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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.
81

超額報酬投資組合之研究

邵朝賢, Shao, Chao-Hsien Unknown Date (has links)
本論文以77年1月至87年12月為研究期間,選擇這段期間的97家上市公司作為研究樣本。首先探討四種分析指標,淨值/市價比、益本比、市價/銷貨比、企業價值/銷貨比作為投資指標的報酬表現與適用時機;另以三種因子利用迴歸模型預測股價報酬組成投資組合,檢視在未來是否有好的績效表現。本研究實證結果如下: 1、 淨值/市價比是一個好的投資指標,在半年期投資期間與一年投 資期間,高淨值/市價比組合的風險調整後報酬率皆超越低淨值/市價比的組合,而以一年持有期間與多頭時期此情況更為明顯。 2、 低益本比組合報酬率在多頭時期明顯大於高益本比組別,而,而在空頭時期則不明顯。 3、 低價格/銷貨比組合風險調整後報酬率優於高價格/銷貨比組合,而其中以一年為投資期間績效表現較好。 4、 低企業價值/銷貨比組合表現比高企業價值/銷貨比組合好,其中以一年持有的投資績效較好;市價/銷貨比與企業價值/銷貨比投資時機類似,但市價/銷貨比較企業價值/銷貨比更能區分未來股票表現良窳,亦即企業價值/銷貨比的表現並不如市價/銷貨比。 5、 多因子迴歸模型並不能準確預測股票未來表現;高預測報酬組合表現並不如預期,反而是低預測報酬的投資組合表現較為良好。可能是變數解釋能力不夠所致。 第一章 緒論 第一節 研究背景與動機…………………………………………1 第二節 研究目的…………………………………………………3 第三節 研究內容與流程…………………………………………3 第二章 文獻探討 第一節 國外文獻探討………………………………………….…5 第二節 國內文獻探討……………………………………………11 第三章 研究設計與方法 第一節 研究設計………………… …………………….……16 第二節 研究方法…………………………………….……………19 第四章 實證分析 第一節 淨值/市價比法………………………………….………27 第二節 益本比法……………………………………….…………37 第三節 市價/銷貨收入比法………………………………………46 第四節 企業價值/銷貨收入比法…………………………………56 第五節 多因子分析模型.…………………………………………65 第六節 單因子方法比較與投資策略……………………….……71 第七節 投資組合風險控管-風險值研究…………………………75 第五章 結論與建議 第一節 結論………………………………………………….……83 第二節 研究限制…………………………………………………84 第二節 建議……………………………………………….………84 參考文獻 附錄一:研究樣本……………………………………………………A-1 附錄二:淨值/市價比(BE/ME)半年期及一年期各期結果………B-1 附錄三:益本比(E/P)比半年期及一年期各期結果………………C-1 附錄四:市價銷貨比(P/S)半年期及一年期各期結果………………D-1 附錄五:企業價值/銷貨收入比(E/S)比半年期及一年期各期結果.E-1
82

