資訊呈現形式對分析師判斷公司財務績效之影響

The Different Financial Information Presentation Forms Affect Financial Analysts' Judgment about Corporate's Performance

10.6736/JPSR.200709_4(2).0005

黃劭彥(Shaio-Yan Huang)；李芸菁(Yun-Ching Li)；吳東憲(Hung-Hsien Wu)

圖形扭曲 ； 網際網路 ； 決策判斷 ； graphs distortion ； Internet ； decision judgment

績效與策略研究

4卷2期（2007 / 09 / 01）

81 - 110

繁體中文

由於網路資訊的快速傳遞，所以一般投資大眾皆可籍由網路來獲得台灣上市櫃公司的動向及財務等訊息，然而有些公司在網站上所揭露的資訊（如圖形等）是未經查核的，且審計準則公報亦未規定查核人員需查核非財務數字，因此以圖形來呈現財務資訊並沒有被會計權威團體所明確的規範，所以並沒有一定的呈現形式及格式，而本研究的目的之一是期能提供台灣的會計權威團體於制定相關規範時之參考，並能提醒所有的圖形閱讀者在看圖形時應有之注意。 本研究乃於2004年6月1日至2004年12月31日這段期間調查了台灣上市櫃公司網站揭露圖形的情形，本研究發現台灣的上市櫃公司約有13.5%採用圖形來揭露公司財務及非財務資訊，除此之外，本研究亦發現台灣上市櫃公司的圖形揭露約有25%的圖形為不適當的作圖。 本研究的目的之二乃是期望能得知在資本市場裡占有重要地位的專業財務分析師是否會受到圖形扭曲的影響？以提醒所有的圖形閱讀者在看圖形時應有之注意。而實證結果顯示在財務狀況佳或不佳的公司中，若以不同形式來呈現，獲得部分的支持，亦即其對分析師的財務績效判斷會有所影響，此結果即表示分析師是會受到資訊呈現形式的不同，而做出不同的判斷。

Because information passed quickly via Internet, investors can gain industrial and financial information on Listed and Over-the-Counter (OTC) companies by Internet. Some information disclosed on these websites remains unaudited (e.g., graph). Statement on Auditing Standards requires no auditing of corporations' non-financial data. The format of graphs to disclose financial information has never been regulated by accounting authority. This paper offers suggestions for Taiwan's accounting authorities to formulate relevant norms. This paper investigates of all such companies on Listed and Over-the-Counter (OTC) companies' webs in Taiwan from June 1, 2004 to December 31, 2004. We found thirteen percent using graphs to present their financial and non-financial information. Also, we found about twenty-five percent unsuitable presenting graphs in Listed and OTC firms. The purpose of this research expects to know that can the professional financial analysts' in capital market be affect by the graphs' distortion? To remind all graphs' readers see the graphs' attention. The result reveals if the corporation in good or not good financial statement presents by graphs distortion, graphs no distortion, numeric tables or narrative words, it affects the analysts' decision judgment.

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