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題名 報導習性與MD&A當期報導一致性之關聯研究
A Study of the Relationship between the Past Reporting Tendency and the Reporting Consistency of MD&A作者 莊南琦 貢獻者 周濟群
莊南琦關鍵詞 報導習性
報導一致性
文字探勘
MD&A
K-means
Reporting tendency
Reporting consistency
Text mining
MD&A
K-means日期 2014 上傳時間 1-Jul-2015 14:43:09 (UTC+8) 摘要 本研究透過文字探勘法(Text Mining)對美國2004年至2014年之企業進行分析，擷取10-K年報中之MD&A段落及Compustat資料庫中企業之財務資料，利用正負向詞典、向量空間模型(VSM)、TFIDF技術、K-means演算法等技術，將企業之MD&A與財務績效進行分群，最終將MD&A與財務績效之報導語調分類為悲觀、保守、持平、樂觀、誇大，共5種企業報導情境。本研究探討過去企業管理階層之MD&A報導語調與當期MD&A報導語調與財務績效一致性之關聯，研究假說為企業當期MD&A之報導一致性，會與過去的報告習性呈現正相關，亦即若過去企業報導習性呈現樂觀之平均報導語調，企業在當期MD&A與財務績效一致性也會有偏向樂觀之報導語調。研究結果顯示，企業過去3年之平均報導語調與當期企業MD&A與財務績效一致性之報導語調呈現顯著正相關，故可以合理推論，隨著時間經過，管理階層仍會維持相同的MD&A報告習性。
This study presented a way to analyze US’s enterprises from 2004 to 2014 via text mining method. I use computer programs to capture MD&A paragraphs in 10-K annual report and financial information in Compustat database. The methods used to measure the consistency of MD&A and financial performance include Dictionary approach, TFIDF, Vector space model (VSM) and K-means cluster analysis. The consistency can be presented five different reporting tones: pessimistic, conservative, fair, optimistic, exaggerate. This study investigated the relationship between management’s past reported tendency of MD&A and current-year reporting consistency of MD&A and financial performance. Research hypotheses is current-year reporting consistency will present significantly positive relationship to the past reporting tendency. It’s present that if the average reported tendency in past three years showing the optimistic tone, current-year reporting consistency of MD&A and financial performance will also report optimistic tone.The results show that companies’ average reported tendency in past three years presents significantly positive relationship to the current-year reporting consistency of MD&A and financial performance. The results can be reasonably inferred that enterprise’s management will maintain the same reporting tendency in disclosing MD&A from the past years to the current year.參考文獻 第一節 中文參考文獻吳娟娟，2002，財務績效指標之重要性分析研究：以台灣化學工業上市公司為例，中原大學會計研究所。黃朝旭與黃潔，2003，非財務性資訊之價值攸關性-以銀行業之服務品質為例，中正大學會計研究所。曾元顯，2004，專利文字之知識探勘：技術與挑戰，現代資訊組織與檢索研討會，台北(11月)：111-123傅文瑩，2005，過去財務績效與投資人行為偏誤之探討，中原大學會計研究所。葉又豪，2012，運用文字探勘分析非量化資訊協助投資人預測公司財務表現，政治大學會計研究所。吳詩婷，2013，運用文字探勘技術建立MD&A之分類閱讀器，政治大學會計學系研究所。邱逸红，2011，“管理层讨论和分析”信息质量特征体系构建，财会月刊·全国优秀经济期刊 2011(6): 19-20。王惠芳，2005，上市公司盈利预测信息白愿性披露实证研究－来自1090家中国上市公司中期报告的证据，山西财经大学学报，2005 (8): 138-140。 第二節 英文參考文獻Abrahamson, E. and E. Amir. 1996. The information content of the president ‘s letter to shareholders. Journal of Business Finance and Accounting 23(8): 1157-1182.Amir, E. and B. Lev. 1996. Value relevance of nonfinancial information: The wireless telecommunications industry. Journal of Accounting and Economics 22(1-3): 3-30Angela, K. and Isho tama-sweet. 2012. Managers’ Use of Language Across Alternative Disclosure Outlets: Earnings Press Releases versus MD&A.Arnold V., J. C. Bedard, J. R. Phillips, and S. G. Sutton. 2012. The impact of information tagging in the MD&A on investor decision making: Implications for XBRL. International Journal of Accounting Information Systems (January):2-20 Back, B., J. Toivonen, H. Vanharanta, and A. Visa. 2001. Comparing numerical data and text information from annual reports using self-organizing maps.Accounting Information Systems:249-269.Beynon, M. J., M. A. Clatworthy, and M. J. Jones. 