金融產業會計資訊與股價關聯性研究

Research on the Relationship between Accounting Information and Stock Price-The Financial Industry

10.29916/JMPP.201209.0002

陳正芳(Cheng-Fang Chen)；李素惠(Suh-Huey Li)

盈餘 ； 淨值 ； 股利 ； 股價 ； dividend ； book value ； earnings ； stock price

管理實務與理論研究

6卷3期（2012 / 09 / 01）

27 - 41

繁體中文

臺灣於1990年開放新銀行設立，金融機構從寡佔市場進入自由競爭產業。本文探討：金融產業從2002年至2010年間股價的趨勢演變，研究發現：在樣本期間，金融產業的年度平均股價在30元以下居多。2001年臺灣通過「金融控股公司法」，充許金融產業以金融控股公司形式進行跨業經營。金融業成立金控公司後股價是否較具價格競爭性呢？本文檢定發現：在樣本期間，金控公司的年度股價顯著高於非金控公司。顯示，金融業成立金控公司其股價較有優勢。此外，透過多元迴歸探討盈餘、股利、淨值資訊及產業別對金融產業股價之影響性是如何？實證結果發現：股利、淨值、盈餘及成立金控公司與股價呈正相關。另將樣本依正盈餘、負盈餘兩組作檢測。結果發現：成立金控公司及股利發放金額多寡這兩大因素，對金融產業正盈餘公司的股價變動影響最大，而淨值則是負盈餘公司股價評估的攸關資訊。

The establishment of new banks opened in Taiwan in 1990 after. The financial industry is from the oligopoly market into a complete competitive market. This paper discusses: the evolution of stock price trends in the financial industry from 2002 to 2010. The result found: the average annual stock price of the most financial industry is less than 30 dollars during the sample period. Taiwan's legislature promulgated the ”Financial Holding Company Law” in 2001, the financial holding company forms of cross-industry business in the financial industry. Since the establishment of financial holding companies, the stock prices of the financial industry- financial holding companies are relatively competitive? This paper uses t-test, test whether the annual average price is significant difference in the financial industry- financial holding companies and non-financial holding companies. The result finds that financial holding companies's stock price is higher than the non-financial holding companies'. In addition, this study uses multiple regression models to explore the relationship among earnings, book value, dividends, industry and stock prices .The empirical results: dividend, book value, earnings and industry is positively correlated with stock price. This paper confirmed: dividend, book value, earnings affect stock price .The establishment of financial holding companies is a key factor in stock price changes. Further study classified the sample as surplus and negative earnings to explore the relationship among earnings, book value, dividends, industry and stock prices. The results showed that: if it is a financial holding company and the dividend amounts will affect the stock prices of the financial companies that have better operating performance. On the contrary, the book value is key factor of the financial companies which performed poorly.

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