會計盈餘與現金盈餘相對資訊內涵之研究 / The Information Content of Earning and Cash Flow

趙秋美, Chao, Chiu Mei Unknown Date (has links)
本研究的主旨在探討現金盈餘與會計盈餘之相對資訊內涵,並進一步探討會計選擇在股價形成中,所扮演之角色。FASB在觀念性公報第一號提出:應計基礎係將現金基礎彙總轉換,故其所包含的資訊較現金基礎來得多,品質也較高。因此,會計盈餘應較現金盈餘更具資訊內涵。而繼美國財務會計準則公報第95號公布二年後,國內於民國78年12月發布財務會計準財公報第17號「現金流量表」,故本研究探討會計盈餘與現金盈餘究竟何者較能解釋股票報酬?進一步分析淨應計項目是否具增額資訊內涵?最後將盈餘做理論上之分解,比較其資訊內涵,並利用公司規模、產業、應計項目幅度及營業週期等因素對該關係之解釋力做敏感度分析。   本研究以159家樣本公司作為研究對象,蒐集民國79年至84年的資料,以pooling 及橫斷面設計,迴歸分析來比較會計盈餘與現金盈餘和股票報酬的關聯性。   經由實證結果,本研究獲致如下的結論:   一、會計盈餘與現金盈餘資訊內涵之比較   會計盈餘與股票報酬關聯性大於現金盈餘與股票報酬的關聯。且稅後淨利的資訊品質優於營業淨利。   二、應計項目資訊內涵    (一)除第一季及第三季外,淨應計項目並未具有超過盈餘之增額資訊內涵。    (二)除第一季外,流動應計項目並未較非流動應計項目具有較佳的資訊內涵。    (三)在反迴歸模式中,淨應計項目、流動及非流動應計項目均具有增額資訊內涵。   三、盈餘組成分子增額資訊內涵    (一)將盈餘分解成營運之現金流量及淨應計項目,對股票報酬的解釋力並無增加;但淨應計項目有超過營運之現金流量之資訊內涵。    (二)現金流量表中要素具有增額資訊內涵,其中營業及投資活動之現金流量皆具有資訊內涵,而理財活動則無。   四、敏感度分析:公司規模、應計項目幅度及淨營業項目的長短皆會影響盈餘、現金流量與股票報酬關聯性。    (一)公司規模與股價報酬對會計資訊的反應有關聯,加入公司規模變數後,使盈餘與股票報酬關聯性增加。    (二)應計項目的幅度會影響盈餘、現金流量與股票報酬關聯性。且應計項目幅度較小者,其結果較佳。    (三)淨營業循環的長短也會影響盈餘、現金流量與股票報酬關聯性。且淨營業循環較短者,其結果較佳。
83

強制性財務預測、盈餘操縱及股票投資報酬之實證研究 / A Research of Required Financial Forcast、Earning Manipulation and Factors Affecting Its Stock Return

廖仲協, Liao, Chung Hsieh Unknown Date (has links)
「強制性財務預測」不但規範在何種情況下須發布財務預測,同時也規範在何種狀況下須作財務預測更新。不論第一次預測或更新均需經會計師核閱。因此,「強制性財務預測」比自願性揭露要審慎得多,但其資訊成本也高。盈餘預測的準確性為其是否有用的先決條件。一個高成本的規範,如其所產生資訊的準確性不高,則其必要性便存疑。本研究首先對此一問題加以探討。實證結果顯示, 「強制性財務預測」規範下的第一次盈餘預測和 「天真模型」(Naive Model)下的盈餘預測比較,其準確性較高。由此可推論「強制性財務預測規範」對盈餘預測資訊約有用性應有助益。   「財務預測更新」會增加資訊成本,而「財務預測更新與否」係依據「預測盈餘」與將來「公告盈餘」的差距來決定。「財務第一次預測準確性」影響「預測盈餘」,而「盈餘操縱」則影響「公告盈餘」。因此,「財務第一次預測準確性」、「盈餘操縱」均與 「財務預測更新與否」有關,而且「盈餘操縱」的需要性亦受「財務第一次預測準確性」的影響。本研究以單因子多變量變異數分析對此一問題加以實證。結果顯示,「財務預測未更新組」的「財務第一次預測準確性」較高,但其「盈餘操縱」情形亦較嚴重。   受規範公司的「盈餘操縱」會影響「預測更新」成本,因而其經濟實質。投資人投資這類股票,其投資報酬的影響因素為何?本研究以「行業別股價指數變動」代表總體面及行業面因素,以「當期盈餘」代表個別公司面因素,以「盈餘操縱」代表「財務預測成本」,並以迴歸分析探討各因素對股票投資報酬的影響。實證結果顯示,「行業別股價指數變動」、「當期盈餘」、「盈餘操縱」與「股票投資報酬」均呈正相關。   「盈餘操縱」除與「財務預測更新」的資訊成本有關外,尚可能影響其他契約成本。本研究懷疑「盈餘操縱」會因「財務預測曾否更新」而有不同的目的。本研究以虛擬變數迴歸分析為工具,探討「盈餘操縱」對股價變動的影響力是否會因「財務預測更新與否」而不同?實證結果顯示,「盈餘操縱」對股價變動的影響力並不因「財務預測更新與否」而不同。   此外,「使用一般公認會計原則的經驗」應有助於相對準確性的提升。本研究實證「盈餘第一次預測準確性」的同時,額外針對這個問題加以實證,結果顯示「非新上市年度樣本」的盈餘第一次預測準確性優於「新上市年度樣本」。此一結論應能給證管會若干鼓舞,只要持續推動「強制性財務預測規範」,「盈餘預測準確性」將因受規範公司經驗的累積而提升,預測資訊約有用性會因而加強。
84

