• 作者： 官月緞; 翁霓; 陳惠珠
• 作者服務機構： 銘傳管理學院會計系; 東吳大學會計系
• 中文摘要： 有關營業外損益組成分子之資訊內涵研究付之闕如，但由實務現象的觀察卻發現，營業外損益的高低的確會對台灣證券市場的投資人產生影響。因此本文採關聯性研究比較稅後淨利與營業損益之資訊內涵，並進一步檢視營業外損益組成分子相對於營業損益之增額資訊內涵。本研究選擇民國77年至83年已在台灣證券市場上市的公司為研究樣本，實證結果有下列幾點發現：1)稅後淨利的資訊內涵優於營業損益的資訊內涵。2)營業外損益組成分子相對於營業損益的確具有增額資訊內涵。其中在研究期間的某些年度，投資利得的反應係數甚至還大於營業損益的反應係數。3)投資人對盈餘增加項目的反應較為強烈，而對盈餘減少項目的反應則相對較弱。研究中也發現高盈餘群組的股票報酬較低盈餘群組的股票報酬高。上述各項研究結果在盈餘水平模式及盈餘變動模式均成立。此外，控制產業因素後上述各項研究結果依然成立但效度減弱。
• 英文摘要： Motivated by the earnings definition controversy and little information on the relevance of non-operating income components in accounting literature, this paper therefore uses the association study ap-proach to examine the relative information content of operating income and net income and the incrementalinformation content of nonoperating income components as contrasted to operating income. This analysisregresses residual returns on bottom line components of listed firms on the Taiwan Stock Market during1988-94. The cross-sectional results show that net income has a higher association with residual returnsthan operating income. Furthermore, the nonoperating income components before discontinued operationhave incremental information content greater than operating income. In particular, the relevance of invest-ment gain for returns is even stronger than that of operating income in some years. The evidence alsoshows that investors in the Taiwan Stock Market react more to earnings increase components than earningsdecrease components. While these relations are robust for earnings levels as well as earnings changes, theystill continue to be held, but are weakened, under controlling for industry effects.
• 中文關鍵字： earnings levels; earning changes; incremental information content; nonoperating income components
• 英文關鍵字： --