運用財報資訊評估企業經營績效與預測財務危機之研究－以分析損益表及現金流量表之資訊為主
碩士 === 國立政治大學 === 會計研究所 === 93 === The individual investors account for 80% as compared to 20% institutional investors, which characterized Taiwan’s stock market. Individual investors lack the capability to comprehend financial statements. They seldom rely on fundamental analysis of corporate perfor...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2005
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| Online Access: | http://ndltd.ncl.edu.tw/handle/82561070654387897778 |
| Summary: | 碩士 === 國立政治大學 === 會計研究所 === 93 === The individual investors account for 80% as compared to 20% institutional investors, which characterized Taiwan’s stock market. Individual investors lack the capability to comprehend financial statements. They seldom rely on fundamental analysis of corporate performance to make investment decisions. In a stock market with the characteristics as Taiwan the individual investors are usually the victims of insider trading and market speculation.
The purpose of this study is to identify certain financial items from income statement and the statement of cash flows which are easy to understand by the individual investors and are valuation relevant as well as possessing the capability to predict the financial distress of listed companies.
Nine financial items from income statement and the statement of cash flows were selected for test and the results indicate that:
1.All selected financial items are valuation relevant in distinguishing short term, mid-term and long term operating performance.
2.All selected financial items are capable of predicting financial failure of enterprises three years preceding the financial distress emerge.
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