The impact of adopting IFRS on enterprise and investor sentiment- on financial holdings and life insurance industry case

• Main Authors: Ding Hung Chiang, 姜定宏
• Other Authors: 林谷峻
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/03064330540233683062

碩士 === 淡江大學 === 會計學系碩士在職專班 === 100 === This study aims at exploring the impact of IFRS 4 on the enterprise and investor sentiment during the first stage of public drafting revision and the second stage of policy fluctuation, which is analyzed via the rate of return, turnover rate and net individual trading. Moreover, the Standardized-Residual Cross-Sectional Method and Sign Test Method are adopted to observe whether they are affected. The empirical results show that the enterprise and investor sentiment are affected significantly during the draft revision period and the policy fluctuation period regardless of measuring by rate of return, turnover rate and net individual trding . This study figures out that during the draft revision period, the reaction reflected by the rate of return is more significant in the latter period. However, during the policy fluctuation period, the reactions are all significant. It indicates the latter period of draft revision affects the enterprises more significantly. During the draft revision period, the professional investor sentiment reflected by the turnover rate are mostly positive, while the individual investor sentiment reflected by the net individual trading is mostly negative. During the policy fluctuation period, the results measured by the turnover rate are mostly positive reaction, while the results measured by the net individual trading are mostly negative reaction. It can be concluded that both draft revision period and policy fluctuation period will influence the enterprise, professional investor, and individual investor. Therefore, the government should make policy more cautiously, so as to develop the securities market steadily and ensure the rights and benefits of the investors.