會計資產及資本結構風險資訊內涵：B/S及I/S衡量比較研究
Other Title
The comparative risk-information content of B/S vs. I/S accounting data: the
impact of asset structure and capital structure on risk and ERC
impact of asset structure and capital structure on risk and ERC
Date Issued
2000
Date
2000
Author(s)
DOI
892416H002030
Abstract
The purpose of this study is to examine how accounting information about asset and capital
structures and their changes can be employed to evaluate firm risk (i.e., total risk and
systematic risk) and equity valuation. The main results of this paper are summarized as
follows:
As financial leverage increases, other things being equal, both the overall and systematic
risk of the stock‘s return increases, and the regression coefficients of earnings on a stock‘s
market value and return decreases. Furthermore, B/S and I/S measures of financial leverage
have differential explanatory power in risk and equity value regressions.
As operating leverage increases, other things being equal, both the overall and systematic
risk of the stock‘s return increases, and the regression coefficients of earnings on a stock‘s
market value and return decreases. In addition, B/S and I/S measures of operating leverage
have differential explanatory power in risk and equity value regressions.
Subjects
風險資訊內涵
資本結構
資產結構
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
report
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