四半期財務情報の投資意思決定有用性に関する実証研究

季度财务信息对投资决策有用性的实证研究

• 批准号: 10J09372
• 负责人: 松本 紗矢子
• 金额: $ 0.51万
• 依托单位: Osaka City University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for JSPS Fellows
• 财政年份: 2010
• 资助国家: 日本
• 起止时间: 2010 至 2011
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-10J09372/
• 关键词: 四半期財務情報; 四半期報告制度; 四半期開示; 四半期進捗率; 業績予想; コロボレーション効果; 実証研究; イベント・スタディ

本研究の目的は、四半期財務情報の投資意思決定有用性について実証的証拠を得ることである。平成23年度は、わが国上場企業の2003年度～2009年度の延べ5,054個の企業と年度を分析対象として、(1)四半期期待外利益率、(2)四半期期待外進捗率、および(3)両者の追加的な情報内容を検証した。(3)には、(1)と(2)のコロボレーション効果の分析も含んでいる。具体的なインプリケーションは、次のとおりである。3ヶ月ベースの四半期財務情報を用いた場合、第1四半期～第4四半期のすべてにおいて、(1)四半期期待外利益率と株価変化の間にはプラスの関係がある、(2)四半期期待外進捗率と株価変化の間にはプラスの関係がある、(3)四半期期待外利益率と四半期期待外進捗率は他方を所与としても株価変化を追加的に説明するプラスの情報内容を有する、(4)四半期期待外利益率と四半期期待外進捗率は、株式市場において相互に勘案されて評価されている(コロボレーション効果)。一方、累計ベースの四半期財務情報を用いた場合、第4四半期の四半期期待外利益率が非有意に推定された点で3ヶ月ベースと異なった。その理由として、次期予想の同時公表により、累計ベースの第4四半期の情報内容は、陳腐化してしまった可能性が考えられる。そこで、第4四半期の回帰モデルについて、次期予想期待外利益率を独立変数に追加したところ、累計ベースの四半期期待外利益率がやや弱い水準ではあるもののプラス有意に推定されるという興味深い証拠を得た。以上の結果より、第1に、四半期期待外利益率と四半期期待外進捗率には追加的な情報内容が含まれており、両者の間にはコロボレーション効果が存在することを証拠づけた点、第2に、第4四半期の財務情報に関して独特の価格形成が行われていることを発見した点が本研究の貢献である。

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(3) the contract of the fourth half of the monthly financial crisis, the fourth half of the period from the 14th to the fourth half of the month, (1) the expected external benefit rate of the fourth half, (2) the expected external benefit rate of the fourth half, (2) the expected external benefit rate of the fourth half, (2) the expected external benefit rate of the fourth half period, (2) the expected external benefit rate of the fourth half period (3) the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the On the one hand, the cumulative benefit ratio of the fourth half of the contract and the expected external benefit rate of the fourth half of the fourth half of the contract are not intended to be presumed unintentionally. Three months after each month, the expected benefit rate of the fourth half of the period is not intentional. The reasons are not clear, the second issue is expected to be published at the same time, the content of the love story in the fourth and fourth half of the period, and the possibility of corruption are reviewed. In the fourth and fourth half of the year, the expected external benefit rate in the fourth and fourth half of the year, the expected external benefit rate in the second period, the expected external benefit rate in the second period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth half period, the expected external benefit rate in the fourth The results of the above results, the expected external benefit rate of the first and fourth half of the period, the expected external benefit rate of the fourth half, the additional information of the expected external benefit rate of the fourth half of the period contains information on the number of people who are expected to benefit from each other in the fourth half of the period. the results of the above results, the first and fourth half of the above results, the expected external benefit rate of the fourth half of the period, the expected external benefit rate of the fourth half, the expected external benefit rate of the fourth half, the expected external benefit rate of the fourth half, the expected external benefit rate of the fourth half, the expected external benefit rate of the fourth half, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate of the fourth half period, the expected external benefit rate and the expected external benefit rate of the fourth half of the year.

项目成果

わが国企業の四半期財務情報と株価の実証的関連性-四半期進捗率の分析-

日本企业季度财务信息与股价的实证关系-季度进展率分析-

• 发表时间: 2011
• 期刊: 経営研究
• 作者: Hinako Takase;Tohru Itoh;Atsushi Miyajima.;松本紗矢子
• 通讯作者: 松本紗矢子

四半期利益変化と業績予想変化のコロボレーション効果

季度利润和盈利预测变化的协同效应

• 发表时间: 2010
• 期刊: 経営研究
• 作者: Hinako Takase;Tohru Itoh;Atsushi Miyajima.;松本紗矢子;松本紗矢子
• 通讯作者: 松本紗矢子