在公司營運活動中，公司未來盈餘成長率和目前的盈餘串都扮演著重要的角色，並且投資者和分析師都十分關注。本研究使用Jhang et al. (2019)提出的綜合衡量的市場力量指標，探討公司的市場力量地位，如何影響未來盈餘成長率和盈餘串。
本研究針對1990年至2018年的美國上市公司，並分別採用固定效果模型及羅吉斯迴歸模型進行研究。本研究的樣本數據包括6,690家公司和52,271筆觀測值。本研究的實證結果發現，未來盈餘成長率與市場力量呈負相關。然而相較之下，具有較高市場力量地位的公司，較可能達到盈餘串。以上的研究結果，由於不同的產業和觀測週期，皆具有不同的影響程度。

Both future earnings growth and current earnings strings play essential roles in companies' operations and attract lots of attention to investors and analysts. This research uses an integrated market power indicator proposed by Jhang et al. (2019) to explore how companies' market power status drives the future earnings growth rate and earnings strings.
Using fixed effect models and logistic models, we analyze data of publicly traded U.S. listed companies from 1990 to 2018. Our data set includes 6,690 firms and 52,271 firm-year observations. We find that market power is negatively related to future earnings growth rates. In contrast, companies with relatively high market power status are more likely to reach earnings strings. The above results vary across industries and different projected periods.

論文審定書.......................................................................i
論文公開授權書..............................................................ii
誌謝.................................................................................iii
中文摘要.........................................................................iv
英文摘要..........................................................................v
目錄.................................................................................vi
表次................................................................................viii
第一章 緒論.....................................................................1
第二章 文獻探討.............................................................3
第一節 盈餘成長率.........................................................3
第二節 盈餘串.................................................................4
第三節 市場力量.............................................................5
第三章 假說發展.............................................................6
第一節 未來盈餘成長與市場力量.................................6
第二節 盈餘串與市場力量.............................................7
第四章 研究方法.............................................................8
第一節 研究樣本與資料來源.........................................8
第二節 研究變數定義.....................................................8
第三節 研究模型...........................................................13
第五章 實證結果與分析...............................................15
第一節 產業樣本分佈...................................................15
第二節 年度樣本分佈...................................................17
第三節 市場力量之主成份分析...................................18
第四節 敘述性統計.......................................................19
第五節 相關性分析.......................................................20
第六節 實證研究分析...................................................22
第六章 穩健性測試.......................................................25
第一節 被解釋變數之替代衡量方法...........................25
第二節 解釋變數之替代衡量方法...............................27
第三節 控制變數之替代衡量方法...............................30
第四節 研究模型之替代研究方法...............................32
第七章 事後分析...........................................................35
第一節 特定產業...........................................................35
第二節 中長期未來盈餘成長率...................................38
第三節 特定產業與中長期未來盈餘成長率...............41
第四節 盈餘串持續性...................................................45
第八章 研究討論...........................................................48
第一節 理論面之貢獻...................................................48
第二節 管理面之貢獻...................................................49
第九章 結論...................................................................51
第一節 研究結論...........................................................51
第二節 研究限制與建議...............................................52
參考文獻........................................................................53

Ailawadi, K. L., Borin, N., & Farris, P. W. (1995). Market Power and Performance: A Cross-Industry Analysis of Manufacturers and Retailers. Journal of Retailing, 71(3), 211.

Arnott, R. D., & Asness, C. S. (2003). Surprise! Higher Dividends = High Earnings Growth. Financial Analysts Journal, 70-87.

Barth, M. E., Elliott, J. A., & Finn, M. W. (1999). Market Rewards Associated with Patterns of Increasing Earnings. Journal of Accounting Research, 37(2), 387-413.

Beatty, A. L., Ke, B., & Petroni, K. R. (2002). Earnings Management to Avoid Earnings Declines across Publicly and Privately Held Banks. The Accounting Review, 77(3), 547-570.

Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2013). Economics of Strategy.

Bodie, Z., Kane, A., & Marcus, A. (2013). Essentials of Investments.

Boulding, W., & Staelin, R. (1990). Environment, Market Share, and Market Power. Management Science, 36(10), 1160-1177. https://doi.org/10.1287/mnsc.36.10.1160

Burgstahler, D., & Dichev, I. (1997). Earnings Management to Avoid Earnings Decreases and Losses. Journal of Accounting and Economics.

Chan, L. K. C., Karceski, J., & Lakonishok, J. (2003). The Level and Persistence of Growth Rates. The Journal of Finance, LVIII(2), 643-684.

