Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92555
標題: 傳統產業與高科技產業盈餘持續性之探討-兼論企業生命週期之影響
The Impact of Business Life Cycle on the Earnings Persistence of Conventional Industry and High-Tech Industry
作者: Wei-Yi Wang
王維伊
關鍵字: Earnings persistence
Conventional industry
High-Tech industry
Business life cycle
盈餘持續性
傳統產業
高科技產業
企業生命週期
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摘要: This paper examines the earnings persistence between the conventional industry and the high-tech industry. Furthermore, with the concept of the business life cycle, this paper tries to discuss the difference of earnings persistence between the conventional industry and the high-tech industry in each life cycle stage. Moreover, this paper examines the coefficient of earnings persistence for each industry under the conventional industry and the high-tech industry. This paper uses listed companies in Taiwan as the sample from 2003 to 2012. We use Sloan (1996) model adding industrial dummy variable to estimate the earnings persistence, and employ the Anthony and Ramesh's (1992) method to divide sample into three business life cycle stages. The empirical results show that the earnings persistence of the high-tech industry is greater than the conventional industry in Taiwan. After considering the life-cycle factors, the earnings persistence of the high-tech industry is still higher than the conventional industry in the growth, mature and stagnant stage separately. Furthermore, for the conventional industry, the earnings persistence of stagnant stage is less persistence than growth and mature stage, but the earnings persistence is no significant different between the growth and mature stage. Meanwhile, for the high-tech industry, the earnings persistence is no significant different in each business life cycle stage. Finally, additional test points that the steel industry, the textile industry and the construction industry are the major reasons why the earnings persistence of the conventional industry is less persistence than the high-tech industry in Taiwan. Overall, the earnings persistence of the high-tech industries are greater than the conventional industries in Taiwan.
本研究探討傳統產業與高科技產業之盈餘持續性,並融入企業生命週期概念,探討傳統產業與高科技產業在各企業生命週期階段之盈餘持續性,且分別檢測傳統產業與高科技產業處於不同生命週期階段之盈餘持續性是否有差異。除此之外,本研究於增額測試中會進一步測試在兩大類別下各產業之盈餘持續性係數。 本研究以2003年至2012年上市櫃公司為樣本,參考Sloan (1996)的盈餘持續性模型,另外加入產業變數,以測試產業別對盈餘持續性是否有顯著影響,再按照Anthony and Ramesh (1992)對企業生命週期的劃分方法將樣本劃分為成長期、成熟期及衰退期。實證結果顯示,國內高科技產業之盈餘持續性高於傳統產業;且在納入企業生命週期概念後發現,高科技產業在各企業生命週期階段之盈餘持續性均顯著高於傳統產業。當以傳統產業為樣本,重新劃分企業生命週期後發現,公司處於衰退期時,其盈餘持續性顯著低於成長期及成熟期,而成長期與成熟期之盈餘持續性則無明顯差異;以高科技產業為樣本,重新劃分生命週期後發現,高科技產業之盈餘持續性在各企業生命週期下皆無顯著差異。最後,增額測試顯示,導致傳統產業盈餘持續性較低的原因主要集中於三種產業,分別為鋼鐵工業、紡織纖維以及建材營造。整體而言,高科技產業絕大部分之盈餘持續性皆高於傳統產業。
URI: http://hdl.handle.net/11455/92555
文章公開時間: 10000-01-01
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