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重大資本支出對分析師財務預測的影響 = The changes in a...

國立高雄大學金融管理學系碩士班

重大資本支出對分析師財務預測的影響 = The changes in analyst's financial forecast following firm's substantial capital expenditure

Record Type:	Language materials, printed : monographic
Paralel Title:	The changes in analyst's financial forecast following firm's substantial capital expenditure
Author:	林虹君,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	2014[民103]
Description:	66葉圖,表 : 30公分;
Subject:	資本支出
Subject:	financial forecast
Online resource:	https://hdl.handle.net/11296/pq7r7r
Notes:	108年10月31日公開
Notes:	參考書目：葉51-59
Summary:	本文研究重大資本支出對分析師財務預測的影響。研究對象為2002年至2011年間重大資本支出的428家台灣上市公司。實證發現增加重大資本支出後有較高比例的分析師會調升財務預測。此外，本文也進一步探討公司本質上的不同，是否會影響分析師對公司增加重大資本支出後財務預測的調整幅度？實證研究結果顯示成長機會與董事持股對分析師調升財務預測具有正向影響；存在交叉持股與控制股東控制權對分析師調升財務預測具有負向影響。 This paper investigates the influences of substantial capital expenditure on analyst's financial forecast. Using a sample of 428 Taiwan listed firms that experience an increase in net fixed assets by more than 20%, we find that analysts do upwardly adjust their financial forecast following firm's increase in fixed assets. In addition, we find that analysts are more likely to increase their financial forecasts for those firms with higher growth opportunities or better governance mechanisms. The results are consistent with the idea that firms with relatively high growth opportunities or better governance mechanisms are less likely to be subject to the agency problem of overinvestment.

重大資本支出對分析師財務預測的影響 = The changes in analyst's financial forecast following firm's substantial capital expenditure
林, 虹君

重大資本支出對分析師財務預測的影響 = The changes in analyst's financial forecast following firm's substantial capital expenditure / 林虹君撰 - [高雄市] : 撰者, 2014[民103]. - 66葉 ; 圖,表 ; 30公分.
108年10月31日公開參考書目：葉51-59.
資本支出financial forecast

重大資本支出對分析師財務預測的影響 = The changes in analyst's financial forecast following firm's substantial capital expenditure
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330 $a 本文研究重大資本支出對分析師財務預測的影響。研究對象為2002年至2011年間重大資本支出的428家台灣上市公司。實證發現增加重大資本支出後有較高比例的分析師會調升財務預測。此外，本文也進一步探討公司本質上的不同，是否會影響分析師對公司增加重大資本支出後財務預測的調整幅度？實證研究結果顯示成長機會與董事持股對分析師調升財務預測具有正向影響；存在交叉持股與控制股東控制權對分析師調升財務預測具有負向影響。 This paper investigates the influences of substantial capital expenditure on analyst's financial forecast. Using a sample of 428 Taiwan listed firms that experience an increase in net fixed assets by more than 20%, we find that analysts do upwardly adjust their financial forecast following firm's increase in fixed assets. In addition, we find that analysts are more likely to increase their financial forecasts for those firms with higher growth opportunities or better governance mechanisms. The results are consistent with the idea that firms with relatively high growth opportunities or better governance mechanisms are less likely to be subject to the agency problem of overinvestment.
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