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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

智慧資本、中國區域創新能力與分析師預測行為 / Intellectual Capital, Regional Innovation Capability of China, and Analysts' Forecast Behavior

高郁婷, Kao, Yu Ting Unknown Date (has links)
區域技術創新能力是展現區域將知識轉化為經濟的能力,是區域競爭力的重要內容。由於區域創新能力是造成中國各區域經濟發展差距的主要原因之一。本研究採用中國之上市公司為研究對象,探討公司創新活動的揭露與中國各省(自治區、直轄市)創新能力對分析師預測行為及分析師預測跟隨人數之影響。由三個面向檢視區域創新能力:研究與試驗發展全時人員當量增長率(REGTH)、政府研發投入占GDP比例(GIGDP)、每百萬人平均發明專利授權數(AVPAT)。研究結果發現創新活動揭露越多之公司,分析師之預測誤差程度越低、分析師之離散度越高且能吸引越多分析師對公司做預測。區域創新能力指標REGTH越高地區,分析師預測跟隨人數越少;區域創新能力指標GIGDP越高地區,分析師之預測誤差程度越低、分析師之離散度越低、分析師預測跟隨人數越少;區域創新能力指標AVPAT越高地區,分析師之預測誤差程度越低、分析師之離散度越低、分析師預測跟隨人數越多。 / Regional innovation capability is an important competitive ability to improve the economic development in China. Using a sample of Chinese listed companies, this study investigates the extent to which innovation disclosure at the company level and regional innovation capabilities affect analysts’ forecast characteristics in terms of forecast error, and forecast dispersion, and the number of analysts’ following. The indicators of regional innovation capabilities are the growth rate of R&D full-time equivalent personnel (REGTH), regional government's investment in R&D per GDP (GIGDP), and average of innovation patent authorized per millions of people in one region (AVPAT). The results indicate that firms with more innovation disclosures improve analysts’ forecast error, and regions with higher GIGDP and AVPAT also improve analysts’ forecast error. For firms with more innovation disclosures increase analysts’ forecast dispersion, and for regions with lower GIGDP and AVPAT increase analysts’ forecast dispersion. I also find firms with more innovation disclosures attract more analysts’ following, and regions with higher REGTH and GIGDP have less analysts’ following, while regions with higher AVPAT attract more analysts’ following.
2

專利資訊與分析師盈餘預測 / Patents and analysts' forecasts

鄭人維, Cheng, Ren Wei Unknown Date (has links)
本研究以研究發展費用作為專利的投入變數,以專利數作為專利的產出數量變數,以平均專利範圍及平均專利發明人數作為專利的產出品質變數,使用長期間與大範圍的台灣樣本來探討專利資訊與企業財務績效之關連性,並透過專利資訊的使用者-分析師的觀點來判別哪些專利資訊是資訊使用者眼中的攸關資訊。研究結果發現大量的專利並不會對企業未來盈餘有明顯助益,擁有高品質的專利才是對企業未來盈餘有所助益的關鍵因素,研究結果亦發現分析師在進行盈餘預測時,並未適當的利用專利產出品質與專利產出數量資訊,且這些未經適當利用的專利資訊會增加盈餘預測誤差。故本研究建議資訊揭露相關準則及法規可針對專利資訊給予更完整、更透明的揭露。 / Patent’s value is hard to accurately identify under current generally accepted accounting principles. This paper uses firms in the Taiwan Stock Exchange to investigate the association of firm’s patents, future financial performance and the information used in analysts’ earnings forecasts. The patents were measured by the proxies of R&D expenditures, granted patents, patent claims and the number of patent inventors. The evidences show that possessing a large number of patents does not help future financial performance, but granting high quality patents does. The evidences also show that analysts do not appropriately use the information provided by patents, and this truly causes analysts’ forecast errors. Therefore, I suggest giving patents clearer and more complete disclosure, so that investors can obtain more value-relevant information.

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