本文探討美國券商分析師發布目標價修正是否隱含資訊內涵，進一步研究產業間的競爭效果是否因目標價修正帶來市場反應。實證結果顯示，目標價向上修正具有正向異常報酬；而向下修正具有負向異常報酬，因此顯示目標價具有隱含資訊內涵。再者，當分析師發佈目標價修正在事件窗口 (-1, +1)期間，向上修正目標價具有正向顯著宣告效果，向下修正目標價具有負向顯著宣告效果。加入產業競爭程度後與分析師目標價修正關係，在分析師目標價控制在向上修正時，隱含著在產業愈競爭的狀態下，分析師的重要程度愈高。

This study explores the target price revisions announcement issued and the effect of competition between industries, and the result indicates a significant market reaction to target price revisions. When analysts announced target price revisions during the event window (-1, +1),upward (downward) target price revision of the target price is associated with positive (negative) abnormal return, which implies that target price revision has valuable information. Therefore, the empirical results imply that the industry competition is affected by the information of target price revision issued by the analyst.

中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi
壹、緒論 1
一、研究背景與動機 1
二、研究目的 4
三、研究流程及架構 4
貳、文獻探討 6
一、分析師目標價之資訊內涵 6
二、產業效果及其對股票市場和股票分析師的影響 8
參、研究設計與方法 10
一、研究假說 10
二、研究方法 11
（一）資料來源 11
（二）變數定義 11
肆、實證結果 16
一、敘述性統計 16
二、目標價之資訊內涵 17
三、產業效果對股票市場的影響 21
伍、結論與建議 24
參考文獻 25

一、中文文獻
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二、英文文獻
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