上市公司現金增資前後之盈餘管理行為研究 / A study of earning management during the period of raising capital from market.

林亭亭, Lin, Ting Ting Unknown Date (has links)
本研究以實徵性會計理論為基礎,測試在現金增資此一會計數字被使用來評估公司績效的事件中,上市公司是否有動機美化申請增資所使用的會計報表,亦即採用增加盈餘的裁量性應計項目,或是控制營業外交易以增加盈餘的方式進行盈餘的操縱以順利通過證管會的審查。同時,本研究亦檢定上市公司是否在增資結束後,由於應計項目的自動迴轉,而使其裁量性應計項目的變動為負。同時本研究亦透過三個假說來檢定現金增資前的操縱行為受某些公司特徵或增資時的經濟狀況等因素之影響是否顯著。   本研究的分析過程分成三大部份:第一部分的檢驗在了解現金增資公司的營業收入變動狀況,以Wilcoxon signed rank統計檢定法確定樣本公司的營業收入是否有顯著的變動;第二部分為整體性的探討上市公司增資之前,是否採用增加盈餘之裁量性應計項目和營業外收益淨額,同時探討增資後上述會計項目變數變化的情形,本研究採用Wilcoxon signed rank檢定法,檢定增資前後裁量性應計項目和營業外收益變動的差異;第三部分乃將樣本分為二組,以Wilcoxon rank sum檢定法,分別檢定高、低內部人持股比率,股市景氣榮枯期增資,以及大、小規模等二組樣本公司在增資前,其盈餘操縱行為是否有顯著差異?   本研究所得到的結論如下:   1.樣本公司在增資前後期間營業收入淨額均顯著地持續增加。   2.樣本公司在增資前一年的確採取增加盈餘的裁量性應計項目和營業外收益淨額,且增資後一年,裁量性應計項目因迴轉而有負向的變動,但此盈餘操縱行為未達統計顯著性。   3.樣本公司在增資當年裁量性應計項目和營業外收益淨額均呈顯著的正向變動,可能的解釋是:(1)來自樣本公司在年初或年中季報的操縱行為;(2)公司在增資後有較高的「政治敏感性」。進一步測試發現:公司的確在增資前一季、增資完成當季和後一季,均有盈餘操縱的行為。   4.在股市景氣繁榮期增資的樣本公司,的確較顯著地採用了提高盈餘的裁量性應計項目和營業外收益淨額。而代理成本較高和規模較小的公司,分別較代理成本低和規模大的公司,傾向在增資前進行盈餘管理行為,但此行為並未達統計顯著性。
85

管理當局預測與權益資金成本關係之研究 / On the association between management earning forecast and cost of equity capital

