| 摘要: | 科技產業的股票市場每日成交量及其股票總值，在股票市場上普遍都超過市場成交量與市場總值的一半，對股票市場佔有舉足輕重的影響所以具有研究價值。本研究以Basu(1997)的盈餘對報酬時效模型為基礎，分析美國那斯達克上市的科技類股公司與台灣上市的電子類股公司其公司財務資訊品質的穩健性，是否符合會計穩健原則。另外探討兩國科技產業在＂資產、資產報酬率、負債比率＂等公司特性下財務務資訊品質是否仍具有穩健性。在股票市場為多、空頭期間與高、低法律訴訟風險期間下，檢定企業的財務資訊品質穩健性。最後以每股營業現金流量來驗證每股盈餘的檢定結果，比較盈餘與每股營業現金流量何者對報酬的穩健性較高。 研究結論顯示；1.整體而言台灣上市電子類股與美國那斯達克上市科技類股公司的財務資訊品質不具穩健性。2.將台灣與美國的科技產業區分高與低資產、高與低資產報酬率、高與低負債比率等六個群體，得到台灣在低資產、低資產報酬率與高負債比率的群體，其財務資訊品質具有穩健性。美國在低資產、低資產報酬率、低負債比率的群體，財務資訊品質具有穩健性。3.公司特性盈餘對報酬時效模式的檢定結果，台灣電子類股具有高負債比率的公司其財務資訊品質比低負債比率的公司具有穩健性。4.股票市場在多頭時期下，台灣與美國的科技產業公司其財務資訊品質具有穩健性，空頭時期則不具有穩健性。5.低訴訟風險時期下，台灣電子類股公司的財務資訊品質具有穩健性。
In stock market, technology industry’s trading amount per day and total stock values usually occupy more than half of market trading amount and total market values, which shows its highly influential quality and worth of research. Therefore, this research, based on the income timeliness model of Basu (1997), analyze if the conservatism in financial statements of technology firms listed in US NASDAQ and electronics firms listed in Taiwan are to fit accounting news conservatism principles. Besides, the research investigates whether technology industries in the two countries have conservatism in their financial statements under the influence of company specifics, such as assets, return on assets, and liability ratio. Then, it investigates conservatism in those companies' financial statements during bull/bear market and high/low litigation risks. Finally, it applies the cash flow per share to verify the investigation results of earnings per share, comparing earnings and cash flow per share to show which is more dominant upon return. The conclusion of the research suggests: 1.Generally speaking, electronics sectors listed in Taiwan and technology sectors listed in US NASDAQ don’t have conservatism in their financial statements. 2.Dividing technology industry in Taiwan and the US into six groups, high/low assets, high/low return on assets, and high/low liability ratio, results in that, in Taiwan, groups with low assets, low return on assets, and high liability ratio have conservatism in their financial statements, and that, in the US, groups with low assets, low return on assets, and low liability ratio have conservatism in their financial statements. 3.According to the investigation on company specifics and the income timeliness model, among electronics sectors in Taiwan, companies with high liability ratio have conservatism in their financial statements rather than that with low liability ratio. 4.During bull market, technology companies in Taiwan and the US both have conservatism in their financial Statements; however, they don’t have the quality during bear market. 5.Under low, companies of electronics sectors in Taiwan have conservatism in their financial statements. |
