financial analysts play an important role as an information communicator between management and investors.Based on a sample of publicly listed firms in Taiwan,this study explores whether the extent to which the richness of the content of conference calls affect the optimism,bias and dispersion of financial analysts' earnings forecasts,and whether the nationality of brokers causes different effects when they acquire the information of conference calls.We find that analysts' earnings forecasts become more optimistic and biased if conference calls contain richer information,and the dispersion of forecasts also becomes lower.Furthermore,domestic brokers' forecasts are more optimistic after conference calls which contained rich information,while there is no such phenomenon for foreign brokers.This indicates that conference calls have a greater impact on domestic than foreign brokers in making earnings forecasts.

法人說明會是公司傳遞內部訊息給外部使用者方法之一，透過法人說明會宣佈財務及非財務資訊，藉以消弭因資訊不對稱所產生之代理問題，亦為分析師作出盈餘預測參考依據之一。在半導體供應鏈中，其上、下游產業間關聯緊密，資訊具有垂直移轉效果，因此，本研究欲探討半導體供應鏈中，下游公司分析師參考上游關聯公司法人說明會資訊並作出盈餘預測調整之程度。 本研究針對國內2005年至2011年半導體上市、櫃公司，進行法人說明會資訊與分析師盈餘預測修正之關聯性。實證結果發現，下游公司財務分析師會參考上游關聯公司召開法人說明會所宣佈之預測財務及非財務資料，並修正對公司之盈餘預測；且供應鏈中，上、下游關係越遠及國籍為外國之分析師，對上游關聯公司法人說明會資訊依賴程度越高，作出的盈餘預測調整幅度越大。

本論文分為兩部分，第一部份是探討全球航空產業的油料避險會不會對公司價值有所影響，以及油料避險的誘因。第二部份則是檢視全球航空公司的風險曝露會不會影響分析師的預測誤差，尤其是燃油價格變動的風險曝露。 / In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies. In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures. Two essays are comprised in this dussertation to examine whether jet fuel hedging has effects on firm value and analysts’ forecast accuracy in the global airline industry. Using global data allows us to cmpare the differences of jet fuel hedging behavior and incentives for hedging across different sub-samples. Furthermore, we also examine how jet fuel hedging affects analysts’ forecast erros across different sub-samples and its implications for firm disclosures about their risk exposures in the financial reports. In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies. In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures.

本研究之目的在探討，上期對本期所做之盈餘預測與本期實際盈餘間誤差所產生之未預期盈餘，對於管理階層在本期預測下期盈餘以及財務分析師針對該預測所作之預測修正，即對於該兩者的攸關性是否會隨著34號公報之實施而提高，也就是說，在34號公報實施之後，未預期盈餘對於管理當局盈餘預測以及分析師預測修正之影響，是否會更加顯著相關。 實證結果顯示，不論34號公報適用前後，管理當局盈餘預測與未預期盈餘之間皆具有攸關性，但在34號公報適用之後，兩者之間的顯著性並未增強；而另一方面，在34號公報適用前後，財務分析師盈餘預測修正與未預期盈餘之間皆具有攸關性，且在34號公報適用之後，兩者之間的顯著性有增強。 / This thesis examines whether the issuance of SFAS No.34 can heighten the association between the unexpected earnings for current period and the management earnings forecast for the next period. This research also examines if the issuance of SFAS No.34 will heighten the relationship between the unexpected earnings for current period and the analysts’ revision of the management earnings forecast for the next period. The unexpected earnings mean the difference between the earnings forecast for current period and the actual earnings in current period This thesis finds that there is a negative association between management earnings forecast and the error of the expected earnings whether SFAS No.34 has been issued or not, but the issuance of SFAS No.34 doesn’t heighten the association between the management earnings forecast and the error of the expected earnings. Besides, the result of the research shows that there is a positive relationship between the analyst’s revision of the management earnings forecast and the error of the expected earnings. Furthermore, the relationship is heightened by the issuance of SFAS No.34.