江幸瑾 Unknown Date (has links)
本研究旨在探討管理當局自願性盈餘預測與權益資金成本之關聯性,檢視管理當局發布盈餘預測頻率之影響是否反應於權益資金成本上,並進一步檢視管理當局之聲譽是否為影響權益資金成本的因素之一。 在本研究的實證分析結果中,發現管理當局發布自願性盈餘預測之頻率與權益資金成本呈顯著負相關,表示管理當局發布盈餘預測的次數越多時,權益資金成本越低。 在管理當局聲譽對於權益資金成本的影響,本研究實證分析結果發現,管理當局之聲譽與權益資金成本亦呈顯著負相關,管理當局聲譽以管理當局預測誤差和分析師預測誤差來衡量,當管理當局的盈餘預測誤差小於分析師盈餘預測誤差時,投資人認為管理當局對盈餘的預測有效且值得信賴,此時管理當局聲譽提高,投資人認為取得有用的資訊,進而降低企業權益資金成本。 / The primary objective of this thesis is to explore whether the frequency of management forecasts is related to the cost of equity capital. In addition, I further examine whether the association is stronger when management has better reputation. Basing on a sample of S&P 500 listed firms during 2000-2009, I find that, consistent with my prediction, cost of firm’s equity capital decreases with the frequency of management earning forecasts after controlling for other determinants well-documented to be related to cost of equity capital. Second, I find that cost of equity capital is negatively related to the reputation of management; however, I do not find that the association between cost of equity capital and the frequency of management systematically vary with the reputation of management.
86

The Valuation of Corporate Value¡ÐOn the Cases of Taiwan Listing Companies of Steel Industry

Yun, Hsiao-Chuan 25 August 2006 (has links)
Abstract The steel industry has been known as 'The mother of all industries '. With the emerging incidents such as Asian financial meltdown, industrialization of the China, and the policy of macro economic controls by the China government, the stock index of the steel industry has fluctuated violently. Despite the economy of China is to be adjusted upwards, in the foreseen future, the global steel supply will be probably exceed the demand. Such phenomenon definitely causes the pressure on the market that it also attracts much attention of the relevant stockholders. Current research investigates the most suitable model for valuating the stock price of the steel industry that would provide valuating methods to the corporate management and investors for decision making and investment. This research has studied 19 companies of steel industry of Taiwan listing companies with 6 approaches including the ¡¥Discounted Free Cash Flow Models¡¦, ¡¥Price to Earning Ratio¡¦, ¡¥Price to EBITDA Ratio¡¦, ¡¥Price to Sales Ratio¡¦, ¡¥Price to Book Value Ratio¡¦ and ¡¥Edwards-Bell-Ohlson Model¡¦ to valuate their reasonable intrinsic value from 2000 to 2005. The test of Theil¡¦s U is then applied to evaluate the approaches in order to justify the best valuation model. This study indicates the following results¡GThe Price to Book Value Ratio is the best valuation model since its smallest Theil¡¦s U value. The Price to Earning Ratio is the most unsuitable model for this evaluation purpose with a highest Theil¡¦s U value.
87

保險合約會計處理對壽險業之影響─以歐盟實施IFRS為例 / The influence of insurance contracts accounting on life insurance industry─ based on European union adopting IFRS

江蕙伶 Unknown Date (has links)
歐盟保險業者於2005年開始,將強制採用IFRS之相關規定。而過去IFRS對於保險業之影響主要以理論探討為主,因此本研究以歐盟壽險業為主要研究對象,探討IFRS適用對壽險業之影響。研究結果發現歐洲壽險業者於適用IFRS後,整體而言的確對於其盈餘波動程度產生正向影響;在資金成本方面則為負向之影響。有關投資配置之影響部分,IFRS之實施對於壽險業者之投資決策並未產生顯著之影響。另一方面,壽險業者之審計公費有降低之趨勢,但其資訊揭露成本有顯著增加之趨勢存在。 / Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union insurance industry. In the past, the influences of IFRS on the insurance business primarily take the theory discussion. The study takes the European Union life insurance industry as the main objects of study, trying to discuss what the influences of life insurance industry to adopt IFRSs. The study finds that after European Union life insurance industry adopting IFRS, the earning volatility increase and cost of capital would decrease. But in the investment allocations, the influences of IFRS are not significant. In the other hand, audit cost would decrease and information disclosure cost would increase.
88

1984-2014 : Implantation du Front national dans les petites communes rurales de l'Ouest héraultais : émergence, consolidation, résistances : étude électorale de quarante-six villages de moins de 500 électeurs en 2012 / 1984-2014 Setting-up of the National Front in the small rural districts on the west of the department of the Hérault : emergence, consolidation, resistances : electoral study of forty six villages of less than 500 voters in 2012 / 1984-2014 Implantación del Frente nacional en los pequeños municipios rurales del oeste del departamento de Hérault : surgimiento, consolidación, resistencias : estudio electoral de cuarenta y seis pueblos de menos de 500 votantes en 2012