2005. The prediction of profitability using accounting narratives: A variable-precision rough set approach. Intelligent Systems in Accounting and Finance Management 12: 227–242.Brown, S. V., and J. W. Tucker. 2011. Large-Sample Evidence on Firms’ Year-over-Year MD&A Modifications. Journal of Accounting Research 49(2): 309-346.Bryan, S. H. 1997. Incremental information content of required disclosures contained in management discussion and analysis. The Accounting Review 72 (2): 285-301.Cathy J. Cole1 and Christopher L. Jones. 2014. The Quality of Management Forecasts of Capital Expenditures and Store Openings in MD&AClarkson, P. M., J. Kao, and G. D. Richardson. 1994. The Voluntary Inclusion of Forecasts in the MD&A Section of Annual Reports. Contemporary Accounting Research 11(1): 423-450.Cole, C., and Jones C. L. 2004. The usefulness of MD&A disclosures in the retail Industry. Journal of Accounting, Auditing and Finance 19: 361-388.Enhanced Business Reporting Consortium (EBRC). 2010. Improving MD&A Reporting. New York, NY: Enhanced Business Reporting Consortium.Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1-3): 405-440.Herreman, I. M. and J. Ryans. 1995. The case for better measurement and reporting of marketing performance. Business Horizons 38(5): 51-60.Hildebrandt, H. W. and R. D. Snyder. 1981. The pollyanna hypothesis in business writing: Initial results, suggestions for research. Journal of Business Communication 18(1): 5-15.Ingrid E. Fisher, Margaret R. Garnsey, Sunita Goel and Kinsun Tam. 2010. The Role of Text Analytics and Information Retrieval in the Accounting DomainIttner, C. D. and D. Larcker. 1997. Are non-financial measures leading indicators of financial performance? An analysis of ustomer satisfaction. Journal of Accounting Research supplement: 1-35.Jarvenpaa, S., and B. Ives. 1990. Information technology and corporate strategy: A view from the top.Information Systems Research 1(4) : 351–376.Kelly-Newton, L. 1980. A sociological investigation of the U.S.A. mandate for replacement cost disclosures.Accounting, Organizations and Society 5(3) : 311–321.Kloptchenko, A., B. Back, H. Vanharanta, T. Eklund, J. Karlsson, and A. Visa. 2002. Combining data and text mining techniques for analyzing financial report. Eighth Americas Conference on Information Systems 2002: 20-28..Li, F. 2010. The information content of forward-looking statements incorporate filings - A naïve Bayesian learning approach. Journal of Accounting Research 48(5): 1049–1102.Logan, D., and R. Mogull. 2003. Sarbanes-Oxley: The role of technology. Gartner Research.Morse, D. 1980. Asymmetrical information in securities markets and trading volume.Petersen, M. A. 2004. Information : hard and soft. Northwestern University. Unpublished.Previts, G., R. Bricker, T. Robinson and S. Young. 1994. A Content Analysis of Sell-Side Financial Analyst Company Reports. Accounting Horizons 8(2): 55-70.Qiu, X.Y, .P.Srinvasan, and N.Street. 2006. Exploring the forecasting potential of company annual reports. Proceeding of American Society for Information Science and Technology 42:1-15.Rogers, J. L. and A. V. Buskirk. 2009. Shareholder litigation and changes in disclosure behavior. Journal of Accounting and Economics 47(1-2): 136-156.Rogers, R., and J. Grant. 1997. An empirical investigation of the relevance of the financial reporting process to financial analysts.Ronen Feldman, Suresh Govindaraj, Joshua Livnat. 2008. The Incremental Information Content of Tone and Sentiment in Management Discussion and Analysis.Roulstone, D. 2011. Discussion of Large-Sample Evidence on Firms’ Year-over-Year MD&A Modifications. Journal of Accounting Research 49(2): 347-357.Securities and Exchange Commission (SEC). 