應計數與股價之關聯研究
應計數與股價之關聯研究
謝美緞
慈濟技術學院會計資訊系
摘要
本研究主要在探討應計數與股票價格的關聯性，亦即盈餘品質中應計數的衡量係參
酌Sloan（1996）與Chan, Chan, Jegadeesh, and Lakonishok（2006）對應計項目與其組成
的定義，並以應計數組成的波動性捕捉應計數品質，利用Healy（1985）衡量裁量性應
計數組成項目（應收帳款變動數、存貨變動數、應付帳款變動數）與非裁量性應計數組
成項目，以驗證其是否與股票價格有所關聯，另參考Ohlson（1995）所提評價模式部份
來發展研究模型。結果顯示具有高盈餘品質可以提升公司股價的評價功能，而裁量性應
計數則對公司股價的評價功能有正向的增量貢獻。
關鍵字：盈餘品質、股價、應計數
The Research on Accruals and Stocks Prices
Mei-Tuan Hsieh
Department of Accounting Information
Tzu Chi College of Technology
Abstract
This paper examines the relation among accruals and stocks prices. The accruals of
earnings quality follow Sloan（1996）and Chan, Chan, Jegadeesh, and Lakonishok（2006） to
measure accruals and earnings quality. The empirical evidences show that nondiscretionary
accruals and discretionary accruals which included the changes in accounts receivable,
inventories and accounts payable are associated with stocks prices. In addition, we develop
the models from Ohlson（1995）, partly. We find a significant relation between the quality of
accruals and stocks prices. As accruals of the components are high, they are accompanied with
high earnings quality and accruals quality. And this can suggest higher stocks prices.
Keywords：earnings quality, stocks prices, accruals
