採行國際財務報導準則對公司的外資及其投資效率之影響

The effect of IFRS adoption on foreign portfolio investment and firm investment efficiency

李貴富(Kuei-Fu Li)

《證券市場發展季刊》 32卷2期 (2020/06) Pp. 1-38

https://doi.org/10.6529/RSFM.202006_32(2).0001

摘要

本文旨在從財務報表外部與內部使用者觀點評估採行國際財務報導準則之影響，透過分析外國證券投資及公司投資決策，並預期採行國際財務報導準則後有助於吸引外國證券投資或提升投資效率。以2009年至2011年（非直接採用IFRS時期）及2013年至2015年（直接採用IFRS時期）之台灣上市上櫃公司為研究對象，實證發現：採用國際財務報導準則將增加外資持股比例與改善投資不效率的情形，但僅侷限於投資不足。整體而言，本文支持採行國際財務報導準則有助於增加跨國間資本流動的論點，及評估國際財務報導準則之經濟後果時，應考量投資效率的重要性。

關鍵字

國際財務報導準則 ； 外資 ； 投資效率

並列摘要

The aim of this paper is to examine the effects of mandatory IFRS adoption on foreign portfolio investments and firm investment efficiency. After analyzing these aspects of Taiwanese publicly traded firms during pre-IFRS (2009 and 2011) and post-IFRS (2013 to 2015), the empirical evidence shows that IFRS adoption has a greater impact with the higher foreign shareholdings and lower under-investments. Overall, these findings are consistent with the notion that mandatory IFRS adoption facilitates cross-border capital flow and highlight the importance of considering the change of investment efficiency when examining the economic consequences of mandatory IFRS adoption.

並列關鍵字

IFRS ； foreign investment ； investment efficiency

參考文獻

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