1989. Securities Act Release No.6835(May 18)Securities and Exchange Commission (SEC). 2003. Interpretation: Commission guidance regarding management’s discussion and analysis of financial condition and results of operations. Available at: http://www.sec.gov/rules/interp/33-8350.htmSloan, R. 1996. Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? The Accounting Review 71(3): 289–315.Smith, M., and R. J. Taffler. 1992a. Readability and understandability: Different measures of the textual complexity of accounting narrative. Accounting, Auditing & Accountability Journal 5(4) : 84–98.Stephen W. Wheeler, Sandra J. Cereola, and Timothy J. Louwers. 2013. MD&A Disclosure Tendencies: The Case of LIFO Liquidations.Sun, Y. 2010. Do MD&A disclosures help users interpret disproportionate inventory Increases? The Accounting Review 85(4): 1411-1440.Thomas, A. 2003. A tale of two reports. European Business Forum (Winter):79-81Zhou, L. 2007. Ontology learning: State of the art and open issues. Information Technology and Management 8(3):241-252 描述 碩士
國立政治大學
會計研究所
102353023
103資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102353023 資料類型 thesis dc.contributor.advisor 周濟群 zh_TW dc.contributor.author (Authors) 莊南琦 zh_TW dc.creator (作者) 莊南琦 zh_TW dc.date (日期) 2014 en_US dc.date.accessioned 1-Jul-2015 14:43:09 (UTC+8) - dc.date.available 1-Jul-2015 14:43:09 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2015 14:43:09 (UTC+8) - dc.identifier (Other Identifiers) G0102353023 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76158 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 102353023 zh_TW dc.description (描述) 103 zh_TW dc.description.abstract (摘要) 本研究透過文字探勘法(Text Mining)對美國2004年至2014年之企業進行分析，擷取10-K年報中之MD&A段落及Compustat資料庫中企業之財務資料，利用正負向詞典、向量空間模型(VSM)、TFIDF技術、K-means演算法等技術，將企業之MD&A與財務績效進行分群，最終將MD&A與財務績效之報導語調分類為悲觀、保守、持平、樂觀、誇大，共5種企業報導情境。本研究探討過去企業管理階層之MD&A報導語調與當期MD&A報導語調與財務績效一致性之關聯，研究假說為企業當期MD&A之報導一致性，會與過去的報告習性呈現正相關，亦即若過去企業報導習性呈現樂觀之平均報導語調，企業在當期MD&A與財務績效一致性也會有偏向樂觀之報導語調。研究結果顯示，企業過去3年之平均報導語調與當期企業MD&A與財務績效一致性之報導語調呈現顯著正相關，故可以合理推論，隨著時間經過，管理階層仍會維持相同的MD&A報告習性。 zh_TW dc.description.abstract (摘要) This study presented a way to analyze US’s enterprises from 2004 to 2014 via text mining method. I use computer programs to capture MD&A paragraphs in 10-K annual report and financial information in Compustat database. The methods used to measure the consistency of MD&A and financial performance include Dictionary approach, TFIDF, Vector space model (VSM) and K-means cluster analysis. The consistency can be presented five different reporting tones: pessimistic, conservative, fair, optimistic, exaggerate. This study investigated the relationship between management’s past reported tendency of MD&A and current-year reporting consistency of MD&A and financial performance. Research hypotheses is current-year reporting consistency will present significantly positive relationship to the past reporting tendency. It’s present that if the average reported tendency in past three years showing the optimistic tone, current-year reporting consistency of MD&A and financial performance will also report optimistic tone.The results show that companies’ average reported tendency in past three years presents significantly positive relationship to the current-year reporting consistency of MD&A and financial performance. The results can be reasonably inferred that enterprise’s management will maintain the same reporting tendency in disclosing MD&A from the past years to the current