Crochet-Théry, Marie-Paule 07 March 2017 (has links)
L’étude chronologique et thématique des votes frontistes lors des scrutins nationaux et intermédiaires dans quarante-six petites communes rurales de l’Ouest héraultais entre 1984 et 2014, complétée par un travail monographique sur cinq d’entre-elles a permis de mettre en évidence l’importance relativement restreinte de ces votes jusqu’en 2011, hormis dans un « noyau dur » de communes, précocement constitué, mais de faible importance démographique. L’arrivée de Marine Le Pen à la présidence du Front national coïncide avec une période de croissance continue des votes frontistes et avec leur généralisation à la quasi-totalité des communes ciblées, ce qui serait en faveur d’un réalignement électoral. Les transformations structurelles des communes, marquées par la baisse rapide du secteur agricole et la montée du salariat en lien avec le secteur des services, apparaissent comme l’un des facteurs favorables de cette croissance. Le FN, n’étant pas à ce jour un parti de gouvernement pour diverses raisons dont les principales sont le mode de scrutin uninominal à deux tours et le manque d’alliance, les succès électoraux qu’il obtient sont très largement basés sur la confiance dans des promesses. Cette donnée rend difficile de prévoir la pérennité à long terme d’une implantation, d’autant que les communes étudiées font actuellement l’objet de transformations administratives importantes avec le risque pour certaines de disparaître. / The chronological and thematic study of the votes supporting the National Front party during the national and intermediate ballots in forty six small rural districts on the west of the department of the Hérault, between 1984 and 2014, completed by a monographic work on five of them allowed to highlight the importance relatively restricted by these votes until 2011, except in a "hard core" of municipalities prematurely constituted but of weak demographic importance. The arrival of Marine Le Pen to the chair of the National Front coincides with a period of continuous growth of the votes supporting the National Front party and their generalization in almost all of the targeted municipalities which plead for an effective electoral realignment. The structural transformations of the municipalities, characterized by the fast reduction in the farming sector and the rise of the wage-earning in connection with the service sector, appear as one of the favorable factors of this growth. The FN, not being this day a party of government for various reasons, whose main clauses are the uninominal voting system in two ballots and the lack of alliances, the electoral successes which it obtains are very widely based on the confidence in promises. This fact makes difficult to plan the long-term sustainability of a setting-up, especially since studied districts even are at present the object of important administrative transformations with the risk for some to disappear. / El estudio cronológico y temático de los votos frontistes durante las elecciones nacionales y locales en cuarenta y seis pequeños municipios rurales del oeste del departamento de Hérault entre 1984 y 2014, completado con un trabajo monográfico sobre cinco de ellos, ha permitido poner de manifestio la importancia relativamente pequeña de estos votos hasta 2011, exceptó en un núcleo de comunas constituido temprana pero de menor importancia demográfica. Cón la llegada de Marine Le Pen a la presidencia del Fronte Nacional coincide un periodó de continuo crecimiento de los votos frontistes y de su generalización a la práctica totalidad de los municipios focales, lo que aboga por un reajuste electoral. Las transformaciónes estructurales de las comunas se caracterizan por el rapido descenso del sector agricola y el aumento del asalariado relacionado con los servicios, que aparecen comó unos de los factores favorables de este crecimiento. Hasta ahora, el FN no estando un partido de gobierno por diversas razones, cuyas principales son el modo de escrutinio uninominal a dos vueltas y la falta de alianza, sus éxitos electorales se debe en gran medida por la confianza en suas promesas. Este echo produce dificultades para pronosticar la viabilitad a largo plazo de su implantación. Tanto màs cuanto que los municipios estudiados estan actualmente objeto de importantes transformaciones administrativas, con un riesgo en algunos casos de desaparecer.
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Avaliação de instrumento de auxílio à escrita científica em inglês fundamentado na aprendizagem baseada em exemplos e em experiências aplicado em alunos pós-graduandos em Engenharia de Produção / Assessment of tool to aid scientific writing in English grounded on example- and experience-based learning applied to Production Engineering graduate students

