基於台灣自2013年起全面採用國際財務報導準則,金管會規定台灣上市櫃公司需於2012年同時編製ROC GAAP與IFRSs之財務報表,本文以我國2012年上市(櫃)公司為樣本,探討是否以IFRSs編製之財務報表會計資訊較ROC GAAP編製之財務報表會計資訊更具價值攸關性,本研究使用Ohlson評價模型進行迴歸分析,以調整後R2和估計係數當作衡量價值攸關性的指標。並且加入「公司規模」、「公司成長」、「公司損益」為控制變數。實證結果顯示,IFRSs與ROC GAAP下之盈餘、權益帳面價值皆對股價具有價值攸關性。但在模型之解釋能力上採用IFRSs之會計資訊並未較採用ROC GAAP之會計資訊更具價值攸關性。本研究結果與Hung & Subramanyam (2007)和Goodwin, Ahmed, & Heaney (2008)的研究發現一致。進一步發現,從ROC GAAP轉換至IFRSs之盈餘調節數對股價具有增額價值攸關性,反之權益帳面價值調節數對股價並不具有增額價值攸關性,最後本研究發現2013年採用IFRS下,公允價值變動列入損益並不具有增額價值攸關性。本研究之貢獻在於,基於過去的文獻對IFRS會計資訊是否較當地GAAP更具價值攸關性的研究結果不一致,本研究發現IFRS與ROC GAAP下的會計資訊價值攸關性並沒有顯著差異,但從ROC GAAP轉換至IFRS下的盈餘調節數對股價更具增額價值攸關性。
Using a retrospective reconciliation data set in 2012 from Taiwan stock market, obtains accounting data under ROC GAAP and under IFRSs, this study compare the value relevance of accounting information under IFRSs and ROC GAAP. In addition, this study examine weather regonition of the change in fair value gain and losses in the income statement is value relevance. This study finds that accounting information under ROC GAAP and IFRSs is value relevant. hweover, there is no difference in explanatory power of accounting information under IFRSs and ROC GAAP. We also find that IFRSs adjustment to earnings are value relevant, but the adjustment to books value are not value relevant. Finally, this study does not find that regonition of the change in fair value gain and losses in the income statement is not value relevance. The results are robust after controlling for "company's size", "company's growth", "profit or loss".