year. en_US dc.description.tableofcontents 壹、 前言1第一節 研究動機1第二節 研究目的4第三節 研究問題6第四節 論文架構7貳、 文獻探討9第一節 文字探勘介紹9第二節 文字探勘與財務會計相關研究10第三節 MD&A有用性相關研究10第四節 非財務資訊與企業未來績效之關係12第五節 MD&A資訊品質相關研究13參、 研究方法15第一節 定義企業MD&A與財務績效一致性指標的衡量方法15第二節 主要研究架構圖19第三節 研究樣本21第四節 研究樣本處理過程21第五節 建立實證研究模型26肆、 研究結果33第一節 敘述統計量33第二節 相關係數分析36第三節 迴歸分析結果39第四節 增額測試42第五節 敏感性測試44伍、 研究結論與限制46第一節 研究結論46第二節 研究限制48陸、 參考文獻49 zh_TW dc.format.extent 5403915 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102353023 en_US dc.subject (關鍵詞) 報導習性 zh_TW dc.subject (關鍵詞) 報導一致性 zh_TW dc.subject (關鍵詞) 文字探勘 zh_TW dc.subject (關鍵詞) MD&A zh_TW dc.subject (關鍵詞) K-means zh_TW dc.subject (關鍵詞) Reporting tendency en_US dc.subject (關鍵詞) Reporting consistency en_US dc.subject (關鍵詞) Text mining en_US dc.subject (關鍵詞) MD&A en_US dc.subject (關鍵詞) K-means en_US dc.title (題名) 報導習性與MD&A當期報導一致性之關聯研究 zh_TW dc.title (題名) A Study of the Relationship between the Past Reporting Tendency and the Reporting Consistency of MD&A en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 第一節 中文參考文獻吳娟娟，2002，財務績效指標之重要性分析研究：以台灣化學工業上市公司為例，中原大學會計研究所。黃朝旭與黃潔，2003，非財務性資訊之價值攸關性-以銀行業之服務品質為例，中正大學會計研究所。曾元顯，2004，專利文字之知識探勘：技術與挑戰，現代資訊組織與檢索研討會，台北(11月)：111-123傅文瑩，2005，過去財務績效與投資人行為偏誤之探討，中原大學會計研究所。葉又豪，2012，運用文字探勘分析非量化資訊協助投資人預測公司財務表現，政治大學會計研究所。吳詩婷，2013，運用文字探勘技術建立MD&A之分類閱讀器，政治大學會計學系研究所。邱逸红，2011，“管理层讨论和分析”信息质量特征体系构建，财会月刊·全国优秀经济期刊 2011(6): 19-20。王惠芳，2005，上市公司盈利预测信息白愿性披露实证研究－来自1090家中国上市公司中期报告的证据，山西财经大学学报，2005 (8): 138-140。 第二節 英文參考文獻Abrahamson, E. and E. Amir. 1996. The information content of the president ‘s letter to shareholders. Journal of Business Finance and Accounting 23(8): 1157-1182.Amir, E. and B. Lev. 1996. Value relevance of nonfinancial information: The wireless telecommunications industry. Journal of Accounting and Economics 22(1-3): 3-30Angela, K. and Isho tama-sweet. 2012. Managers’ Use of Language Across Alternative Disclosure Outlets: Earnings Press Releases versus MD&A.Arnold V., J. C. Bedard, J. R. Phillips, and S. G. Sutton. 2012. The impact of information tagging in the MD&A on investor decision making: Implications for XBRL. International Journal of Accounting Information Systems (January):2-20 Back, B., J. Toivonen, H. Vanharanta, and A. Visa. 2001. Comparing numerical data and text information from annual reports using self-organizing maps.Accounting Information Systems:249-269.Beynon, M. J., M. A. Clatworthy, and M. J. Jones. 2005. The prediction of profitability using accounting narratives: A variable-precision rough set approach. Intelligent Systems in Accounting and Finance Management 12: 227–242.Brown, S. V., and J. W. Tucker. 2011. Large-Sample Evidence on Firms’ Year-over-Year MD&A Modifications. Journal of Accounting Research 49(2): 309-346.Bryan, S. H. 1997. Incremental information content of required disclosures contained in management discussion and analysis. The Accounting Review 72 (2): 285-301.Cathy J. Cole1 and Christopher L. Jones. 2014. The Quality of Management Forecasts of Capital Expenditures and Store Openings in MD&AClarkson, P. M., J. Kao, and G. D. Richardson. 1994. The Voluntary Inclusion of Forecasts in the MD&A Section of Annual Reports. Contemporary Accounting Research 11(1): 423-450.Cole, C., and Jones C. L. 2004. The usefulness of MD&A disclosures in the retail Industry. Journal of Accounting, Auditing and Finance 19: 361-388.Enhanced Business Reporting Consortium (EBRC). 2010. Improving MD&A Reporting. New York, NY: Enhanced Business Reporting Consortium.Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1-3): 405-440.Herreman, I. M. and J. Ryans. 