許多機構對保險公司進行價值評估時,保單取得成本(Deferred Acquisition Cost, DAC)係影響財務報表之重大項目,其包含簽單與發行成本及佣金支出,依美國會計處理準則可將此支出遞延並於後續期間攤銷轉為費用,其作法與我國及國際會計準則觀點(作為當年費用)有極大差異。本文主要係從財務報表使用者角度,以資訊觀點(information perspective)分析(1)保單取得成本是否為資產?其攤銷費用與報酬率及未來現金流量是否具關連性?(2)費用化(國際會計處理準則)與資本化(美國會計處理準則),孰能提供較有用之資訊?本文發現:(1)保單取得成本具價值攸關性,且其攤銷費用對股價報酬及未來現金流量具有資訊內涵。(2)Vuong's Z-statistic顯示,相較於費用化,保單取得成本在資本化下之會計數字對公司價值、股票報酬、及未來現金流量之解釋力較佳。此實證結果,不但為取得成本應資本化與否提供學術證據,同時可供準則制訂者權衡,並增進保單成本在實務評價使用上之有用性。
This paper examines the value relevance of two alternative accounting methods for deferred acquisition cost (DAC) in insurance firms. We find that current capitalize-amortize approach is more useful than suggested direct-expensing one in explaining firms' values, stock returns and future cash flows. Our results are consistent with practitioner concerns about potential costs of applying fair value approach in insurance industry, and therefore carry important implications for standard-setting while Taiwan seeks to converge toward the fair-value trend.