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| 研究生： |
范倚韶 Fan, Yi-Shao |
|---|---|
| 論文名稱： |
企業首次適用ASU 2023-07是否影響分析師預測？ Does the Initial Adoption of ASU 2023-07 Affect Analyst Forecasts? |
| 指導教授： | 陳宇紳 |
| 口試委員: |
陳漢鐘
蔡元棠 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 會計學系 Department of Accounting |
| 論文出版年： | 2026 |
| 畢業學年度： | 114 |
| 語文別： | 英文 |
| 論文頁數： | 71 |
| 中文關鍵詞： | ASU 2023-07 、部門資訊揭露 、分析師預測分歧度 、分析師預測誤差 |
| 外文關鍵詞： | ASU 2023-07, Segment Disclosures, Analyst Forecast Dispersion, Analyst Forecast Error |
| 相關次數： | 點閱：11 下載：0 |
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本研究聚焦於 ASU 2023-07 所新增之部門資訊揭露規範，探討企業首次適用該準則是否影響分析師預測特性，以及其影響是否因企業應報導部門數量而有所差異。本研究以分析師預測分歧度與預測誤差衡量分析師預測特性，並以應報導部門數量衡量企業既有之部門報導架構。研究結果顯示，企業首次適用 ASU 2023-07 後，分析師預測分歧度有增加的初步證據，而分析師預測誤差則未有顯著變化。此外，對於應報導部門數量較多之企業，分析師預測分歧度增加之幅度較小，顯示新增部門資訊揭露之影響取決於額外資訊所呈現之既有部門報導架構。進一步分析顯示，上述影響主要集中於非 S&P 500 企業，且以各應報導部門間經濟活動之分布程度進行衡量時，亦獲得一致之結果。本研究提供 ASU 2023-07 實施效果之初步實證證據，並為準則制定者提供參考，顯示新增部門資訊揭露之有用性不僅取決於所增加之資訊內容，亦與企業既有之部門報導架構有關。
Focusing on the expanded segment disclosures introduced by ASU 2023-07, I investigate whether the initial adoption of the standard affects analyst forecast properties and whether these effects vary with firms’ number of reportable segments. I measure analyst forecast properties using forecast dispersion and forecast error and capture firms’ existing segment reporting structure using the number of reportable segments. I find weak evidence that analyst forecast dispersion increases following the initial adoption of ASU 2023-07, whereas analyst forecast error does not change significantly. Moreover, the increase in forecast dispersion is less pronounced for firms reporting a greater number of reportable segments, suggesting that the effects of expanded segment disclosures depend on the segment reporting structure through which the additional information is conveyed. Additional analyses show that these effects are concentrated among non-S&P 500 firms and that the findings remain consistent when the distribution of economic activity across reportable segments is considered. These results provide early evidence on the consequences of ASU 2023-07 and inform standard setters that the usefulness of expanded segment disclosures depends not only on the additional information provided but also on firms’ existing segment reporting structures.
Section 1. Introduction 1
Section 2. Background on Segment Information and Related Literature 6
2.1. Institutional Background on Segment Reporting 6
2.1.1. Development from SFAS No. 14 to SFAS No. 131 6
2.1.2. Benefits and Limitations of SFAS No. 131 7
2.1.3. ASU 2023-07 and Improvements to Segment Disclosures 9
2.2. Related Literature 12
2.2.1. Corporate Disclosure, Decision Usefulness, and Analyst Forecasts 12
2.2.2. Segment Reporting and Analyst Earnings Forecasts 13
Section 3. Hypothesis Development 15
3.1. ASU 2023-07 and Analyst Forecast Properties 15
3.2. The Moderating Role of the Number of Reportable Segments 18
Section 4. Sample Selection and Variable Measurement 19
4.1. Sample Selection 19
4.2. Variable Measurement 22
4.2.1. Analyst Forecast Properties 22
4.2.2. Adoption of ASU 2023-07 23
4.2.3. Measurement of the Number of Reportable Segments 24
4.2.4. Firm-Level and Forecast-Related Controls 24
Section 5. Research Design 26
5.1. Main Regression Model 26
5.2. Interaction Model 26
Section 6. Empirical Results 28
6.1. Descriptive Statistics 28
6.2. Correlation Matrix 32
6.3. Empirical Results 34
6.3.1. Main Empirical Results 34
6.3.2. Interaction Empirical Results 37
Section 7. Additional Analyses 40
7.1. Information Environment 40
7.2. Economic Diversity Across Reportable Segments 45
Section 8. Robustness Analyses 48
8.1. Alternative Data Source for Analyst Forecast Properties 48
8.2. Nonlinear Effects of Reportable Segment Number 51
8.3. Additional Control Variables 53
Section 9. Conclusions and Research Limitations 57
9.1. Conclusions 57
9.2. Research Limitations 58
References 61
Appendix A: Alphabet Segment Footnote Illustration 64
Appendix B: Variable Definition 70
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