Dass, N., Kale, J. R., & Nanda, V. (2014). Trade Credit, Relationship-specific Investment, and Product Market Power. Review of Finance, 19(5), 1867-1923. https://doi.org/10.1093/rof/rfu038

Datta, S., Iskandar-Datta, M., & Sharma, V. (2011). Product market pricing power, industry concentration and analysts’ earnings forecasts. Journal of Banking & Finance, 35(6), 1352-1366. https://doi.org/10.1016/j.jbankfin.2010.10.016

Datta, S., Iskandar-Datta, M., & Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking & Finance, 37(8), 3273-3285. https://doi.org/10.1016/j.jbankfin.2013.03.012

Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings Management to Exceed Thresholds. The Journal of Business, 72(1).

Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions about Dividends and Debt. The Review of Financial Studies, 15(1), 1-33.

Flynn, B. B., Huo, B., & Zhao, X. (2010). The impact of supply chain integration on performance: A contingency and configuration approach. Journal of Operations Management, 28(1), 58-71. https://doi.org/10.1016/j.jom.2009.06.001

Freeman, R. N., Ohlson, J. A., & Penman, S. H. (1982). Book Rate-of-Return and Prediction of Earnings Changes: An Empirical Investigation. Journal of Accounting Research, 20(2), 639-653.

Ghosh, A., Gu, Z., & Jain, P. C. (2005). Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients. Review of Accounting Studies(10), 33-57.

Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1-3), 3-73. https://doi.org/10.1016/j.jacceco.2005.01.002

Jensen, M. C. (2005). Agency Costs of Overvalued Equity. Financial Management, 34(1), 5-19.

Jhang, S.-S., Ogden, J. P., & Suresh, N. C. (2019). Operational and financial configurations contingent on market power status. Omega, 88, 91-109. https://doi.org/10.1016/j.omega.2018.10.018

Kale, J. R., & Loon, Y. C. (2011). Product market power and stock market liquidity. Journal of Financial Markets, 14(2), 376-410. https://doi.org/10.1016/j.finmar.2010.10.003

Ke, B. (2004). Do Equity-Based Incentives Induce CEOs to Manage Earnings

Kohlbeck, M., Sankara, J., & Stewart, E. G. (2018). Are earnings strings restrained after SOX? Review of Accounting and Finance, 17(1), 18-40. https://doi.org/10.1108/raf-04-2016-0066

Kryzanowski, L., & Mohsni, S. (2013). Growth of aggregate corporate earnings and cash-flows: Persistence and determinants. International Review of Economics & Finance, 25, 13-23. https://doi.org/10.1016/j.iref.2012.05.003

Kutner, M. H., Nachtsheim, C. J., Neter, J., & Li, W. (2003). Applied Linear Statistical Models.

Lerner, A. P. (1934). The Concept of Monopoly and the Measurement of Monopoly Power. The Review of Economic Studies, 1(3), 157-175.

Lev, B. (1983). Some Economic Determinants of Time-series Properties of Earnings. Journal of Accounting and Economics 31-48.

Matsunaga, S. R., & Park, C. W. (2001). The Effect of Missing a Quarterly Earnings Benchmark on the CEO’s Annual Bonus. The Accounting Review, 76(3), 313–332.

Maudos, J., & de Guevara, J. F. (2007). The cost of market power in banking: Social welfare loss vs. cost inefficiency. Journal of Banking & Finance, 31(7), 2103-2125. https://doi.org/10.1016/j.jbankfin.2006.10.028

Myers, J. N., Myers, L. A., & Skinner, D. J. (2016). Earnings Momentum and Earnings Management. Journal of Accounting, Auditing & Finance, 22(2), 249-284. https://doi.org/10.1177/0148558x0702200211

Overbye, T. J., Weber, J. D., & Patten, K. J. (1999). Analysis and Visualization of Market Power in Electric Power Systems the 32nd Hawaii International Conference on System Sciences,

Ow Yong, K. K. (2008). Earnings Breaks and Earnings Management

Peress, J. (2010). Product Market Competition, Insider Trading, and Stock Market Efficiency.pdf>. The Journal of Finance, LXV(1).

Shen, H., Deng, Q., Lao, R., & Wu, S. (2017). A Case Study of Inventory Management in a Manufacturing Company in China. Nang Yan Business Journal, 5(1), 20-40.

Shroff, P. K. (1995). Determinants of the Returns-Earnings Correlation. Covemporary Accounting Research 12(1), 41-55.

Stigler, G. J. (1963). Elementary Economic Education. The American Economic Review, 53(2), 653-659.

Trueman, B., & Titman, S. (1988). An Explanation for Accounting Income Smoothing. Journal of Accounting Research, 26, 127-139.

Yin, Y., Cheng, S.-R., Cheng, T. C. E., Wang, D.-J., & Wu, C.-C. (2015). Just-in-time scheduling with two competing agents on unrelated parallel machines. Omega. https://doi.org/10.1016/j.omega.2015.09.010

Zhang, Y. (2018). Two Essays on String of Earnings Benchmarks

Zhou, P., CFA, & Ruland, W. (2006). Dividend Payout and Future Earnings Growth. Financial Analysts Journal, 62(3).