1995. The case for better measurement and reporting of marketing performance. Business Horizons 38(5): 51-60.Hildebrandt, H. W. and R. D. Snyder. 1981. The pollyanna hypothesis in business writing: Initial results, suggestions for research. Journal of Business Communication 18(1): 5-15.Ingrid E. Fisher, Margaret R. Garnsey, Sunita Goel and Kinsun Tam. 2010. The Role of Text Analytics and Information Retrieval in the Accounting DomainIttner, C. D. and D. Larcker. 1997. Are non-financial measures leading indicators of financial performance? An analysis of ustomer satisfaction. Journal of Accounting Research supplement: 1-35.Jarvenpaa, S., and B. Ives. 1990. Information technology and corporate strategy: A view from the top.Information Systems Research 1(4) : 351–376.Kelly-Newton, L. 1980. A sociological investigation of the U.S.A. mandate for replacement cost disclosures.Accounting, Organizations and Society 5(3) : 311–321.Kloptchenko, A., B. Back, H. Vanharanta, T. Eklund, J. Karlsson, and A. Visa. 2002. Combining data and text mining techniques for analyzing financial report. Eighth Americas Conference on Information Systems 2002: 20-28..Li, F. 2010. The information content of forward-looking statements incorporate filings - A naïve Bayesian learning approach. Journal of Accounting Research 48(5): 1049–1102.Logan, D., and R. Mogull. 2003. Sarbanes-Oxley: The role of technology. Gartner Research.Morse, D. 1980. Asymmetrical information in securities markets and trading volume.Petersen, M. A. 2004. Information : hard and soft. Northwestern University. Unpublished.Previts, G., R. Bricker, T. Robinson and S. Young. 1994. A Content Analysis of Sell-Side Financial Analyst Company Reports. Accounting Horizons 8(2): 55-70.Qiu, X.Y, .P.Srinvasan, and N.Street. 2006. Exploring the forecasting potential of company annual reports. Proceeding of American Society for Information Science and Technology 42:1-15.Rogers, J. L. and A. V. Buskirk. 2009. Shareholder litigation and changes in disclosure behavior. Journal of Accounting and Economics 47(1-2): 136-156.Rogers, R., and J. Grant. 1997. An empirical investigation of the relevance of the financial reporting process to financial analysts.Ronen Feldman, Suresh Govindaraj, Joshua Livnat. 2008. The Incremental Information Content of Tone and Sentiment in Management Discussion and Analysis.Roulstone, D. 2011. Discussion of Large-Sample Evidence on Firms’ Year-over-Year MD&A Modifications. Journal of Accounting Research 49(2): 347-357.Securities and Exchange Commission (SEC). 1989. Securities Act Release No.6835(May 18)Securities and Exchange Commission (SEC). 2003. Interpretation: Commission guidance regarding management’s discussion and analysis of financial condition and results of operations. Available at: http://www.sec.gov/rules/interp/33-8350.htmSloan, R. 1996. Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? The Accounting Review 71(3): 289–315.Smith, M., and R. J. Taffler. 1992a. Readability and understandability: Different measures of the textual complexity of accounting narrative. Accounting, Auditing & Accountability Journal 5(4) : 84–98.Stephen W. Wheeler, Sandra J. Cereola, and Timothy J. Louwers. 2013. MD&A Disclosure Tendencies: The Case of LIFO Liquidations.Sun, Y. 2010. Do MD&A disclosures help users interpret disproportionate inventory Increases? The Accounting Review 85(4): 1411-1440.Thomas, A. 2003. A tale of two reports. European Business Forum (Winter):79-81Zhou, L. 2007. Ontology learning: State of the art and open issues. Information Technology and Management 8(3):241-252 zh_TW
