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21
臺大管理論叢
第
27
卷第
4
期
Table 5 Results of the Role of QFIIs in Earnings Informativeness of Income
Smoothing
R
t
= β
0
+ β
1
X
t-1
+ β
2
X
t
+ β
3
X
t3
+ β
4
R
t3
+ β
5
IS
t
+ β
6
IS
t
*X
t-1
+ β
7
IS
t
*X
t
+ β
8
IS
t
*X
t3
+ β
9
IS
t
*R
t3
+ β
10
QFII
t
+ β
11
QFII
t
*IS
t
+ β
12
QFII
t
*X
t3
+ β
13
QFII
t
*IS
t
*X
t3
+ β
14
LEV
t
+ β
15
MB
t
+ β
16
SIZE
t
* + ε
t
R
t
= β
0
+ β
1
X
t-1
+ β
2
X
t
+ β
3
X
t3
+ β
4
R
t3
+ β
5
IS
t
+ β
6
IS
t
*X
t-1
+ β
7
IS
t
*X
t
+ β
8
IS
t
*X
t3
+ β
9
IS
t
*R
t3
+ β
10
QFII_HH
t
+ β
11
QFII_HL
t
+ β
12
QFII_HH
t
*IS
t
+ β
13
QFII_HL
t
*IS
t
+ β
14
QFII_HH
t
*X
t3
+ β
15
QFII_HL
t
*X
t3
+ β
16
QFII_HH
t
*IS
t
*X
t3
+ β
17
QFII_HL
t
*IS
t
*X
t3
+ β
18
LEV
t
+ β
19
MB
t
+ β
20
SIZE
t
+ ε
t
Model
IS
IS_QFII
IS_HH_HL
Variables
β
(t-value)
β
(t-value)
β
(t-value)
Constant
-0.037
(-0.25)
-0.053
(-0.36)
-0.057
(-0.38)
X
t-1
0.002
(0.26)
0.005
(0.51)
0.006
(0.61)
X
t
-0.014
(-0.79)
-0.013
(-0.82)
-0.012
(-0.78)
X
t3
-0.017
(-1.16)
-0.029
c
(-1.70)
-0.024
(-1.31)
R
t3
-0.094
a
(-2.68)
-0.095
a
(-2.68)
-0.098
a
(-2.60)
IS
t
0.023
c
(1.86)
0.029
b
(1.98)
0.033
b
(2.47)
IS
t
*X
t-1
0.005
(0.18)
0.001
(0.04)
-0.002
(-0.06)
IS
t
*X
t
-0.054
b
(-2.22)
-0.056
a
(-2.58)
-0.057
b
(-2.54)
IS
t
*X
t3
0.045
a
(2.90)
0.061
a
(2.83)
0.055
b
(2.54)
IS
t
*R
t3
-0.069
b
(-2.13)
-0.067
b
(-2.02)
-0.064
c
(-1.85)
QFII
t
---
-0.001
(-1.41)
---
QFII
t
*IS
t
---
-0.000
(-0.48)
---
QFII
t
*X
t3
---
0.004
b
(2.20)
---
QFII
t
*IS
t
*X
t3
---
-0.004
c
(-1.93)
---