本研究探討損益平穩化之程度與其當期及未來資訊內涵之關聯性，以及營運績效的好壞之資訊內涵，且進一步探討當精明投資人持有股份相對較多時，公司進行損益平穩化是否更能增進公司內部盈餘之資訊。結果顯示，當公司損益平穩化程度越高時，則未來盈餘反應係數越大，表示損益平穩化會使股票報酬更具資訊性，但本研究也發現公司損益平穩化程度越高時，當期盈餘反應係數越小。此外，本文也發現報導損失之公司，其當期及未來盈餘反應係數較報導利潤之公司低，以及公司報導營業活動之現金流量為負時其當期營業活動之現金流量反應係數低於報導營業活動之現金流量為正之公司，顯示公司報導損失或營業活動之現金流量為負時，因為通常都是暫時性的故其股票報酬的資訊性較低，不過其未來營業活動之現金流量反應係數高於報導營業活動之現金流量為正之公司，本研究推論因為現金流量是有實質的效果，所以當現金流量為負值時投資人應該會比較關注，所以其反應係數較高，而進一步發現當區分投資人之精明程度時，投資人精明程度比重較高，因其會辨識盈餘資訊而認為公司進行損益平穩化會增加其資訊內涵，故當期及未來盈餘反應係數相較於投資人精明程度較低者高。

The aim of this study is to examine the relationship between degree of income smoothing and which information content, operating performance’ information content, and examine the relationship between degree of income smoothing and which information content while firms have more degree of shareholder sophistication for fiscal year. I find that firms with greater smoothing have more future earnings response coefficient, implying that income smoothing make stock prices more informative, but I also find that firms with greater smoothing have less current earnings response coefficient. Besides, I also find that firms report negative earnings for fiscal year, which have less current and future earnings response coefficient than report positive earnings, and firms report negative cash flows from operating for fiscal year, which have less current cash flow response coefficient than report positive cash flows. Indicating that firms report negative earnings or cash flow, because losses are more transitory and which stock prices less information but which future cash flow response coefficient more than report positive cash flows. Inference of this study because cash flow have substance effect, so when firms have negative cash flows investor more care about it, which have more cash flow response coefficient, and further find while distinguishing the degree of sophisiticated investor, investor the sophisiticated degree proportion is higher. Because they know information of the earnings, firms have more degree of shareholder sophistication for fiscal year, which have more current and future earnings response coefficient than which have less.

目錄
圖目錄	II
表目錄	III
第壹章　導論	1
第一節  研究背景與動機	1
第二節  研究目的	3
第三節  預期貢獻	4
第四節  研究架構	4
第貳章　文獻探討與研究假說	6
第一節　損益平穩化之盈餘管理相關文獻	6
第二節　損益平穩化之資訊內涵相關文獻	11
第三節　損益平穩化之衡量相關文獻	15
第四節　營業績效之資訊內涵相關文獻	21
第五節　精明投資人之相關文獻	24
第參章　研究方法	30
第一節　迴歸模式之建立與變數之操作型定義	30
第二節　樣本選取與資料來源	41
第肆章　實證結果與討論	46
第一節　敘述性統計量	46
第二節　實證結果分析	55
第三節　敏感性分析	63
第四節  研究結果之討論	69
第伍章　結論、限制及建議	71
第一節　結論	71
第二節　研究限制	72
第三節　未來研究建議	73
參考文獻	74
圖目錄
圖1-1  研究流程圖……………………………………………………5
圖3-1  研究方法架構…………………………………………………30
表目錄
表3- 1  以迴歸係數之方向表達本研究欲探討之研究假說	40
表3- 2  樣本篩選過程	43
表3- 3  樣本產業分配	44
表3- 4  各年度樣本公司發生負盈餘及負營業活動之現金流量之家數	45
表4- 1  全部樣本公司之敘述性統計量 (樣本數=4,319)	47
表4- 2  負盈餘公司之敘述性統計量 (樣本數=1,031)	49
表4- 3  負營業活動之現金流量公司之敘述性統計量 (樣本數=950)	49
表4- 4  全部樣本之模型4相關係數分析	51
表4- 5  負盈餘公司之模型4相關係數分析	52
表4- 6  全部樣本之模型5相關係數分析	53
表4- 7  負營業活動之現金流量公司之模型5相關係數分析	54
表4- 8  盈餘持續性之分析	55
表4- 9  Collins et al. (1994) 之模型分析	56
表4- 10 損益平穩化與營運績效的資訊內涵之多元迴歸結果	59
表4- 11 損益平穩化與營運績效的資訊內涵之多元迴歸結果-將盈餘拆解成營業活動之現金流量與總應計項目	60
表4- 12 投資人精明程度對損益平穩化之資訊內涵之多元迴歸結果	62
表4- 13 損益平穩化與營運績效的資訊內涵之多元迴歸結果 （以VR來衡量損益平穩化）	66
表4- 14 損益平穩化與營運績效的資訊內涵之多元迴歸結果-將盈餘拆解成營業活動之現金流量與總應計項目（以VR來衡量損益平穩化）	67
表4- 15 投資人精明程度對損益平穩化之資訊內涵之多元迴歸結果（以VR來衡量損益平穩化）	68

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