市場對我國企業未預期投資反應之實證研究

Investigating Net Purchases Accompanying Unexpected Investment Income of Taiwan's Companies

本研究探討國內外投資人對財務報表上業外投資收益的解讀是否因國情不同而有所差異，如國內企業慣常使用交叉持股以達成多角化經營或策略結盟，導致其財務報表上大量認列業外投資收益，國外投資人在分析財務資訊時卻慣常將業外收益視為非恆常性的會計資訊，因而重要性易被忽略。本研究結果顯示國內外投資人對投資標的投資收益之反應分析有顯著差異。本研究也發現在經濟景氣佳時，業外投資收益較易被外國投資人所忽略。

Consistent with the prevelance of firms' investment in South East Asia and Mainland China, Taiwan's companies differ significantly from foreign firms in both magnitude and persistence of investment income. This study explores the difference in net purchases triggered by unexpected investment income, which is a non-operating item in financial reporting. It shows that, despite the fact that investment income is value relevant, foreign investors, as compared with the other investors, appear to under-react to investment income reported by Taiwan's companies due to unfamiliarity of cross-holding activities prevalent in this market. Our results support the notion of investors' bias in analyzing investment targets in foreign markets. The paper also documents a less pronounced net purchase response to unexpected investment income for foreign investors during the boom regimes and vise versa.