Ralf Landim Reith 03 October 2013 (has links)
Os artigos científicos são o principal veículo de comunicação para divulgação dos resultados obtidos por milhares de pesquisadores ao redor do mundo. Entretanto, escrever os artigos científicos em publicações de alto impacto é uma tarefa complexa para autores que têm o inglês como segunda língua. Por meio da aprendizagem baseada em exemplos e em experiência, as habilidades de leitura, interpretação e redação de textos científicos podem ser desenvolvidas por intermédio da prática, facilitada por meio de exemplos de trechos de texto reutilizáveis. Para auxiliar na redação de artigos, várias ferramentas computacionais foram desenvolvidas para dar suporte nas várias etapas de concepção do artigo. As ferramentas existentes, que aplicam este tipo de suporte, são todas voltadas para outros temas de pesquisa, incompatíveis com os temas da Engenharia de Produção, que por sua vez possui maneiras particulares de redigir e estruturar o texto. O objetivo da pesquisa desenvolvida consistiu em adaptar e avaliar um instrumento de auxílio à escrita em inglês dirigido a pesquisadores da Engenharia de Produção, fundamentada na aprendizagem baseada em exemplos e em experiências. Para tal fim, foram adaptadas duas ferramentas existentes para auxiliar nas tarefas de leitura, anotação e redação de artigos científicos, avaliadas por meio de dois experimentos com dez alunos de pós-graduação em Engenharia de Produção em universidade pública, nas quais o resultado foi aferido por intermédio de um questionário, buscando identificar os efeitos da utilização sobre o aprendizado e o tempo demandado. O instrumento adaptado oferece, além de exemplos extraídos de artigos publicados, uma estrutura mais coerente com os artigos relacionados à Engenharia de Produção. Os resultados apontam para 90% de aceitação do novo instrumento, em que os alunos relataram um efeito positivo sobre suas habilidades de escrita de artigos, além de uma economia de 11% no tempo dedicado à escrita. Assim sendo, o instrumento tem potencial de auxílio à escrita e sua aplicação traz benefícios reais aos usuários, passíveis de serem adaptadas para qualquer outra área de pesquisa. / Scientific articles are the main communication means of disseminating results obtained by researchers around the world. However, writing scientific articles to highimpact journals is a complex task to authors for whom English is a second language. By means of example- and experience-based learning, reading, interpretation, and writing skills as regards the production of scientific texts can be developed through practice, facilitated by the use of reusable text snippets. Several computational tools have been developed to support the various phases of scientific writing in English. Existing tools that cater to this type of support are all geared to other research topics, incompatible with those inherent to Production Engineering, which has particular features of writing and structuring texts. The purpose of this research was to adapt and assess a new tool to help Production Engineering researchers to write articles English, grounded on example- and experience-based learning. To this end, two existing tools that aid scientists to read, annotate, and write articles in English were adapted and assessed through two experiments with ten Production Engineering graduate students at Brazilian public universities. Data were collected through a questionnaire in order to identify the effect of these tools on participants learning and time required to write articles. The adapted tools provide, in addition to snippets from published articles on Production Engineering, a structure more consistent with this field of knowledge. Results indicate 90% satisfaction rate with the new tool. Also, participants reported a positive effect on their writing skills as well as an 11% reduction in their time spent on scientific writing. Therefore, the tools in question have shown great potential to assist Production Engineering researchers in writing articles; moreover, their features may be adapted to scientific writing in other fields of knowledge.
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Mzdové účetnictví / Payroll accounting

Puchalová, Lucia January 2011 (has links)
Diploma thesis deals with payroll accounting in terms of labor law, health, social security and payroll taxes. The aim is to show how the wage is calculated with respect to the current legislation in 2014 and to clarify what influences the amount of net monthly income of employees. An important part of this work is to compare the calculation of wages of Slovak and Czech employees and analysis of the differences in their net income.

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