陳國泰Chen, Kuo-Tay臺灣大學:會計學研究所翁韻婷Wong, Yun-TingYun-TingWong2010-05-052018-06-292010-05-052018-06-292009U0001-0707200912412100http://ntur.lib.ntu.edu.tw//handle/246246/179952企業年報的決策攸關性一直是會計研究所關注的主題，以往的研究大多把焦點放在數量性會計資訊的資訊內涵，然而，隨著公司年報中文字資訊的比重愈來愈高時，文字性資訊的決策攸關性應受到正式研究的重視。研究旨在探討企業年報文字資訊是否影響分析師之盈餘預測，我們預期分析師會隨著公司管理當局藉由年報文字資訊所傳達的正負面觀感改變程度來調整其盈餘預測，同時當正負面觀感較含糊不清、不具一致性時，分析師盈餘預測之準確度會因其所面對的不確定性提高而下降。研究採用內容分析法衡量企業年報正負面觀感之程度，藉由分析樣本公司之年報，我們發現企業年報文字表達的正負面觀感確實會影響分析師盈餘之預測，當年報所透露的負面觀感程度愈高時，會傳遞愈多不利之消息給分析師，使其調降盈餘預測之幅度愈大，且當正負面觀感較含糊、分歧時，會對分析師盈餘預測準確度有負面影響。The decision relevance of annual reports has always been a major concern to the accounting profession. Previous studies that addressed this issue mainly focused on the information content of quantitative accounting data. However, as firms has included more and more textual information in their annual reports, the decision relevance of textual information merits formal investigation.his study attempts to investigate whether textual information in annual reports affects analysts’ forecast. We posit that analysts will adjust their earning forecast based on the degree of positive/negative sentiment as conveyed by the management through the textual information contained in annual reports. We also posit that analysts’ forecast will be less accurate if the positive/negative sentiment is more ambiguous, because the analysts will then face a more uncertain situation.pplying content analysis to measure the degree of positive/negative sentiment, we analyze the data of listed firm-years. We find that annual reports sentiment does affect analysts’ forecast. The analysts downwardly adjust their earning forecast to a larger degree when the sentiment conveyed by the annual reports is more negative. We also find that analysts’ forecast are less accurate if positive/negative sentiment is more ambiguous.第壹章 緒論 ....................................... - 1 -一節 研究動機 ................................... - 1 -二節 研究目的 ................................... - 2 -三節 研究架構 ...................................- 3 -貳章 文獻探討 .................................... - 5 -一節 會計基本分析................................ - 5 -二節 年報之文字資訊內涵 ...........................- 8 -三節 財務報告與分析師預測之關係................ - 17 -四節 影響分析師預測準確度的因素................. - 20 -參章 研究設計....................................- 24 -一節 內容分析法................................. - 24 -二節 研究方法及步驟............................. - 30 -三節 研究模型及變數之定義與意義..................- 34 -四節 樣本來源及期間........................... ..- 46 -肆章 實證結果與分析............................. - 48 -一節 內容分析法結果分析..........................- 48 -二節 敘述性統計量分析............................- 51 -三節 相關性分析....................................- 55-四節 實證結果分析..................................- 58 -伍章 結論與建議..................................- 63 -一節 研究結論....................................- 63 -二節 研究限制....................................- 64 -三節 未來研究建議................................- 65 -四節 研究結果之建議..............................- 66 -考文獻 - 68 -、 中文文獻....................................- 68 -、 英文文獻 ...................................- 69 -application/pdf549883 bytesapplication/pdfen-US內容分析法年報文字資訊資訊內涵分析師預測基本分析content analysistextual informationaccounting narrativesinformation contentfundamental analysishttp://ntur.lib.ntu.edu.tw/bitstream/246246/179952/1/ntu-98-R96722026-1.pdf