證期會於2002年開始實施「自結損益制度」，要求已公開財務預測的上市公司，應於年度終了後1個月內公告上年度財務預測達成情形相關資訊，以期藉由強制揭露改善資訊空窗期現象，並讓投資人提早得知公司上年度的營運成果。
故本研究的樣本為從2001年已公開財務預測的公司開始探討。後來「公開財測處理準則」於2004年12月修正，改採自願公開財務預測。雖然公布財務預測之公司應於年度終了後一個月內公布自結盈餘之規定並未更改，然財務預測由強制性改為自願性，使得研究基礎不一致，所以將研究期間分割為兩段，第一段為2001年1月至2004年12月，第二段為2005年1月至2005年12月。
本研究的主題分為三個部分，主要在探討股權結構對公司自結盈餘行為之影響。實證結果發現，控制權與現金流量權之數值愈小，即偏離程度愈大，公司更新財務預測之幅度愈大。控制股東之股份控制權與公司公布自結盈餘時間早晚呈正相關，即股份控制權愈高的公司，愈晚發布自結盈餘；從董監事質押比例觀之，2001年到2004年之間，董監事質押比例愈高的公司，發布自結盈餘的時間點愈晚，但依照2005年之資料顯示，董監事質押比例愈高的公司，發布自結盈餘的時間愈早，由於董監事質押比例在不同研究期間呈相反的結果，因此該變數對對公司公布自結盈餘的時間早晚之影響尚無定論。董監事質押比率愈大，其公布的自結損益準確性愈差，與公告盈餘之差異愈大。 / In November 2002, the Securities and Futures Commission announced a new measure requiring listed companies that have made their financial forecast to the public to release within a month after the year end their income statements (hereafter called “self-assessed earnings”) and explain the discrepancy from the forecasted earnings. This new measure requires that the above listed companies release their earnings information earlier than the deadline for filing audited financial statements (hereafter called “audited earnings”) by three months, aiming to ask the listed companies to provide more timely information to investors.
The sample consists of firms releasing their financial forecasts from 2001 to 2005. According the time the rules changed, the sample is divided into two groups.
This study aims to examine how the corporate ownership structure affects the way a company release its self-assessed income. The empirical results find that the ratio of cash flow rights over voting rights of the largest ultimate owner is lower, and the company updates its financial forecasts greatly. The voting rights level of the largest ultimate owner is related positively with the time making self-assessed income to the public. Moreover, directors and controls mortgage ratio is larger, and the accuracy of the self-assessed income is lower.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0093353022 |
| Creators | 王建華 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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