题名

投資人如何評價現金增資企業的短視管理政策

并列篇名

SEOs Firms' Myopic Management and Reaction of Stock Market

DOI

10.29698/FJMR.200809.0003

作者

廖俊杰(Chun-Chieh Liao)；陳家妤(Jia-Yu Chen)

关键词

短視管理 ； 現金增資 ； 訊息干擾 ； 日曆時間投資組合迴歸分析法 ； 資訊不對稱 ； myopic management ； seasoned equity offering ； signal jamming ； calendar-time portfolio regression ； CTPR ； information asymmetry

期刊名称

輔仁管理評論

卷期/出版年月

15卷3期（2008 / 09 / 01）

页次

63 - 96

内容语文

繁體中文
中文摘要

由於資訊不對稱(information asymmetry)的存在，經理人會運用私有資訊，透過一般公認會計原則所賦予之裁量權操弄盈餘，減少長期支出來溢列當期盈餘，Stein (1989)稱此種管理當局利用增加短期盈餘來影響投資人決策的手段，是一種訊息干擾(signal jamming)的舉動，Porter (1992)則稱之爲短視管理(myopic management)。本研究以現金增資(seasoned equity offering, SEOs)作爲短視管理的情境，爲了確認哪些廠商存在短視行爲，我們同時考慮廣告及研究發展(research and development, R&D)支出，訂出各公司各年各項決策變數的真實值和預測值，以兩者比較用來判斷公司是否從事短視行爲。研究探討了三項主題：投資人如何評價增資時期操弄盈餘的短視公司，短期的股價效應如何？長期而言，短視公司相對於標竿(benchmark)組合，各年是否存有正的超額報酬？實證結果爲：短視策略在短期確能達成拉高股價，但是就長期而言股價終會反轉下修。本研究認爲公司應重視無形資產的累積，公司經理人也不應將廣告及R&D支出做爲盈餘操弄的工具。
英文摘要

Myopic managers focusing on the short-term goal s over-emphasize strategies with immediate pay-offs at the expense of strategies with superior but more removed pay-offs. This study is to assess the market's inability to properly value marketing and innovation activity in the face of potential for myopic management. In contrast to past empirical studies, we examine general consequences of cutting support for advertisement and R&D at the time a firm realizes improved profitability (with a three-dimensional metric).The result helps explain the widespread practice of cutting marketing and R&D spending to inflate earnings numbers. We also assess the total financial consequences of myopic management and find that myopia has net negative impact on firm value. These result s are consistent across alternative abnormal return measures and alternative benchmarks we use. We discuss the role shareholders, managers, and marketing researchers can play in limiting myopic management practices.
主题分类 社會科學 > 管理學
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