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公司盈餘平穩化行為與盈餘資訊性之關係－合格境外機構投資者角色之檢測
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Table 6 Results of the Role of QFIIs in Earnings Informativeness of Income
Smoothing-The Deregulation of QFIIs Examination
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
Pre-deregulation
Post-deregulation
Model
IS_QFII
IS_HH_HL
IS_QFII
IS_HH_HL
Variables
β
(t-value)
β
(t-value)
β
(t-value)
β
(t-value)
Constant
-0.054
(-0.25)
-0.059
(-0.27)
-0.163
(-1.53)
-0.177
(-1.52)
X
t-1
0.029
(1.08)
0.028
(1.01)
-0.009
(-0.87)
-0.010
(-1.04)
X
t
-0.036
(-1.24)
-0.037
(-1.31)
0.005
(0.39)
0.005
(0.38)
X
t3
-0.020
(-1.28)
-0.016
(-1.09)
-0.051
b
(-1.97)
-0.046
b
(-2.03)
R
t3
-0.205
b
(-2.18)
-0.205
b
(-2.19)
-0.198
c
(-1.73)
-0.202
c
(-1.76)
IS
t
0.049
(1.28)
0.034
(1.11)
0.011
(1.05)
0.023
b
(2.14)
IS
t
*X
t-1
0.032
(0.34)
0.035
(0.36)
-0.005
(-0.14)
-0.002
(-0.05)
IS
t
*X
t
-0.089
b
(-2.01)
-0.093
b
(-2.31)
-0.060
b
(-1.97)
-0.059
c
(-1.79)
IS
t
*X
t3
0.022
(1.04)
0.027
(1.38)
0.104
a
(3.52)
0.097
a
(3.39)
IS
t
*R
t3
-0.153
a
(-2.64)
-0.148
b
(-2.52)
-0.009
(-0.20)
-0.003
(-0.06)
QFII
t
-0.001
(-0.41)
---
-0.000
(-0.17)
---
QFII
t
*IS
t
0.000
(0.01)
---
-0.001
(-0.88)
---
QFII
t
*X
t3
0.004
a
(4.43)
---
0.003
(1.51)
---